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Multifamily

Upper Peninsula Portfolio

15113 Maplewood Road, Bruce Crossing, MI 49912

Listing Price: $1,575,000

Cap Rate
7.01%
Number of Units
32
Price/Unit
$49,219

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a portfolio of buildings in Michigan's Upper Peninsula. Located in the towns of Bruce Crossing, Ewen and Bergland, this portfolio consists of two 12 unit buildings, and an 8 unit building along a 20 minute stretch of Highway 28. Tenants are responsible for electric costs with landlord utility responsibility varying across the properties. Ample parking for all buildings. Off-site management in place. All Buildings capture market rents, with 50% of the tenant base in Rural Development programs. Limited Inventory of competing apartments provides ownership with very low historical vacancy.

Investment Highlights

  • New Roof's in 2019
  • Very Low Vacancy and Turnover
  • Value-Add Opportunity with Cosmetic Upgrades

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Financing By

Multifamily

Upper Peninsula Portfolio

Listing Price: $1,575,000

Cap Rate
7.01%
Number of Units
32
Price/Unit
$49,219

Investment Highlights

  • New Roof's in 2019
  • Very Low Vacancy and Turnover
  • Value-Add Opportunity with Cosmetic Upgrades

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a portfolio of buildings in Michigan's Upper Peninsula. Located in the towns of Bruce Crossing, Ewen and Bergland, this portfolio consists of two 12 unit buildings, and an 8 unit building along a 20 minute stretch of Highway 28. Tenants are responsible for electric costs with landlord utility responsibility varying across the properties. Ample parking for all buildings. Off-site management in place. All Buildings capture market rents, with 50% of the tenant base in Rural Development programs. Limited Inventory of competing apartments provides ownership with very low historical vacancy.

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

Financing By

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