Grand River Ridge 308 Van Buren St 229 Unit Apartment Building $15,750,000 ($68,777/Unit) 7.38% Cap Rate Jackson, MI 49201

Grand River Ridge is a well-maintained community of five apartment buildings and a clubhouse, spread across a 6.76-acre setting. Grand River Ridge was built in 1968 with poured concrete and concrete slab. The community has a great unit mix containing 84 one-bedroom units (700-750 ft²), 139 large two-bedroom units (1000 ft²), and 6 three-bedroom units (1,200-1,250 ft²).
Grand River Ridge has undergone over $1,500,000 in capital improvements in recent years, including 210 units have been upgraded, roof and parking lot repairs, and modernized laundry facilities. Additionally, the current owner replaced all Stab-Lok breakers in the electrical panels, resulting in significant insurance savings. The HVAC system features tenant-paid electric baseboard heating and sleeve units for cooling, while electric tenant-paid water heaters further enhance efficiency. Residents also enjoy a range of amenities, including private patios, a clubhouse, and a playground.
With a strong employment base driven by manufacturing, healthcare, and education, the city attracts a steady influx of residents seeking quality housing. Jackson’s strategic location along I-94 provides easy access to Ann Arbor, Lansing, and Detroit, making it an attractive choice for commuters and businesses alike. Additionally, the presence of Jackson College and major employers such as Henry Ford Health and Consumers Energy contribute to a stable rental market, ensuring long-term demand for multifamily housing.