1619 Fraternity Village Dr 20 Unit Apartment Building $1,575,000 ($78,750/Unit) 6.66% Cap Rate Kalamazoo, MI 49006

Hull Multifamily Advisors (HMA) is pleased to present the exclusive offering of WMU Apartments, a well-located 20-unit multifamily asset in Kalamazoo, Michigan. Constructed in 1984, the property consists of two separate two-story buildings located just off Fraternity Village Drive and within walking distance of Western Michigan University. The property features a desirable mix of 16 one-bedroom units and 4 studios, along with amenities including coin-operated laundry, dishwashers in select units, air conditioning, ample parking, a recreation room, and a park-like setting. Tenants are responsible for electric, while gas and water are allocated through a RUBS system. Recent capital improvements include 10 renovated units, new roofs(2018), and a repaved parking lot(2018).

Current ownership has implemented a successful value-add strategy, with 10 of the 20 units fully renovated and achieving approximately $75–$125 in additional monthly rent. A new owner can continue renovating the remaining 10 units to capture similar premiums. Additional upside exists through the potential conversion of Building 1625 from its current fraternity use to individually leased market-rate student housing, as well as the potential conversion of existing common areas into additional rentable units, subject to local requirements. After conducting an in-depth rent comparable analysis (located in the OM), this indicates comparable properties are achieving rents approximately $100–$150 higher than WMU Apartments, further supporting the property's rental upside. With its exceptional location near Western Michigan University, recent capital improvements, and multiple avenues for increasing revenue, WMU Apartments presents a compelling value-add opportunity with significant potential for increased cash flow and long-term appreciation. Please contact HMA for additional information before this opportunity is gone.