647 Buena Vista St - Apartments FOR SALE


Mount Morris, MI 48458- Mt Morris
$1,225,000 USD
248-415-2662
647 Buena Vista St, Mount Morris, MI for Sale
$1,225,000 USD
Apartments - FOR SALE
1/4
null | 8.03% Cap Rate

647 Buena Vista St
Mount Morris, MI 48458
Mt Morris


HIGHLIGHTS

  • Central Location
  • On Site Maintenance
  • High Historic Occupancy

OVERVIEW

Marcus & Millichap is pleased to present Country Cove Apartments, a well maintained 27-unit community consisting of one-bedroom, one bathroom units averaging 602 square feet. The property maintains strong historic occupancy with many long-term tenants, offering dependable in place cash flow. All utilities, including water, sewer, electricity, and gas are master-metered and currently paid by ownership, creating immediate upside through RUBS implementation or re-metering. Additional rent increases can further offset utility expenses and enhance returns. Country Cove has received significant recent capital improvements, including new boilers, a major boiler upgrade in 2018, new electrical panels in 2019, LED security lighting in 2023, new common area carpet in 2023, and new water heaters in 2025. One of the main roofs was replaced within the last five years. The property also features an on-site laundry facility with owner operated machines for additional income. Centrally located near the W. Mount Morris Rd. and N. Saginaw St. intersection, the property offers a walkable downtown setting close to police and fire stations, schools, retail, and interstate access. Country Cove presents investors with a stable, well maintained asset and clear value-add potential.

FOR SALE DETAILS

PRICE

$1,225,000 USD

PRICE/SF

$90 USD /SF

# OF UNITS

27

PRICE/UNIT

$45,370

CAP RATE

8.03%

% LEASED

96%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Country Cove Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1974

PARKING SPACES

35

LAND DETAILS

LAND ACRES

0.78 AC

LAND SF

33,977 SF

ZONING

CM

APN/PARCEL ID

57-12-527-005

ASK ABOUT THIS PROPERTY

Chase GilewskiMarcus & MillichapMore Info
248-415-2662

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Chase GilewskiMarcus & MillichapMore Info
248-415-2662

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