Log In/Sign Up
Your email has been sent.
River Ridge Apartments 8059 McDermitt Dr 123 Unit Apartment Building $11,500,000 ($93,496/Unit) 6.39% Cap Rate Davison, MI 48423
Investment Highlights
- Located in Davison Township within walking distance of shopping, banks, parks, and schools.
- Well-maintained with recent capital improvements, including four new roofs.
- Expected NOI increase from $734,568 to $785,084 through rent optimization in year two.
- Includes 123 apartment homes with a diverse unit mix featuring one-bedroom apartments, two-bedroom units, and spacious townhomes.
- RUBS system in place for water and gas billing, enhancing expense control for ownership.
- Situated on over 10 acres with onsite amenities such as laundry facilities, recycling, 24-hour access, and tenant-controlled HVAC in townhomes.
Executive Summary
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.
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.
Property Facts Under Contract
| Price | $11,500,000 | Building Class | C |
| Price Per Unit | $93,496 | Lot Size | 10.05 AC |
| Sale Type | Investment | Building Size | 123,644 SF |
| Cap Rate | 6.39% | Average Occupancy | 93% |
| No. Units | 123 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1974 |
| Property Subtype | Apartment | Parking Ratio | 2/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RM2, Davison | ||
| Price | $11,500,000 |
| Price Per Unit | $93,496 |
| Sale Type | Investment |
| Cap Rate | 6.39% |
| No. Units | 123 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 10.05 AC |
| Building Size | 123,644 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built | 1974 |
| Parking Ratio | 2/1,000 SF |
| Zoning | RM2, Davison |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Washer/Dryer Hookup
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Recycling
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 57 | - | 530 |
| 2+1 | 42 | - | 732 - 897 |
| 2+1.5 | 24 | - | 1,433 |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 05-08-300-007 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,495,800 |
Property Taxes
Parcel Number
05-08-300-007
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,495,800
1 of 7
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
River Ridge Apartments | 8059 McDermitt Dr
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.