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Multifamily

Green Acres Apartments

Joubran Dr, Genesee, MI 48437

Listing Price: $2,650,000

Cap Rate
6.42%
Number of Units
40
GRM
7.57
Occupancy
95.0%
Price/Unit
$66,250
Price/Gross SF
$89.43
Gross SF
29,632

Investment Overview

Marcus & Millichap is proud to present Green Acres Apartments located in Genesee Township Michigan. This forty unit apartment complex consists of ten buildings with 27,200 rentable square feet and 29,632 building square feet. The property is well maintained with all roofs and gutters replaced in 2019, and parking lot replaced in 2016. Around 75 percent of the units have been renovated under current ownership. Among other improvements have been seven boiler replacements, and A/C units as needed. The unit mix consists of thirty-two one-bedroom/ one-bathroom units at approximately 625 square feet, and eight 2 Bed 1 Bath units at approximately 900 square feet. Water and sewer are provided by the landlord. All other utilities are on the tenant but for common area electric and gas for common area washers and dryers. Trash is provided by the municipality and is paid for within the yearly taxes. The property is located within Genesee schools. We invite you today to look at this well kept apartment complex in Genesee Charter Township.

Investment Highlights

  • Assumable Non Recourse Debt
  • High Historic Occupancy
  • Balconies
  • Roofs, Gutters, and Parking Lots Replaced
  • Turn Key Property

Exclusively Listed By

Multifamily

Green Acres Apartments

Listing Price: $2,650,000

Cap Rate
6.42%
Number of Units
40
GRM
7.57
Occupancy
95.0%
Price/Unit
$66,250
Price/Gross SF
$89.43
Gross SF
29,632

Investment Highlights

  • Assumable Non Recourse Debt
  • High Historic Occupancy
  • Balconies
  • Roofs, Gutters, and Parking Lots Replaced
  • Turn Key Property

Investment Overview

Marcus & Millichap is proud to present Green Acres Apartments located in Genesee Township Michigan. This forty unit apartment complex consists of ten buildings with 27,200 rentable square feet and 29,632 building square feet. The property is well maintained with all roofs and gutters replaced in 2019, and parking lot replaced in 2016. Around 75 percent of the units have been renovated under current ownership. Among other improvements have been seven boiler replacements, and A/C units as needed. The unit mix consists of thirty-two one-bedroom/ one-bathroom units at approximately 625 square feet, and eight 2 Bed 1 Bath units at approximately 900 square feet. Water and sewer are provided by the landlord. All other utilities are on the tenant but for common area electric and gas for common area washers and dryers. Trash is provided by the municipality and is paid for within the yearly taxes. The property is located within Genesee schools. We invite you today to look at this well kept apartment complex in Genesee Charter Township.

Exclusively Listed By

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