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: |
11/7/2022 |
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% |
| 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 |
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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