230-260 Corning St - Apartments FOR SALE


Farwell, MI 48622
$975,000 USD
517-881-9762
230-260 Corning St, Farwell, MI for Sale
$975,000 USD
Apartments - FOR SALE
1/10
null | 12.67% Cap Rate

230-260 Corning St
Farwell, MI 48622


HIGHLIGHTS

  • Close to downtown Farwell, 5 miles from clare; Laundry facilities on site; 2nd floor balconies; quiet location;manager on site

OVERVIEW

This property is in Receivership, Thomas E. Woods, Receiver. The Receiver renovated several units, including new carpet, balconies,appliances, cupboards and other items. The two buildings do need new roofs which are at the end of their useful lives, but the present roofs are in reasonable repair. Seller is offering a $30,000 roof replacement allowance. The financials are pro forma, because sufficient income and expenses for 2024 and 2025 are not available due to the fanct that the property is part of a divorce and the Receiver has been unable to obtain accurate information. The Receiver does have information for 2023 and from October 2025 to the present from which expenses have been extrapolated. Income is based upon present rents both for pre-teceiver tenants and for tenants the Receiver has placed. The Receiver has deliberately not negotiated new leases with existing tenants (7) whose leases have expired to prevent further vacancies and to allow the new owner to dictate the terms. Expired leases numbering 7 are below currently advertised rents.

FOR SALE DETAILS

PRICE

$975,000 USD

PRICE/SF

$59 USD /SF

# OF UNITS

16

PRICE/UNIT

$60,938

CAP RATE

12.67%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Corning Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1975

PARKING SPACES

2

LAND DETAILS

LAND ACRES

1.04 AC

LAND SF

45,182 SF

ZONING

Residential

APN/PARCEL ID

041-209-005-01

ASK ABOUT THIS PROPERTY

Thomas WoodsThomas E. Woods, ReceiverMore Info
517-881-9762

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Thomas WoodsThomas E. Woods, ReceiverMore Info
517-881-9762

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