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Kalamazoo Village 3840 S Burdick St 24 Unit Apartment Building For Sale Kalamazoo, MI 49001
Investment Highlights
- Large floorplans
- Major capex completed - New roofs, new furnaces, refinished parking lot
- Private entrances, forced air furnace with central AC
- LIHTC Property - through initial compliance period - in extended use period
- In-unit washer & dryer, walk-in closets
- En-suite master bath
Executive Summary
GREA is pleased to present the exclusive offering of Kalamazoo Village Apartments, a 24-unit LIHTC community located in Kalamazoo, Michigan. The property features a desirable unit mix of two- and three-bedroom floorplans, with all units offering two full bathrooms, private entrances, in-unit washer and dryer, central air conditioning, and carport parking.
Originally placed in service in 2005, Kalamazoo Village Apartments has satisfied its initial compliance period and is currently operating within the extended use period. While affordability restrictions remain in place, in-place rents are approximately $100 below current maximum LIHTC limits, providing a clear path for revenue growth through mark-to-market increases as leases renew. Additionally, projected increases to 2026 LIHTC rent limits are expected to further enhance this upside.
Ownership has completed significant capital improvements, including roof replacements, new furnaces, and parking lot upgrades, positioning the asset as a stabilized, low-maintenance investment. Kalamazoo Village Apartments offers investors a compelling combination of durable cash flow, operational stability, and embedded rental upside. Over the long term, investors may also benefit from the eventual expiration of extended use restrictions, providing additional flexibility and value creation potential.
Originally placed in service in 2005, Kalamazoo Village Apartments has satisfied its initial compliance period and is currently operating within the extended use period. While affordability restrictions remain in place, in-place rents are approximately $100 below current maximum LIHTC limits, providing a clear path for revenue growth through mark-to-market increases as leases renew. Additionally, projected increases to 2026 LIHTC rent limits are expected to further enhance this upside.
Ownership has completed significant capital improvements, including roof replacements, new furnaces, and parking lot upgrades, positioning the asset as a stabilized, low-maintenance investment. Kalamazoo Village Apartments offers investors a compelling combination of durable cash flow, operational stability, and embedded rental upside. Over the long term, investors may also benefit from the eventual expiration of extended use restrictions, providing additional flexibility and value creation potential.
Property Facts
| Sale Type | Investment | Lot Size | 1.40 AC |
| No. Units | 24 | Building Size | 30,000 SF |
| Property Type | Multifamily | Average Occupancy | 92% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built/Renovated | 2005/2019 |
| Building Class | B | Parking Ratio | 1.33/1,000 SF |
| Zoning | RM-15 | ||
| Sale Type | Investment |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.40 AC |
| Building Size | 30,000 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built/Renovated | 2005/2019 |
| Parking Ratio | 1.33/1,000 SF |
| Zoning | RM-15 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Walk-In Closets
- Wheelchair Accessible (Rooms)
Site Amenities
- Playground
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 12 | - | 1,010 - 1,150 |
| 3+2 | 12 | - | 1,010 - 1,150 |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 06-34-194-002 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $447,600 |
Property Taxes
Parcel Number
06-34-194-002
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$447,600
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Kalamazoo Village | 3840 S Burdick St
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