615 Lakeview Ave, Sturgis, MI 49091
16 Unit Apartment Building | $975,000 ($60,938/Unit) | Sturgis, MI 49091
For Sale
Active
Asking Price $975,000
- Property Type
-
Multifamily
- Square Feet
- 13,852 SF
Listing Contacts
- Property Info
Property Overview
Marcus & Millichap is pleased to present the Stonecliff Apartments in Sturgis, MI, a 16-unitcomplex. The property offers an attractive unit mix of two studios, six 1-bedroom units, four 2-bedroom units, and four 3-bedroom units.
Sturgis is home to reputable employers including Abbott Laboratories, American Axle & Manufacturing, OAK (Industrial Presses), Sturgis Molded Products, Summit Polymers, Sturgis Hospital, and many more. Sturgis is the largest town in St. Joseph County.
Stonecliff Apartments offers prospective investors a light-to-medium value-added opportunity. Current owner has updated some units with new flooring and new appliances, but has barely renovated a majority of the units. Not only is there value-add potential, but rents are currently 21 percent below market rents for Sturgis.
Market rent in Sturgis grew 3.7 percent year-over-year according to real estate data firm CoStar. According to CoStar, sales price per unit was $78.5k in Sturgis, which puts Stonecliff at a 23 percent discount to sales comps.
Sturgis is home to reputable employers including Abbott Laboratories, American Axle & Manufacturing, OAK (Industrial Presses), Sturgis Molded Products, Summit Polymers, Sturgis Hospital, and many more. Sturgis is the largest town in St. Joseph County.
Stonecliff Apartments offers prospective investors a light-to-medium value-added opportunity. Current owner has updated some units with new flooring and new appliances, but has barely renovated a majority of the units. Not only is there value-add potential, but rents are currently 21 percent below market rents for Sturgis.
Market rent in Sturgis grew 3.7 percent year-over-year according to real estate data firm CoStar. According to CoStar, sales price per unit was $78.5k in Sturgis, which puts Stonecliff at a 23 percent discount to sales comps.
Property Details
- Class
- C
- Year Built
- 1975
- Stories
- 2
- Lot Size (sq. ft)
- 48,352 SF
- Units
- 16
Highlights
- 10 Plus Percent Proforma Cap Rate
- 12 Plus Percent Proforma Cash-On-Cash Return
- Light-to-Medium Value Add Opportunity
- Ability to Charge for Carports
- 23 Percent Discount to Sale Comp Average in Sturgis
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].