Investment Overview

Marcus & Millichap is pleased to present 331 Bly Street in the City of Waupun, Dodge County, Wisconsin. The property comprises a 2.648 acre parcel improved with a 24-unit apartment building. It was constructed in 1954 and contains a total of 51,448 (per assessor's records). The front building section was converted and remodeled from an assisted-living facility to a market rate apartment building in 2021. The building has a brick exterior and pitched roof with composition shingle covering. The windows are original aluminum slide-by combination units. The apartment building (front section) comprises (19) Studio units, (4) 1-Bedroom with Den/1-Bath units, and (1) 2-bedroom/1-Bath unit. A refrigerator and stove are included with each unit. There are also 18 units with a microwave. A gas-fired boiler serves all units via baseboard registers. A sleeve air conditioner in each living room is provided. All units have been remodeled. A basement laundry room houses 2 coin-operated washers and 2 coin-operated dryers (all owned). There are approximately 24 surface parking spaces on asphalt paving. The owner is responsible for common area electric, gas, & water/sewer. The tenants pay their own electric in 17 of 24 units (the owner is responsible for the remaining 7 units). Value-Add Opportunities are as Follows: The owner stated a portion of the front section has been planned and approved by the city for (6) additional apartment units. The owner started leasing the middle building section as self-storage units. There are about 6 self-storage units that are leased with the potential for approximately 60 more units. A second option would be to build out the middle section of the building into an estimated 30 additional apartments units. The rear building section has been leased at $4,000 per month (for approximately 2 years) as a commercial kitchen and banquet hall. The income from the self-storage units and commercial kitchen/banquet hall (approximately $51,000 per year) offsets the expenses (i.e., electric, gas, water/sewer, insurance, snow removal/salting, maintenance/repairs, and reserves).