1710 G AveParchment, MI 49004

Property Details for 1710 G Ave

Year built

1973

Lot size

0.87 AC

Property size (Sq ft)

7,066 SF

Zone code

R-M MUL

Property type

Commercial real estate

APN

06-02-201-040

APU

602201040

Description

This exceptional 16-unit apartment building in Parchment, Michigan, presents a compelling investment opportunity. Located on a 0.86-acre lot at 1710 E G Ave, 49004, this stabilized multifamily property boasts a 94% occupancy rate, generating a strong pro-forma NOI of $141,287 and a 7.25% pro-forma cap rate. The asking price is $1,950,000, or $121,875 per unit. Built in 1973 and extensively renovated in 2022, the property comprises two buildings housing 11 two-bedroom/one-bathroom units and 5 one-bedroom/one-bathroom units. Recent capital improvements include a new roof, boiler, AC units, and a resurfaced parking lot, minimizing future maintenance expenses. The property's prime location near schools and major employers, with easy access to Gull Road and shopping, ensures consistent tenant demand. The current tenant occupancy is 15 units, with one unit nearing lease completion. This turnkey investment offers immediate cash flow potential and includes an assumable mortgage with a below-market interest rate. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable Michigan location.

• Alternative Use

  Use

  Valuation

  Residential

  $1,038,045

  Hospitality

  $950,844

  Educational

  $791,091

  Medical

  $818,298

  Retail

  $1,230,586

Location Insight

City

Kalamazoo

County

Kalamazoo

State

Michigan

Latitude

42.3322

Longitude

-85.5584

CBSA code

28020

CBSA name

KALAMAZOO-PORTAGE, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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