615 Lakeview Ave, Sturgis, MI 49091
16 Unit Apartment Building | $975,000 ($60,938/Unit) | Sturgis, MI 49091
For Sale
Active
7 pictures
Asking Price $975,000
- Property Type
-
Multifamily
- Square Feet
- 13,852 SF
Listing Contacts
Jack Friskney
Austin Meeker
Aaron Kuroiwa
Steven Chaben
- 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
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