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- LoopNet Team
1731-1733 Oak St
Niles, MI 49120
River Oaks · Multifamily Property For Sale
·
59 Units
INVESTMENT HIGHLIGHTS
- Major Recent Capital Improvements: Newer windows, roofs, boilers, parking lots, electrical, plumbing, unit upgrades, and washer/dryer machines
- Proven Value Add Unit Upgrade Plan: 55% of units have been upgraded achieving rent increases of $100-$125 per unit with 45% of the units remaining
- 19 Basements units added/constructed in 2007
PROPERTY FACTS
| No. Units | 59 | Building Size | 47,773 SF |
| Property Type | Multifamily | Average Occupancy | 90% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1950 |
| Building Class | C | Parking Ratio | 2.17/1,000 SF |
| Lot Size | 1.70 AC | ||
| Zoning | LDR | ||
| No. Units | 59 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.70 AC |
| Building Size | 47,773 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1950 |
| Parking Ratio | 2.17/1,000 SF |
| Zoning | LDR |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
ABOUT 1731-1733 OAK ST , NILES, MI 49120
Investors have the option of continuing to focus on interior unit upgrades to add additional value as most all exterior capital improvements have been completed. It is Greystone Bel’s opinion current rents could be raised a touch without doing any upgrades, however, rent increases in between $100-$125 per unit are achievable if the remainder of the units were upgraded. Another value-add option is turning the current office back into a 2-bedroom unit as current ownership currently runs multiple businesses out of this large unit. On average similar sized 2-bedroom units are commanding $750-$800 per month. If an investor decided to turn the 2 bedroom back into a unit and decided they need an onsite office, they could convert the studio unit back into the onsite office in which it used to be before current ownership needed a larger office for their other businesses.
PROPERTY TAXES
| Parcel Number | 11-72-6010-0145-00-9 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,164,200 |
PROPERTY TAXES
