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1 Cambridge Dr 12 Unit Apartment Building Offered at $1,800,000 at a 8.06% Cap Rate Gladstone, MI 49837
Investment Highlights
- Attached garages
- Open concept floor plans
- Quiet neighborhood with privacy
Executive Summary
12 condos built as side by side duplexes on a parcel to create its own unique neighborhood. Each unit has its own garage and is 1100 square feet of living space. All units are fully leased with long term tenants. Each unit is taxed and metered separately and tenants pay all utilities. The condo association pays for lawn maintenance, snow removal and all exterior maintenance.
Property Facts
| Price | $1,800,000 | Building Class | C |
| Price Per Unit | $150,000 | Lot Size | 2.07 AC |
| Sale Type | Investment | Building Size | 13,200 SF |
| Cap Rate | 8.06% | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1997 |
| Apartment Style | Garden | ||
| Zoning | multi family | ||
| Price | $1,800,000 |
| Price Per Unit | $150,000 |
| Sale Type | Investment |
| Cap Rate | 8.06% |
| No. Units | 12 |
| Property Type | Multifamily |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.07 AC |
| Building Size | 13,200 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1997 |
| Zoning | multi family |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer Hookup
- Tile Floors
- High Speed Internet Access
- Refrigerator
- Sprinkler System
- Tub/Shower
- Carpet
- Yard
- Double Pane Windows
- Lawn
- Patio
- Vinyl Flooring
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 7 | - | 1,100 |
| 2+1.5 | 5 | - | 1,100 |
Somewhat walkable
30/100
Exceptionally drivable
100/100
Fairly bikeable
50/100
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1 Cambridge Dr