615 Lakeview AveSturgis, MI 49091

Property Details for 615 Lakeview Ave

Year built

1975

Lot size

0.90 AC

Property type

Apartment buildings

Description

This exceptional 16-unit apartment building, Stone Cliff Apartments, presents a compelling value-add opportunity in Sturgis, Michigan. Located at 615 North Lakeview Ave, this two-story complex boasts 13,852 square feet of net rentable space situated on a 0.9-acre lot. Built in 1975, the property comprises a mix of unit sizes: two studios, six one-bedroom, four two-bedroom, and four three-bedroom units. The asking price is $975,000, translating to $60,937.50 per unit. While some units feature updated flooring and appliances, significant renovation potential exists to increase profitability. Current rents are notably below market rates, offering substantial upside. Sturgis's robust economy, anchored by employers such as Abbott Laboratories and American Axle & Manufacturing, ensures a strong tenant pool. The property's location in the largest town of St. Joseph County provides further market stability. This investment presents a chance to capitalize on below-market rents and a significant value-add opportunity, with projections indicating a strong cash-on-cash return and cap rate. The potential to charge for carports adds to the overall return potential. The property is currently priced at a discount compared to recent sales comps in the Sturgis market.

Location Insight

City

Sturgis

County

St. Joseph

State

Michigan

Latitude

41.8111

Longitude

-85.4083

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