1650 Michigan Ave 23 Unit Apartment Building $1,645,000 ($71,522/Unit) 7.65% Cap Rate Maumee, OH 43537

This offering presents a 23-unit multifamily property in Maumee, Ohio, comprising five one-story brick ranch-style buildings. Constructed in 1963 and recently updated with newer gable roofs, the property includes a mix of 17 one-bedroom and 6 two-bedroom units, providing strong appeal to a diverse tenant base. Each unit features stoves and refrigerators, central air, and washer-dryer hookups, with some units including appliances. Utilities are separately metered for gas with central air, reducing owner expenses.
Positioned near Heatherdowns and Eastgate, the location offers convenient access to major corridors and regional amenities within the Toledo metropolitan area. With an asking price of $1,645,000, this asset delivers stable income with upside potential through management efficiencies and rental growth. Maumee remains a desirable residential market, supported by steady demand and proximity to employment centers. Investors seeking a well-maintained, income-producing property with proven occupancy history will find this an attractive acquisition.