11429 Frey ct - Apartments FOR SALE


Whitmore Lake, MI 48189
$1,500,000 USD
248-972-7040
11429 Frey ct, Whitmore Lake, MI for Sale
$1,500,000 USD
Apartments - FOR SALE
1/17
null | 9.07% Cap Rate

11429 Frey ct
Whitmore Lake, MI 48189


HIGHLIGHTS

  • Approximately 55 feet of private lake frontage
  • Excellent access to US-23 and Ann Arbor
  • Tremendous value add potential

OVERVIEW

Rare opportunity to own lakefront rental housing in Livingston County. Situated on approximately four acres with private frontage on Hamburg Lake, this 17-unit apartment community offers a tremendous value add opportunity. The property consists of 4 one-bedroom units, 12 two-bedroom units, and 1 three-bedroom unit, with 15 of the 17 units currently occupied. Average monthly rent across the property is $1,015 per unit. At the current income level, the property is offered at an 8% in-place capitalization rate. Comparable sales exceed $100,000 per unit. See offering memorandum for more details.

FOR SALE DETAILS

PRICE

$1,500,000 USD

PRICE/SF

$121 USD /SF

# OF UNITS

17

PRICE/UNIT

$88,235

CAP RATE

9.07%

% LEASED

88%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Frey Court Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1965

PARKING SPACES

-

LAND DETAILS

LAND ACRES

4.05 AC

LAND SF

176,418 SF

ZONING

-

APN/PARCEL ID

4715-36-100-042,4715-36-100-043,4715-36-100-044,4715-36-100-082

ASK ABOUT THIS PROPERTY

Michael McClaffertyOakPointe Real Estate AdvisorsMore Info
248-972-7040

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Michael McClaffertyOakPointe Real Estate AdvisorsMore Info
248-972-7040

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.