1619 Fraternity Village Dr Kalamazoo, MI 49006

This exceptional investment opportunity presents a 20-unit student housing complex ideally situated in Kalamazoo, Michigan's Knollwood neighborhood, just 0.7 miles from Western Michigan University. The property comprises two three-story buildings, totaling 20 units (20 beds): a mix of studios and one-bedroom apartments. Built in 1984 and renovated in 2024, 90% of the units in one building boast new appliances and low-maintenance finishes. Currently enjoying 100% occupancy for the 2024-2025 school year, this property offers significant potential for rental increases. One building is leased by the bed with co-signed leases, while the other is under a master lease with a fraternity extending through the 2026-2027 school year, ensuring consistent revenue. The property features ample parking, a private fenced backyard with fire pits, and additional income streams from coin-operated laundry and utility bill-back. A value-add opportunity exists to complete the build-out of an unfinished three-bedroom unit. The property offers a current NOI of $98,718 and a pro-forma NOI of $134,947, resulting in a current cap rate of 6.17% and a pro-forma cap rate of 8.43%. The asking price is $1,600,000. The property is zoned RM-15.