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1000 E Lafayette St
Sturgis, MI 49091
Colonial Crest · Multifamily Property For Sale
·
48 Units
PROPERTY FACTS
| No. Units | 48 | Building Size | 42,500 SF |
| Property Type | Multifamily | Average Occupancy | 92% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1972/1993 |
| Building Class | C | Parking Ratio | 1.08/1,000 SF |
| Lot Size | 2.98 AC |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.98 AC |
| Building Size | 42,500 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built/Renovated | 1972/1993 |
| Parking Ratio | 1.08/1,000 SF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Public Transportation
- Smoke Detector
ABOUT 1000 E LAFAYETTE ST , STURGIS, MI 49091
Listed at a 7.5% cap rate and only 39,583 per unit, Colonial Crest offers investors an opportunity to acquire a turn key operation at a very low price per unit, however, still presents immediate upside with the ability to increase rents. Colonial Crest is currently and historically running at occupancy levels close to 100%, which is an easy indicator rents are below market. Current ownership is currently charging $0.71 per SF, while competing complexes are successfully achieving higher rents. After doing an in-depth rental study, it has been determined Colonial Crests rents are currently $50-$75 per month under market without doing any significant unit upgrades, and approximately $125-$150 per unit under market if light unit upgrades were implemented.
PROPERTY TAXES
| Parcel Number | 052-777-007-10 | Improvements Assessment | $810,500 |
| Land Assessment | $31,800 | Total Assessment | $842,300 |
PROPERTY TAXES
