Rural Development Portfolio 5 Multifamily Properties Offered at $9,550,000 in Multiple Locations

The Rural Development Portfolio boasts 191 units spread across 7 properties in northeastern Michigan. Currently it is operating at 99% physical occupancy and has maintained this level of performance for many years. The portfolio requires only minimal management oversight from ownership due to this outstanding historical occupancy.
Further, IPO has projected an NOI going forward of $399,776 based on current rents and T12 expenses. Once the properties are taken to market rent the NOI grows to $723,725. Current average rent across the portfolio is $555, and average markets rent climb to $732 based on
HUD Fair Market Rents by county.
This portfolio represents well-located assets in Alpena, Lewiston, Mio, and Prescott, all poised for new ownership with a value-add mentality. Contact IPO to set up a confidential tour before it’s gone.