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Linden Apartments 430 E Grove St 24 Unit Apartment Building $1,550,000 ($64,583/Unit) 8.30% Cap Rate Carson City, MI 48811
EXECUTIVE SUMMARY
Carson City is located inMontcalm County and has a population of 1,093 with a median household income of $52,455 and a median home value of $150,797. Neighboring cities include Mt. Pleasant which is 35 miles to the North, Lansing which is 45 miles to the South, and Grand Rapids which is 50 miles to the Southwest. Getting in and out of the area is a breeze for residents of the city as I-57, I-127 and Michigan Avenue are all within close proximity.
Linden consists of two buildings with 24 total units. The complex has a great unit mix of 3 one-bedroom units and 21 two-bedroom units. Linden Apartments is in great shape as it was rehabbed in the mid-2000’s through Michigan State Housing Authority’s Low-Income Housing Tax Credit program. Therefore, the property does have a regulatory agreement on it. Fortunately, the Regulatory Agreement restricts units to 60% of the AMI, which allows ownership to rent units at the same amount a market-rate operator would. This allows for potential upside for a new owner.
Linden consists of two buildings with 24 total units. The complex has a great unit mix of 3 one-bedroom units and 21 two-bedroom units. Linden Apartments is in great shape as it was rehabbed in the mid-2000’s through Michigan State Housing Authority’s Low-Income Housing Tax Credit program. Therefore, the property does have a regulatory agreement on it. Fortunately, the Regulatory Agreement restricts units to 60% of the AMI, which allows ownership to rent units at the same amount a market-rate operator would. This allows for potential upside for a new owner.
PROPERTY FACTS
| Price | $1,550,000 | Apartment Style | Low-Rise |
| Price Per Unit | $64,583 | Building Class | B |
| Sale Type | Investment | Lot Size | 5.32 AC |
| Cap Rate | 8.30% | Building Size | 29,460 SF |
| Gross Rent Multiplier | 5.9 | Average Occupancy | 100% |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1977/2005 |
| Property Subtype | Apartment |
| Price | $1,550,000 |
| Price Per Unit | $64,583 |
| Sale Type | Investment |
| Cap Rate | 8.30% |
| Gross Rent Multiplier | 5.9 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 5.32 AC |
| Building Size | 29,460 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1977/2005 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Washer/Dryer
- Hardwood Floors
- Refrigerator
- Range
- Carpet
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Laundry Service
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | - | 650 |
| 2+1 | 21 | - | 734 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $830,800 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$830,800
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Linden Apartments | 430 E Grove St
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