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Multifamily

Meadow Ridge Apartments

147 Hyer Lane, Whitewater, WI 53190

Listing Price: $3,400,000

Cap Rate
7.03%
Number of Units
40
Occupancy
100.0%
Price/Unit
$85,000
Price/Gross SF
$105.32
Gross SF
32,284

Investment Overview

Marcus & Millichap is pleased to present Meadow Ridge Apartments in the City of Whitewater, Walworth County, Wisconsin. The property comprises a total of nine parcels with a combined 2.36 acres improved a 40-unit apartment complex within three buildings. They were constructed in 1985 and 1987 and contain a total of 32,284 square feet (per assessor's records). Each building has a brick exterior with wood accenting and newly installed LP siding at each entrance. Each one has a pitched roof with dimensional shingle covering. They were replaced in 2019 (tear-offs per owner) along with replacement of the soffit, fascia and gutters. They all have metal, slide-by combination windows. The apartment complex comprises (16) 1-Bedroom/1-Bath units and (24) 2-Bedroom/1-Bath units. A refrigerator and stove are included (the majority of units have dishwashers). The units have electric baseboard heat. A sleeve air conditioner unit in each living room is provided. Several units have been updated/remodeled with new flooring, cabinets, and stainless steel appliances. The owner is responsible for common area electric, gas (hot water), and water/sewer. The tenants pay their own electric. A laundry room (with coin-operated washer and coin-operated dryer) is located off the first floor hall of each 8-unit building section. There are approximately 64 surface parking spaces. There are 10 units leased to residents on the USDA RD (Rural Development) voucher on year-to-year leases. The remainder are leased to both student and non-student residents. The students have the option to pay either by the semester or monthly. All leases are 1 year terms.

Investment Highlights

  • Close Proximity to UW-Whitewater Campus
  • Brick Exteriors
  • Roof Coverings Replaced in 2019 (Tear-Offs Per Owner)
  • Several Updated/Remodeled Units with New Flooring, Cabinets, and Stainless Steel Appliances

Exclusively Listed By

Multifamily

Meadow Ridge Apartments

Listing Price: $3,400,000

Cap Rate
7.03%
Number of Units
40
Occupancy
100.0%
Price/Unit
$85,000
Price/Gross SF
$105.32
Gross SF
32,284

Investment Highlights

  • Close Proximity to UW-Whitewater Campus
  • Brick Exteriors
  • Roof Coverings Replaced in 2019 (Tear-Offs Per Owner)
  • Several Updated/Remodeled Units with New Flooring, Cabinets, and Stainless Steel Appliances

Investment Overview

Marcus & Millichap is pleased to present Meadow Ridge Apartments in the City of Whitewater, Walworth County, Wisconsin. The property comprises a total of nine parcels with a combined 2.36 acres improved a 40-unit apartment complex within three buildings. They were constructed in 1985 and 1987 and contain a total of 32,284 square feet (per assessor's records). Each building has a brick exterior with wood accenting and newly installed LP siding at each entrance. Each one has a pitched roof with dimensional shingle covering. They were replaced in 2019 (tear-offs per owner) along with replacement of the soffit, fascia and gutters. They all have metal, slide-by combination windows. The apartment complex comprises (16) 1-Bedroom/1-Bath units and (24) 2-Bedroom/1-Bath units. A refrigerator and stove are included (the majority of units have dishwashers). The units have electric baseboard heat. A sleeve air conditioner unit in each living room is provided. Several units have been updated/remodeled with new flooring, cabinets, and stainless steel appliances. The owner is responsible for common area electric, gas (hot water), and water/sewer. The tenants pay their own electric. A laundry room (with coin-operated washer and coin-operated dryer) is located off the first floor hall of each 8-unit building section. There are approximately 64 surface parking spaces. There are 10 units leased to residents on the USDA RD (Rural Development) voucher on year-to-year leases. The remainder are leased to both student and non-student residents. The students have the option to pay either by the semester or monthly. All leases are 1 year terms.

Exclusively Listed By

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