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Multifamily

Renaissance Apartments

720 W Michigan Ave, Jackson, MI 49201

Listing Price: $2,925,000

Cap Rate
4.88%
Number of Units
41
GRM
9.02
Occupancy
90.0%
Price/Unit
$71,341
Price/Gross SF
$93.91
Gross SF
31,146

Investment Overview

Marcus & Millichap is please to present the exclusive representation of Renaissance Apartments, located in Jackson, Michigan. This 41-unit building has a mix consisting of six
(6) 1 bedroom/1 bath units with 606 square feet, and thirty-five (35) 2 bedroom/1 bath units boasting 786 square feet. Each apartment has its own patio or balcony, and laundry is on site. The
exterior of the property has undergone significant renovation consisting of a new roof, siding, balconies, windows and sliding doors, and parking lot. The exterior upgrades crest over $650,000
and will insure limited exterior capital needs for many years to come.

Renaissance Apartments is located within walking distance to downtown Jackson which has been going through a significant revitalization. There have been several upscale apartment redevelopment, a
project labeled the Museum Trail which is approximately 5-mile multi-use trail connecting the Mississippi Farmers Market to the Mississippi Agriculture Museum, which also allow access to three parks and six other museums along the way, as well as numerous office and retail redevelopments. Jackson Michigan is also just a short distance to Michigan International Speedway which host two major NASCAR races a year, the Faster Horses weekend country festival, and several other high traffic events. This location also offers easy access to Interstate 94 which is a major East to West thoroughfare which is the main connecting expressway from Detroit to Chicago.

With most of the heavy lifting regarding capital expenditures, Renaissance apartment creates a
unique opportunity to continue renovating the existing units and turn this asset into a cash cow!

Investment Highlights

  • New Roofs, Siding, Decks, Parking Lot, Windows and Sliding Doors
  • Several Updated Units
  • Laundry On-site
  • Tenant Paid Heat

Exclusively Listed By

Listing Price: $2,925,000

Cap Rate
4.88%
Number of Units
41
GRM
9.02
Occupancy
90.0%
Price/Unit
$71,341
Price/Gross SF
$93.91
Gross SF
31,146

Investment Highlights

  • New Roofs, Siding, Decks, Parking Lot, Windows and Sliding Doors
  • Several Updated Units
  • Laundry On-site
  • Tenant Paid Heat

Investment Overview

Marcus & Millichap is please to present the exclusive representation of Renaissance Apartments, located in Jackson, Michigan. This 41-unit building has a mix consisting of six
(6) 1 bedroom/1 bath units with 606 square feet, and thirty-five (35) 2 bedroom/1 bath units boasting 786 square feet. Each apartment has its own patio or balcony, and laundry is on site. The
exterior of the property has undergone significant renovation consisting of a new roof, siding, balconies, windows and sliding doors, and parking lot. The exterior upgrades crest over $650,000
and will insure limited exterior capital needs for many years to come.

Renaissance Apartments is located within walking distance to downtown Jackson which has been going through a significant revitalization. There have been several upscale apartment redevelopment, a
project labeled the Museum Trail which is approximately 5-mile multi-use trail connecting the Mississippi Farmers Market to the Mississippi Agriculture Museum, which also allow access to three parks and six other museums along the way, as well as numerous office and retail redevelopments. Jackson Michigan is also just a short distance to Michigan International Speedway which host two major NASCAR races a year, the Faster Horses weekend country festival, and several other high traffic events. This location also offers easy access to Interstate 94 which is a major East to West thoroughfare which is the main connecting expressway from Detroit to Chicago.

With most of the heavy lifting regarding capital expenditures, Renaissance apartment creates a
unique opportunity to continue renovating the existing units and turn this asset into a cash cow!

Exclusively Listed By

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