New Amador Apartments
63 Unit Apartment Building | $3,150,000 ($50,000/Unit) | 8.03% Cap Rate | Saginaw, MI 48607
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,150,000
- Property Type
-
Multifamily
- Square Feet
- 51,497 SF
Listing Contacts
A.J. Beachum
Verified Profile
- Property Info
Property Overview
New Amadore is a handsome, mid-rise building with 63 unique units. It was constructed in 1929 and possesses exceptional charm as a result of its original architecture, including a historic look and feel, from the original parquet flooring to the art deco door knockers. The building contains a balanced unit mix of spacious studios and one-bedroom units, plus one two-bedroom unit. We feel this unit mix is favorable for the renter profile of the downtown market plus the potential medical student market to be captured, as described within.
New Amadore is outfitted with Landlord-paid, hot-water baseboard heating system and the tenant-paid electricity is separately metered. Significant Cap Ex has been done in recent years including; new energy efficient windows have been installed, replacing 281 original single-pane windows. The boiler system has seen capital improvements in recent years. Amenities at the property include an attached parking garage, courtyard with community garden, on-site laundry, vending machines, and tenant storage.
Currently New Amadore is operating at 82% physical occupancy (historically closer to 90%). New Amadore presents itself as a value-add opportunity where a new investor can grow the NOI by utilizing aggressive management to increase the rental rates and the occupancy, as the property is performing below market occupancy levels and rental rates.
New Amadore is outfitted with Landlord-paid, hot-water baseboard heating system and the tenant-paid electricity is separately metered. Significant Cap Ex has been done in recent years including; new energy efficient windows have been installed, replacing 281 original single-pane windows. The boiler system has seen capital improvements in recent years. Amenities at the property include an attached parking garage, courtyard with community garden, on-site laundry, vending machines, and tenant storage.
Currently New Amadore is operating at 82% physical occupancy (historically closer to 90%). New Amadore presents itself as a value-add opportunity where a new investor can grow the NOI by utilizing aggressive management to increase the rental rates and the occupancy, as the property is performing below market occupancy levels and rental rates.
Property Details
- Class
- C
- Year Built
- 1930
- Stories
- 5
- Lot Size (sq. ft)
- 27,878 SF
- Units
- 63
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].