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Nu Michigan 2050 Inverway Ct 18 Unit Apartment Building For Sale Kalamazoo, MI 49009
INVESTMENT HIGHLIGHTS
- 18 Unit Multifamily Property with 6 Buildings available for sale with a 95% occupancy rate.
- The value-add program supports a pro forma CAP RATE OF 10 PERCENT.
- With the planned four-bedroom conversions, Nu Michigan Apartments is positioned to unlock substantial rent growth and long-term value.
EXECUTIVE SUMMARY
2050 Inverway Court in Kalamazoo, Michigan is a 6 Building, 18-Unit Multi-family property with Great value add potential. Currently the properties total 27,000 SF with a unit mix of 6-two bedroom, 1-bath, 900 SF, 11-two bedroom, 1-bath, 1800 SF, and 1-four bedroom, 2-bath, 1800-sf units. With the planned four-bedroom conversions, Nu Michigan
Apartments is positioned to unlock substantial rent growth and long-term value.
The total conversion cost of $187,000, based on $17,000 per unit for eleven units, is projected to generate an annual rent increase of $78,012 while strengthening the property’s competitive position in the market. e value-add program supports a pro forma CAP RATE OF 10 PERCENT, driven by rental premiums that remain conservative compared to existing benchmarks. Current four-bedroom conversions are already achieving $2,200 per month, or $1.22 PER SQUARE FOOT, which remains well below the $1.51 per square foot achieved by smaller two-bedroom units. is gap highlights significant upside potential through continued upgrades and execution of the conversion strategy.
Return on investment calculations underscore the compelling nature of this opportunity. With a $187,000 investment, the property produces an additional $78,012 in annual rent, generating an ROI of 641 PERCENT and an annualized ROI of 42 PERCENT. is proven rent growth story, paired with highly attractive returns, highlights the strength of the Nu Michigan value-add strategy.
Apartments is positioned to unlock substantial rent growth and long-term value.
The total conversion cost of $187,000, based on $17,000 per unit for eleven units, is projected to generate an annual rent increase of $78,012 while strengthening the property’s competitive position in the market. e value-add program supports a pro forma CAP RATE OF 10 PERCENT, driven by rental premiums that remain conservative compared to existing benchmarks. Current four-bedroom conversions are already achieving $2,200 per month, or $1.22 PER SQUARE FOOT, which remains well below the $1.51 per square foot achieved by smaller two-bedroom units. is gap highlights significant upside potential through continued upgrades and execution of the conversion strategy.
Return on investment calculations underscore the compelling nature of this opportunity. With a $187,000 investment, the property produces an additional $78,012 in annual rent, generating an ROI of 641 PERCENT and an annualized ROI of 42 PERCENT. is proven rent growth story, paired with highly attractive returns, highlights the strength of the Nu Michigan value-add strategy.
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 1.35 AC |
| No. Units | 18 | Building Size | 27,000 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1978/2025 |
| Building Class | C | ||
| Zoning | R-4 MUL - Multifamily Residential | ||
| Sale Type | Investment |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.35 AC |
| Building Size | 27,000 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1978/2025 |
| Zoning | R-4 MUL - Multifamily Residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 17 | - | 900 - 1,800 |
| 4+2 | 1 | - | 1,800 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $416,500 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$416,500
CONTACTS
-
Christopher Futo -
Jordan Migdal -
Gordon Navarre -
Paul Kerber -
Marcus & Millichap
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Nu Michigan | 2050 Inverway Ct
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