River Ridge Apartments 8059 McDermitt Dr 123 Unit Apartment Building $11,500,000 ($93,496/Unit) 6.39% Cap Rate Davison, MI 48423

River Ridge Apartments are located in Davison Township. This friendly community is within walking distance to shopping, banks, parks, and a great
school district. The complex was built in 1974 and has been well-maintained over the years, with the recent improvement of four new roofs. It contains 123
apartment homes: 57 one-bedroom, one-bath units, each measuring 530 square feet, 42 two-bedroom, one-bath units, each measuring 732-897 square feet, and
24 two-bedroom, one-and-a-half-bath townhome units, each measuring 1,433 square feet.
The townhomes have individual furnaces with the landlord being responsible for water. The apartments have a boiler in each building with the landlord being
responsible for water & gas. There is a resident utility billing system (RUBS) in place with the following charges.
• One-bedroom Apartment – Water is $35 and Gas is $20 per month
• Two-bedroom Apartment – Water is $50 and Gas is $25 per month
• Two-bedroom Townhome – Water is $65
IPO has projected an NOI going forward of $734,568 based on street rents and the T-12 March 2025 – February 2026 P&L. However, in year two, when the
complex is brought up to market, the NOI increases to $785,084.