South Flamingo Rentals and Storage 2117 S River Rd 11 Unit Apartment Building $749,900 ($68,173/Unit) 8.01% Cap Rate Bay City, MI 48708

The Hull Multifamily Advisors (HMA) are pleased to present the exclusive offering of the South Flamingo Rentals and Storage in Bay City, MI. Totaling 16 units, this asset consists of (1) 2,224 SF single family house, (10) 225 SF efficiencies without kitchens, (3) 10x20 storage units, (1) 12x30 storage unit, (1) 15x30 storage unit, and 3 outdoor storage spots. All efficiency units are outfitted with electric baseboard heat and window AC units, while the single-family home has a propane furnace and electric window AC. While current ownership pays for all utilities, ownership does benefit from minimal water/sewer expenses since this asset is on a well/septic system.
Notable for investors, this asset is currently 100% occupied and being offered to the market at an 8.01% cap rate. In addition, current ownership has gone through an extensive renovation in which they’ve invested approximately $79,000 in capital improvements since 2023. These renovations include fully renovating each efficiency w/ new electric baseboard heaters, new water heaters, new LVP flooring and paint, and a new septic system just to name a few. While presenting attractive in place cash flow, this asset still presents an opportunity to add value with the ability to add more units into the vacant clubhouse and the onsite vacant land. Please reach out to HMA before this stabilized, value add opportunity is gone.