Frankemuth Portfolio 2 Multifamily Properties Offered at $2,000,000 in Frankenmuth, MI
INVESTMENT HIGHLIGHTS
- Below Market Rents
- Buildings are in Excellent Condition
- Great Proximity to Downtown Frankenmuth
EXECUTIVE SUMMARY
IPO is pleased to present two properties in Frankenmuth, Michigan. The communities combined contain 32 apartment homes.
The first property, Bavaria West Apartments, was built in 1982. The complex contains 24 units across four buildings. The unit mix consists of 24 studios. The second property, 955 West ArdussiApartments, contains 8 units and consists of all one-bedroom units.
Currently, both properties are operating at 95% occupancy and both properties have maintained this high level of performance for many years.
Based on current occupancy and expiring leases through 2025, IPO has projected a year-one NOI of $149,805 and a year-two NOI of $156,304. The projections are based on current average rent at the property, while accounting for the market rent growth,and T12 expenses.
The Frankenmuth Portfolio represents two well-located assets in Frankenmuth, poised for new ownership with a value-add mentality.
The first property, Bavaria West Apartments, was built in 1982. The complex contains 24 units across four buildings. The unit mix consists of 24 studios. The second property, 955 West ArdussiApartments, contains 8 units and consists of all one-bedroom units.
Currently, both properties are operating at 95% occupancy and both properties have maintained this high level of performance for many years.
Based on current occupancy and expiring leases through 2025, IPO has projected a year-one NOI of $149,805 and a year-two NOI of $156,304. The projections are based on current average rent at the property, while accounting for the market rent growth,and T12 expenses.
The Frankenmuth Portfolio represents two well-located assets in Frankenmuth, poised for new ownership with a value-add mentality.
PROPERTY FACTS
| Price | $2,000,000 |
| Price / SF | $174.95 / SF |
| Cap Rate | 7.49% |
| Sale Type | Investment |
| Status | Under Contract |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 11,432 SF |
| Total Land Area | 1.66 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
|
Bavaria West Apartments
889 W Ardussi St, Frankenmuth, MI 48734 |
Multifamily | 6,432 SF | 1982 | - |
| 955 W Ardussi St, Frankenmuth, MI 48734 | Multifamily | 5,000 SF | 1982 | - |
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