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Lakewood Apartments 1525-1605 Bacon Ave 48 Unit Apartment Building $4,575,000 ($95,313/Unit) 7.89% Cap Rate Portage, MI 49002
INVESTMENT HIGHLIGHTS
- Attractive unit mix. Majority of the units have been renovated. The property has had substantial capital improvements with over $600k in renovations.
- Rents are well below market. Ownership has proved out the value add strategy and renovated a majority of the units and increased rents.
- Development opportunity to add additional units and increasing density. Possible TIF and brownfield funds available.
EXECUTIVE SUMMARY
MOXIE Real Estate + Development is pleased to exclusively offer Lakewood Apartments for sale. This well-maintained property boasts an attractive unit mix with the majority of units already renovated, offering a blend of stability and potential for continued growth. With substantial capital improvements, the property is primed for long-term success. Key features include: renovated Units, additional revenue stream by implementing RUBS/utility bill back program and renting storage the lockers. Rents are well below market. With almost 10 acers, there is a future development opportunity, with a possibility of incentives for future expansion. Lakewood Apartments represents a solid investment opportunity with significant upside potential. For more information, please contact MOXIE.
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $4,575,000 | Apartment Style | Low-Rise |
| Price Per Unit | $95,313 | Building Class | C |
| Sale Type | Investment | Lot Size | 9.84 AC |
| Cap Rate | 7.89% | Building Size | 31,800 SF |
| No. Units | 48 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1978/2024 |
| Property Subtype | Apartment | Parking Ratio | 2.56/1,000 SF |
| Zoning | R4 | ||
| Price | $4,575,000 |
| Price Per Unit | $95,313 |
| Sale Type | Investment |
| Cap Rate | 7.89% |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 9.84 AC |
| Building Size | 31,800 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1978/2024 |
| Parking Ratio | 2.56/1,000 SF |
| Zoning | R4 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Storage Space
- Washer/Dryer
- Heating
- Walk-In Closets
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 18 | - | 567 |
| 2+1 | 30 | - | 630 |
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PROPERTY TAXES
| Parcel Number | 10-00027-197-O | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,223,700 |
PROPERTY TAXES
Parcel Number
10-00027-197-O
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,223,700
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Lakewood Apartments | 1525-1605 Bacon Ave
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