Catylist ID: #30318028
Multi-Family for Sale
|Catylist Listing ID:||30318028|
|Number of Units:||37 Units|
|Building Size (RSF):||24,400 SF|
|Gross Land Area:||3.10 Acres|
|Unit Price:||$32,432.43 Per Unit|
|Property Use Type:||Investment|
|Building Name:||Creekside Apartments|
|Sale Terms:||Cash to Seller|
|Average Occupancy Rate:||95|
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.
See the links for access to full offering memorandum.
Attachments & Media
|Nearest MSA:||Lansing-East Lansing|
|Taxing Authority:||City of Olivet - Eaton County|
|Community Amenities:||On-Site Maintenance|
|Total Number of Buildings:||2|
|Number of Stories:||3|
|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.|
|Proximity:||3 miles||5 miles|
Matthew Wisniewski, CCIMRE/MAX COMMERCIAL GROUP
|The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.|