430 E Grove St - Apartments FOR SALE


Carson City, MI 48811
$1,700,000 USD
248-932-0300
430 E Grove St, Carson City, MI for Sale
$1,700,000 USD
Apartments - FOR SALE
1/7
null | 7.57% Cap Rate

430 E Grove St
Carson City, MI 48811


OVERVIEW

Carson City is located inMontcalm County and has a population of 1,093 with a median household income of $52,455 and a median home value of $150,797. Neighboring cities include Mt. Pleasant which is 35 miles to the North, Lansing which is 45 miles to the South, and Grand Rapids which is 50 miles to the Southwest. Getting in and out of the area is a breeze for residents of the city as I-57, I-127 and Michigan Avenue are all within close proximity. Linden consists of two buildings with 24 total units. The complex has a great unit mix of 3 one-bedroom units and 21 two-bedroom units. Linden Apartments is in great shape as it was rehabbed in the mid-2000’s through Michigan State Housing Authority’s Low-Income Housing Tax Credit program. Therefore, the property does have a regulatory agreement on it. Fortunately, the Regulatory Agreement restricts units to 60% of the AMI, which allows ownership to rent units at the same amount a market-rate operator would. This allows for potential upside for a new owner.

FOR SALE DETAILS

PRICE

$1,700,000 USD

PRICE/SF

$101 USD /SF

# OF UNITS

24

PRICE/UNIT

$70,833

CAP RATE

7.57%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Linden Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1977

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.2 AC

LAND SF

96,002 SF

ZONING

-

APN/PARCEL ID

051-700-003-00

ASK ABOUT THIS PROPERTY

Joseph CraneIncome Property OrganizationMore Info
248-932-0300

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Joseph CraneIncome Property OrganizationMore Info
248-932-0300

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