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Hickory Manor Apartments 1571 N Hickory Rd 44 Unit Apartment Building For Sale Owosso, MI 48867
Investment Highlights
- 44-unit multifamily community on 8.7 acres
- Floor plans ranging from 700 to 1,366 SF
- Mix of apartments, condo-style units (No HOA) and townhomes
- Select units contain washer/dryer
Executive Summary
44-unit multifamily community in Owosso consisting of a mix of apartments, condo-style units (no HOA) and townhomes. The property is situated on 8.7 acres across eight buildings and features a two-bedroom-heavy unit mix with units ranging from approximately 700 to 1,366 SF. Current NOI of $289,003 with pro forma NOI of $364,727. Current rents are below market, providing upside through lease-up and rent growth.
Property Facts
| Sale Type | Investment | Building Size | 55,790 SF |
| No. Units | 44 | Average Occupancy | 86% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1989 |
| Apartment Style | Garden | Parking Ratio | 0.39/1,000 SF |
| Building Class | C | Parcel Number | 007-07-300-010 |
| Lot Size | 11.38 AC | ||
| Zoning | C - Commercial | ||
| Sale Type | Investment |
| No. Units | 44 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 11.38 AC |
| Building Size | 55,790 SF |
| Average Occupancy | 86% |
| No. Stories | 2 |
| Year Built | 1989 |
| Parking Ratio | 0.39/1,000 SF |
| Zoning | C - Commercial |
| Parcel Number | 007-07-300-010 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 18 | - | 950 - 1,045 |
| 2+1.5 | 13 | - | 1,163 |
| 2+2 | 13 | - | 1,400 |
Fairly walkable
40/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
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