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700-710 S Dewitt Dr 16 Unit Apartment Building $1,850,000 ($115,625/Unit) 8.54% Cap Rate Dewitt, MI 48820
Investment Highlights
- Stabilized
- High Income Area
- Value Add
Executive Summary
Park Place Apartments is a stabilized 16 unit apartment building located in Dewitt, MI. The units are all two bedroom one bath, approximately 800 square feet with their own separate entrance. There are four buildings total, with over two parking spots per unit. The property is 100% occupied grossing +$17,500 per month, with an annual gross potential rent of $233,786.
The property is being offered at an attractive 8.5% CAP rate with room to increase rents, and the CAP rate closer to 10%.
The property is being offered at an attractive 8.5% CAP rate with room to increase rents, and the CAP rate closer to 10%.
Property Facts
| Price | $1,850,000 | Building Class | C |
| Price Per Unit | $115,625 | Lot Size | 1.66 AC |
| Sale Type | Investment | Building Size | 12,668 SF |
| Cap Rate | 8.54% | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Parking Ratio | 3/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | MF, Multiple Family Resid - Commercial Zoned Propertry | ||
| Price | $1,850,000 |
| Price Per Unit | $115,625 |
| Sale Type | Investment |
| Cap Rate | 8.54% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.66 AC |
| Building Size | 12,668 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1972 |
| Parking Ratio | 3/1,000 SF |
| Zoning | MF, Multiple Family Resid - Commercial Zoned Propertry |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 16 | $1,200 | 750 |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 200-110-000-091-00 | Improvements Assessment | $277,400 |
| Land Assessment | $40,300 | Total Assessment | $317,700 |
Property Taxes
Parcel Number
200-110-000-091-00
Land Assessment
$40,300
Improvements Assessment
$277,400
Total Assessment
$317,700
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700-710 S Dewitt Dr
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