814 Center Ave, Bay City, MI 48708
11 Unit Apartment Building | $795,000 ($72,273/Unit) | 8% Cap Rate | Bay City, MI 48708
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $795,000
- Property Type
-
Multifamily
- Square Feet
- 11,700 SF
Listing Contacts
Shelley Niedzwiecki
Verified Profile
- Property Info
Property Overview
A glamorous historic gem, located on Bay City's iconic Center Avenue! This stunning building offers 11 abundantly proportioned units, and is in a prime location for a STR type conversion! Your tenants will enjoy Bay City's famous St. Patrick's Day Parade passing by their front yard, views of our fireworks, and will be moments from all of the excitement downtown has to offer! Building includes a full service coin-operated laundry room, freight elevator for ease of move-ins, storage rooms in the basement for each unit, and a spacious 9 vehicle garage. Sweeping city views from most windows & charming (inoperative) fireplaces provide ambiance; formal dining rooms, large living rooms, and most units are 2-3 BRs. New steam boiler in Dec. 2022, new garage roof, and several units have had recent major remodels!
Cap rate reflects market rents- owner has had very little turnover since purchasing and has not raised rents for existing tenants. Many 2023 expenses were rare charges to bring the property up from a nearly distressed condition, including 11 days free rent & hotel stays for tenants while the boiler was being replaced!
Please see docs for financials.
Cap rate reflects market rents- owner has had very little turnover since purchasing and has not raised rents for existing tenants. Many 2023 expenses were rare charges to bring the property up from a nearly distressed condition, including 11 days free rent & hotel stays for tenants while the boiler was being replaced!
Please see docs for financials.
Property Details
- Year Built/Renovated
- 1870/1930
- Stories
- 3
- Lot Size (sq. ft)
- 16,553 SF
- Units
- 11
Highlights
- Brand new steam boiler
- Lots of natural light
- Parking garage
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