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4037 S Rose St 24 Unit Apartment Building $2,150,000 ($89,583/Unit) 7% Cap Rate Kalamazoo, MI 49001
EXECUTIVE SUMMARY
This community boasts a great unit mix of 20 two-bedroom and one-bath
apartment homes with approximately 600 sf and 4 one-bedroom and one-bath
units with approximately 650 sf. Oakhurst was built in 1980 with mature trees
and landscaping and is located just minutes from some of West Michigan’s
largest in employers, Phizer and Stryker.
Oakhurst currently boasts a 100% physical occupancy and has maintained high
occupancy levels for many years. This is in large part due to the property’s
aforementioned location as well as its current physical condition. Current
ownership has completed almost $200k in CAPEX to include, roofs, concrete
entryways, decks, and unit improvements.
IPO has projected a Year-One NOI of $150,516 based on in-place rents and
T12 expenses. If rents are raised to current market rent, the Year-Two NOI
would be approximately $170K.
Oakhurst is located less than 10 miles from the heart of Kalamazoo and is a
well stabilized asset ready for a new owner to take it to the next level.
apartment homes with approximately 600 sf and 4 one-bedroom and one-bath
units with approximately 650 sf. Oakhurst was built in 1980 with mature trees
and landscaping and is located just minutes from some of West Michigan’s
largest in employers, Phizer and Stryker.
Oakhurst currently boasts a 100% physical occupancy and has maintained high
occupancy levels for many years. This is in large part due to the property’s
aforementioned location as well as its current physical condition. Current
ownership has completed almost $200k in CAPEX to include, roofs, concrete
entryways, decks, and unit improvements.
IPO has projected a Year-One NOI of $150,516 based on in-place rents and
T12 expenses. If rents are raised to current market rent, the Year-Two NOI
would be approximately $170K.
Oakhurst is located less than 10 miles from the heart of Kalamazoo and is a
well stabilized asset ready for a new owner to take it to the next level.
PROPERTY FACTS
| Price | $2,150,000 | Building Class | C |
| Price Per Unit | $89,583 | Lot Size | 1.06 AC |
| Sale Type | Investment | Building Size | 20,200 SF |
| Cap Rate | 7% | Average Occupancy | 100% |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1970/2022 |
| Property Subtype | Apartment | Parking Ratio | 0.5/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RM-15 | ||
| Price | $2,150,000 |
| Price Per Unit | $89,583 |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.06 AC |
| Building Size | 20,200 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2022 |
| Parking Ratio | 0.5/1,000 SF |
| Zoning | RM-15 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | - | 595 - 650 |
| 2+1 | 20 | - | 595 - 650 |
PROPERTY TAXES
| Parcel Number | 06-34-335-004 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $625,400 |
PROPERTY TAXES
Parcel Number
06-34-335-004
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$625,400
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4037 S Rose St
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