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Multifamily

Village West

736 Colony Ct, Niles, MI 49120

Listing Price: $4,425,000

Cap Rate
6.30%
Number of Units
54
Price/Unit
$81,944
Price/Gross SF
$98.33
Gross SF
45,000

Investment Overview

The opportunity involved in this project stems from the ability to lower operational expenses. As of now, payroll and management fees are around 20% of EGI. Based on market standards, this number should be closer to 8%. This provides massive upside on this deal, given the new owner will be able to find a management company to manage the property at the standard of 8%. Additional, rents are under marketvalue for all unit types and could see an increase without sacrificing vacancy. We project rents can be increased by $97/mo. on average. The proposed rents are attainable for all unit types, proven by surrounding comps. The recent $220,000 in capital improvements in the last 2 years should mitigate large capital expenses going forward.

Investment Highlights

  • 54 units with a healthy unit mix of 1, 2, and 3 bedrooms
  • 36 detached garages on site, currently heavily underutilized
  • Opportunity for more efficient operating structure

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Multifamily

Village West

Listing Price: $4,425,000

Cap Rate
6.30%
Number of Units
54
Price/Unit
$81,944
Price/Gross SF
$98.33
Gross SF
45,000

Investment Highlights

  • 54 units with a healthy unit mix of 1, 2, and 3 bedrooms
  • 36 detached garages on site, currently heavily underutilized
  • Opportunity for more efficient operating structure

Investment Overview

The opportunity involved in this project stems from the ability to lower operational expenses. As of now, payroll and management fees are around 20% of EGI. Based on market standards, this number should be closer to 8%. This provides massive upside on this deal, given the new owner will be able to find a management company to manage the property at the standard of 8%. Additional, rents are under marketvalue for all unit types and could see an increase without sacrificing vacancy. We project rents can be increased by $97/mo. on average. The proposed rents are attainable for all unit types, proven by surrounding comps. The recent $220,000 in capital improvements in the last 2 years should mitigate large capital expenses going forward.

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

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