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- LoopNet Team
828 North St
Mount Morris, MI 48458
North Street Apartments · Multifamily Property For Sale
·
32 Units
INVESTMENT HIGHLIGHTS
- 8.00% Cap Rate
- 100% Occupied
- Attractive Mix of 25 One-Bedroom Units and 7 Two-Bedroom Units
- Recent Capital Improvements: New Windows, Boiler, Carpet, and Paint in Common Areas in 2018; Roof, Gutters and Parking Lot in 2017
PROPERTY FACTS
| No. Units | 32 | Building Size | 24,550 SF |
| Property Type | Multifamily | Average Occupancy | 94% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Garden | Year Built/Renovated | 1971/2018 |
| Building Class | C | Parking Ratio | 2.03/1,000 SF |
| Lot Size | 0.87 AC | ||
| Zoning | CM | ||
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.87 AC |
| Building Size | 24,550 SF |
| Average Occupancy | 94% |
| No. Stories | 3 |
| Year Built/Renovated | 1971/2018 |
| Parking Ratio | 2.03/1,000 SF |
| Zoning | CM |
ABOUT 828 NORTH ST , MOUNT MORRIS, MI 48458
PROPERTY: North Street Apartments is located on North St between Union St and Walter St. The property is just minutes from I-475 and within the immediate vicinity of Elisabeth Ann Johnson High School and Mt Morris Middle School as well as Rite Aid, Sav-A-Lot, Kroger and Family Dollar. The 32-unit North Street Apartments was built in 1971 and rehabbed in 2018 and consists of a 19,110 square foot 3-story, 30-unit building and a 1,684 square foot 2-story, 2-unit, single-family house. The property is currently 100% occupied and contains a very attractive unit mix of twenty-five 742 ft.2 one-bedroom units, five 900 ft.2 two-bedroom units, and 2 two-bedroom units in the single family house. Ownership has recently invested more than $125K into numerous recent improvements and rehabbing units including new windows throughout, new boiler, carpet and paint throughout the commons areas, a new roof, gutters and down spouts and the parking lot was re-asphalted in 2016.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 25 | $560.00 | 742 |
| 2+1 | 7 | $607.50 | 900 |
PROPERTY TAXES
| Parcel Number | 57-06-553-016 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $698,900 |
PROPERTY TAXES
