Creekside Apartments

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30318028
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 37 Units
Building Size (RSF): 24,400 SF
Gross Land Area: 3.10 Acres
Sale Price: $1,200,000
Unit Price: $32,432.43 Per Unit
Property Use Type: Investment
Building Name: Creekside Apartments
Sale Terms: Cash to Seller
Cap Rate: 9.6%
Average Occupancy Rate: 95
Last Updated: 1/21/2019

Overview / Comments

Creekside Apartments are located in Olivet Michigan on the grounds of the former Olivet High School. The property was converted to apartments in 1995, at which time new plumbing, electrical and windows were installed. Many of the wood build in cabinets from the high school were reused in the new apartments, resulting in unique room layouts, and floor plans from unit to unit.Each unit is separately metered for electric and feature electric baseboard heat and window air conditioners. There are two buildings, both with laundry facilities. The 37th apartment unit is occupied by the resident manager which also has a maintenance garage adjacent to the apartment.
The property features a robust unit mix with 13 one bedroom, 19 two bedroom and 5 three bedroom units, giving the property flexibility to compete in multiple price points. Rents have had consistent growth over the past three years and currently sits mid market in pricing.
The complex sits adjacent to the campus of Olivet College. The Olivet campus requires students to stay on campus, unless they are 23 or older, married or single and have children.
Olivet is located off I-69 between Lansing and Battle Creek.

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Additional Details

Nearest MSA: Lansing-East Lansing
County: Eaton
Taxing Authority: City of Olivet - Eaton County
Tax ID/APN: 600-040-601-950-00
Percent Occupied: 100%
Community Amenities: On-Site Maintenance
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 3
Year Renovated: 1995
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Surface
Sprinklers: Wet
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Legal Description: LOT 195 & PART OF LOTS 194 & 196 DESC AS: COM SW COR LOT 195, E 334.5 FT, N 423.18 FT, S 84DEG 14 MIN 52SEC W 336.64 FT TO W LINE LOT 196, S 386.17 FT TO BEG. ASSESSORS PLAT NO. THREE, CITY OF OLIVET.

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 3,871 8,934
Median Age: 30.86 36.65
Households: 1,221 3,163


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