Riverbend Apartments

Multi-Family for Sale
Catylist Listing ID: 30811288
Property Subtypes: Low-Rise/Garden, Mid-Rise
Number of Units: 28 Units
Building Size (RSF): 21,344 SF
Gross Building Area: See Agent
Gross Land Area: 5 Acres
Sale Price: $1,675,000
Unit Price: $59,821.43 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Average Occupancy Rate: 87
Last Updated: 7/19/2022

Overview / Comments

Riverbend Apartments is an attractive, updated 28-unit apartment community in Union City, MIchigan. This property contains 8, 2-story buildings on 5 acres. Property grounds feature duck pond, several acres of wooded area, playground, barbeque grills and picnic area. Two additional parcels totaling 1.5 acres also available for sale. Tenants pay separately metered electric except for building #1 which is serviced with natural gas for heat.

Financials

Finance Data Year 2021
Gross Operating Income $256,200 (Annual)
Net Operating Income $134,732 (Annual)

Additional Details

Nearest MSA: Coldwater
County: Branch
Tax ID/APN: 1
Percent Occupied: 87%
Community Amenities: Play Ground
Property Located Between: Near Coldwater, Battle Creek and Marshall
Highway Access: MI SR-60
Airports: Kalamazoo/Battle Creek International Airport
Site Description: This property contains 8, 2-story buildings on 5 acres. Property grounds feature duck pond, several acres of wooded area, playground, barbeque grills and picnic area. Two additional parcels totaling 1.5 acres also available for sale.
Area Description: Union City is located on the northern border of Branch County about 10 miles northwest of Coldwater. Situated between Union City Elementary and Union City High School his property is only a short drive to restaurants and downtown.
Total Number of Buildings: 8
Property Condition: Good
Number of Stories: 2
Year Built: 1970
Year Renovated: 2021
Exterior Description: Garden style 2-story apartment complex comprised of 28 units in 8 buildings. Unit mix consists of 5 studios, 6 one bedrooms, 11 two bedrooms 5 three bedrooms and 1 four bedrooms.
Laundry: Shared
Interior Description: Unit mix consists of 5 studios, 6 one bedrooms, 11 two bedrooms 5 three bedrooms and 1 four bedrooms. - air conditioning, cable ready, dishwasher, refrigerator, washer/dryer,
Zoning Description: Multifamily

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 769 3,908 7,392
Median Age: 35.81 39.05 40.19
Households: 300 1,545 2,891
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