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10477 Sprinkle Rd 4 Unit Apartment Building $574,900 ($143,725/Unit) 9.60% Cap Rate Vicksburg, MI 49097
Investment Highlights
- Four-unit all-brick structure with updated interiors, including new appliances and lighting in most units.
- Recent capital improvements include roof replacement (2020), new asphalt paving, and landscaping.
- Convenient access to Kalamazoo, Portage, Austin Lake, Long Lake, and multiple major roadways for regional connectivity.
- Located on a 2-acre parcel offering flexibility for future expansion or complementary development.
- Additional income opportunity with on-site garages and storage options in a substantial pole barn.
Executive Summary
Exceptional investment opportunity - 4-unit all-brick apartment building on a spacious 2-acre lot in central location near Austin Lake, Long Lake, recreational trails & parks, and close to Kalamazoo & Portage. Units 1-3 have been completely remodeled w/ new paint, carpet, blinds, kitchen appliances, backsplash, bathroom vanities, shower heads, lighting & new CO/smoke detectors. Each unit has separate electric meter (tenants pay electric only). Property features a 2020 roof, new asphalt parking lot, refreshed landscaping, and a pole barn w/ storage rooms. Additional income/utility options include 3 garage stalls (landlord use or optional tenant use) & two sets of landlord-provided washer/dryers for tenant use. Landlord pays property taxes, pole barn electric, well pump, common hallway electric, insurance, trash, & snow plowing. The expansive 2-acre parcel offers significant upside -- room to expand or build additional rental units (buyer to verify zoning/planning). Call LA for more info
Property Facts
| Price | $574,900 | Property Subtype | Apartment |
| Price Per Unit | $143,725 | Apartment Style | Single-Family Home |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 9.60% | Lot Size | 2.00 AC |
| Sale Condition | 1031 Exchange | Building Size | 5,000 SF |
| Gross Rent Multiplier | 10.2 | No. Stories | 2 |
| No. Units | 4 | Year Built/Renovated | 1970/2023 |
| Property Type | Multifamily |
| Price | $574,900 |
| Price Per Unit | $143,725 |
| Sale Type | Investment |
| Cap Rate | 9.60% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 10.2 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single-Family Home |
| Building Class | C |
| Lot Size | 2.00 AC |
| Building Size | 5,000 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2023 |
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Not walkable
10/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 11-31-152-080 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $170,100 |
Property Taxes
Parcel Number
11-31-152-080
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$170,100
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10477 Sprinkle Rd