2324 Lapeer Rd
Flint, MI 48503
Lapeer Garden Apartments · Multifamily Property For Sale · 177 Units

Property tours are available by appointment ONLY. Please contact Cary Belovicz to schedule at cary@commercialpa.com, 248-394-0000 ext. 252. Investment Highlights: 177-Unit apartment community with value-add potential 41% occupied with monthly rents averaging $450 Value-Add opportunity through continued renovation and future increases of rents at market rates Recent renovation of 70 units with over $250,000 in CapEx and other repairs Amenities include community laundry facilities, large park-like courtyards and playground Investment Overview: Oak Creek Apartments (the "Property") is a 177 unit garden-style apartment community located at 2324 Lapeer Road in Flint, MI. Constructed in 1969 and renovated in 2015, the Property consists of 16, three-story, walk-up buildings situated on 6.57 acres. The Property has 177 units and the mix includes 2, 1BD/1BA; 155, 2BD/1BA; and 17, 3BD/1BA units with three vacant units listed without the number of bedrooms. As of the rent roll dated 1/31/2017, the Property was 41.81% occupied and presents a value-add opportunity through continued renovation and market lease up of the vacant units. The Property has undergone over $250,000 in CapEx and other repairs since 2015 including the renovation of 70 units. Property amenities include paved parking areas, large courtyards, playground, and laundry facilities. Unit amenities include air conditioning, cable or satellite, carpet, dishwasher, garbage disposal, internet access, patios/balconies, and walk in closets. The Property benefits from its convenient access to schools, restaurants, retailers and churches and is located less than 3 miles from the University of Michigan-Flint. Amenities within a five-mile radius include McDonald's, Taco Bell, KFC, Walli's, T.J Maxx, Gamestop, Starbucks, JC Penney, Staples, Lowe's Home Improvement, Applebee's, Big Lots, Aldi, The Home Depot, Wendy's, Elwood's, Wal-Mart, DQ Grill & Chill, and Dort Mall Shopping Center. The Property is located 1.3 miles south of Interstate 69 and 7.3 miles east of Interstate 75. Interstate 69 connects Flint to Lansing, Michigan, 57.5 miles to the southwest and Interstate 75 connects Flint to Detroit, Michigan 69.1 miles to the southeast. The Property is located in Flint Michigan, the county seat of Genesee County. The top five employers in Genese