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Corning Apartments 230-260 Corning St 16 Unit Apartment Building $975,000 ($60,938/Unit) 12.67% Cap Rate Farwell, MI 48622
Investment Highlights
- Close to downtown Farwell, 5 miles from clare; Laundry facilities on site; 2nd floor balconies; quiet location;manager on site
Executive Summary
This property is in Receivership, Thomas E. Woods, Receiver. The Receiver renovated several units, including new carpet, balconies,appliances, cupboards and other items. The two buildings do need new roofs which are at the end of their useful lives, but the present roofs are in reasonable repair.
The financials are pro forma, because sufficient income and expenses for 2024 and 2025 are not available due to the fanct that the property is part of a divorce and the Receiver has been unable to obtain accurate information. The Receiver does have information for 2023 and from October 2025 to the present from which expenses have been extrapolated. Income is based upon present rents both for pre-teceiver tenants and for tenants the Receiver has placed. The Receiver has deliberately not negotiated new leases with existing tenants (7) whose leases have expired to prevent further vacancies and to allow the new owner to dictate the terms. Expired leases numbering 7 are below currently advertised rents.
The financials are pro forma, because sufficient income and expenses for 2024 and 2025 are not available due to the fanct that the property is part of a divorce and the Receiver has been unable to obtain accurate information. The Receiver does have information for 2023 and from October 2025 to the present from which expenses have been extrapolated. Income is based upon present rents both for pre-teceiver tenants and for tenants the Receiver has placed. The Receiver has deliberately not negotiated new leases with existing tenants (7) whose leases have expired to prevent further vacancies and to allow the new owner to dictate the terms. Expired leases numbering 7 are below currently advertised rents.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $975,000 | Apartment Style | Low-Rise |
| Price Per Unit | $60,938 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.04 AC |
| Cap Rate | 12.67% | Building Size | 16,459 SF |
| Gross Rent Multiplier | 5.8 | No. Stories | 2 |
| No. Units | 16 | Year Built/Renovated | 1984/2025 |
| Property Type | Multifamily | Parking Ratio | 0.12/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | Residential | ||
| Price | $975,000 |
| Price Per Unit | $60,938 |
| Sale Type | Investment |
| Cap Rate | 12.67% |
| Gross Rent Multiplier | 5.8 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.04 AC |
| Building Size | 16,459 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1984/2025 |
| Parking Ratio | 0.12/1,000 SF |
| Zoning | Residential |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Views
- Freezer
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Pet Play Area
- Trash Pickup - Curbside
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $750.00 | 525 |
| 2+1 | 14 | $875.00 | 675 |
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Property Taxes
| Parcel Number | 041-209-005-01 | Total Assessment | $204,928 (2025) |
| Land Assessment | $18,000 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $186,928 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
041-209-005-01
Land Assessment
$18,000 (2025)
Improvements Assessment
$186,928 (2025)
Total Assessment
$204,928 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
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Presented by
Thomas E. Woods, Receiver
Corning Apartments | 230-260 Corning St
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