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814 Center Ave 11 Unit Apartment Building $800,000 ($72,727/Unit) 9.10% Cap Rate Bay City, MI 48708
Investment Highlights
- Walking Distance from Downtown Bay City
- Recently Implemented Tenant Utility Reimbursement
- Below Market Rents, Value-Add Potential
- Favorable 9.1% Cap Rate
- Large Units, Hardwood, Natural Light, On-Site Basement, Covered Garages
Executive Summary
GREA is pleased to present the exclusive offering of 814 Center Ave in Bay City, Michigan. This property offers large units averaging 845 sqft and a great location walking distance to downtown Bay City. Recent capex improvements over the past 3 years include electrical upgrades, a new roof on the garage, and a new boiler. Several tenants are paying well below market, giving a new owner significant rental upside opportunity.
Visit our listing page at https://grea.com/properties/#/814-center-avenue
Visit our listing page at https://grea.com/properties/#/814-center-avenue
Property Facts
| Price | $800,000 | Building Class | C |
| Price Per Unit | $72,727 | Lot Size | 0.38 AC |
| Sale Type | Investment | Building Size | 11,700 SF |
| Cap Rate | 9.10% | Average Occupancy | 91% |
| No. Units | 11 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1870 |
| Property Subtype | Apartment | Parking Ratio | 0.77/1,000 SF |
| Apartment Style | Mid-Rise | ||
| Zoning | C - Commercial | ||
| Price | $800,000 |
| Price Per Unit | $72,727 |
| Sale Type | Investment |
| Cap Rate | 9.10% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.38 AC |
| Building Size | 11,700 SF |
| Average Occupancy | 91% |
| No. Stories | 3 |
| Year Built | 1870 |
| Parking Ratio | 0.77/1,000 SF |
| Zoning | C - Commercial |
Amenities
Unit Amenities
- Storage Space
- Heating
- Ceiling Fans
- Refrigerator
- Oven
- Dining Room
Site Amenities
- Laundry Facilities
- Smoke Free
- Trash Pickup - Curbside
- Bicycle Storage
- Elevator
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 11 | - | 945 |
Fairly walkable
50/100
Very drivable
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 09-160-021-460-004-00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $238,050 |
Property Taxes
Parcel Number
09-160-021-460-004-00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$238,050
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814 Center Ave