4250 Dickman Rd, Springfield, MI 49037
40 Unit Apartment Building | For Sale | Springfield, MI 49037
For Sale
Active
- Property Type
-
Multifamily
- Square Feet
- 67,888 SF
Listing Contacts
Austin Hull
Nick Hull
Property Overview
The Hull Multifamily Advisors (HMA) are pleased to present the exclusive offering of the Barberry Townhouses in Springfield, MI. Built in 1960, this 40-unit asset consists of (32) 1,350 SF 3 bed 1.5 bath units and (8) 1,450 SF 4 bed 1.5 bath two story townhouses with basements. These giant homes are outfitted with individual gas furnaces and central AC units, with tenants responsible for paying gas and electricity. Current ownership is paying for water, however, a new owner could benefit from implementing a RUBS program. Each unit boasts individual front and back entrances, individual large patios with fenced in back yards, in unit washer and dryers, individual storage sheds, and a large unfinished basement just to name a few.
The Barberry Townhouses are being offered to the market as a stabilized cash flowing asset, with several opportunities to continue adding value. At the time of listing, the Barberry Townhouses were 100% occupied, which is an easy indicator of rents being below market as the property currently sits today without making any additional upgrades. In addition, a new owner could continue renovating the interior of the units to push rents even further. Lastly, a new owner could implement a RUBS for the water/sewer bills which have historically averaged around $60,000 annually. Billing back all or a significant portion of this annual expense will not only significantly increase cash flow, but overall value. Please contact HMA for more information before this significant value-add opportunity is gone.
The Barberry Townhouses are being offered to the market as a stabilized cash flowing asset, with several opportunities to continue adding value. At the time of listing, the Barberry Townhouses were 100% occupied, which is an easy indicator of rents being below market as the property currently sits today without making any additional upgrades. In addition, a new owner could continue renovating the interior of the units to push rents even further. Lastly, a new owner could implement a RUBS for the water/sewer bills which have historically averaged around $60,000 annually. Billing back all or a significant portion of this annual expense will not only significantly increase cash flow, but overall value. Please contact HMA for more information before this significant value-add opportunity is gone.
Property Details
- Class
- B
- Year Built
- 1960
- Stories
- 2
- Lot Size (sq. ft)
- 195,584 SF
- Units
- 40
Highlights
- (32) 1,350 SF 3 Bed 1.5 Bath and (8) 1,450 SF 4 Bed 1.5 Bath Two Story Townhouses with basements
- Individual Gas Furnaces and Central AC Units (both tenant paid)
- Individual front and back entrance, individual large patios and fenced in yards, and in unit washer and dryer hookups
- Value Add Opportunity with Implementing a RUBS for Water/Sewer (approximately $60k annual owner paid expense)
- Historical Occupancy Averaging between 95-100%
- 5 Miles from Downtown Battle Creek and 18 Miles from Downtown Kalamazoo
Nearby Properties
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