Health Professions Apartments I & II 1308 E Gaylord St 26 Unit Apartment Building $2,500,000 ($96,154/Unit) 6.69% Cap Rate Mount Pleasant, MI 48858

Health Professions Apartments I & II presents a rare opportunity to acquire a fully redeveloped multifamily community in the heart of Mount Pleasant, Michigan. Strategically located just steps from Central Michigan University, this property offers investors a stabilized asset with strong appeal to both medical and non-medical students seeking modern, high-quality housing in a walkable environment.
The community comprises 26 units across two buildings, featuring a diverse mix designed to maximize occupancy and rental income:
• 1 one-bedroom/one-bathroom unit
• 13 two-bedroom/two-bathroom units
• 6 two-bedroom/one-bathroom units
• 6 four-bedroom/two-bathroom units
Built in 2014 and continually upgraded, the property boasts premium interior finishes including granite countertops, laminate flooring, in-suite washer and dryer, and updated HVAC systems. Residents enjoy a park-like setting with picnic tables and BBQ grills, complemented by enhanced security features such as new surveillance cameras. Recent improvements include a renovated single-family home on-site and roof replacements, ensuring long-term durability.
With an asking price of $2,500,000, a cap rate of 6.69%, and an NOI of $167,245, this asset offers compelling returns and strong fundamentals. Its proximity to CMU and local amenities positions it as one of the most desirable housing options in the market, supported by consistent occupancy and a proven rental history.