1525-1605 Bacon Ave - Apartments FOR SALE


Portage, MI 49002
$4,650,000 USD
989-980-7359
1525-1605 Bacon Ave, Portage, MI for Sale
$4,650,000 USD
Apartments - FOR SALE
1/43
null | 7.77% Cap Rate

1525-1605 Bacon Ave
Portage, MI 49002


HIGHLIGHTS

  • Attractive unit mix. Majority of the units have been renovated. The property has had substantial capital improvements with over $600k in renovations.
  • Development opportunity to add additional units and increasing density. Possible TIF and brownfield funds available.
  • Rents are well below market. Ownership has proved out the value add strategy and renovated a majority of the units and increased rents.

OVERVIEW

MOXIE Real Estate + Development is pleased to exclusively offer Lakewood Apartments for sale. This well-maintained property boasts an attractive unit mix with the majority of units already renovated, offering a blend of stability and potential for continued growth. With substantial capital improvements, the property is primed for long-term success. Key features include: renovated Units, additional revenue stream by implementing RUBS/utility bill back program and renting storage the lockers. Rents are well below market. With almost 10 acers, there is a future development opportunity, with a possibility of incentives for future expansion. Lakewood Apartments represents a solid investment opportunity with significant upside potential. For more information, please contact MOXIE.

FOR SALE DETAILS

PRICE

$4,650,000 USD

PRICE/SF

$146 USD /SF

# OF UNITS

48

PRICE/UNIT

$96,875

CAP RATE

7.77%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Austin View Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1978

PARKING SPACES

80

LAND DETAILS

LAND ACRES

9.84 AC

LAND SF

428,630 SF

ZONING

R4

APN/PARCEL ID

10-00027-197-O

ASK ABOUT THIS PROPERTY

Shawn JacobsMOXIE Real Estate + DevelopmentMore Info
989-980-7359

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Shawn JacobsMOXIE Real Estate + DevelopmentMore Info
989-980-7359

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