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1305 Washington Ave
Bay City, MI 48708
LUX off Washington · Multifamily Property For Sale
·
42 Units
Executive Summary
Lux off Washington has 42 units, 40 studio units. 1 one-bedroom and one-bath unit and 1 two-bedroom and one-bath unit. These unit types are each measuring 220-250, 368, and 1,050 square feet, respectively. The property was built in 1960.
Currently, Lux off Washington is operating at 100% physical occupancy and has maintained this level of performance in recent months, requiring only minimal management oversight from ownership.
IPO has projected an NOI going forward of $266,079 based on average street rents and T-3 expenses. The current street rent across the units is $845. However, when the complex is brought up to market, average rent increases to $896.
Currently, Lux off Washington is operating at 100% physical occupancy and has maintained this level of performance in recent months, requiring only minimal management oversight from ownership.
IPO has projected an NOI going forward of $266,079 based on average street rents and T-3 expenses. The current street rent across the units is $845. However, when the complex is brought up to market, average rent increases to $896.
Property Facts
| Price Per Unit | $79,762 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.95 AC |
| Cap Rate | 7.94% | Building Size | 68,779 SF |
| No. Units | 42 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 2024 |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | C-3 CTRL B | ||
| Price Per Unit | $79,762 |
| Sale Type | Investment |
| Cap Rate | 7.94% |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.95 AC |
| Building Size | 68,779 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2024 |
| Opportunity Zone |
Yes |
| Zoning | C-3 CTRL B |
Amenities
Unit Amenities
- Dishwasher
- Disposal
- Kitchen
- Refrigerator
- Oven
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Grill
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 40 | - | 220 - 250 |
| 1+1 | 1 | - | 368 |
| 2+1 | 1 | - | 1,050 |
Property Taxes
| Parcel Number | 09-160-021-177-004-00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $524,450 |
Property Taxes
Parcel Number
09-160-021-177-004-00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$524,450
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