Apartment Complex Available - A Solid Investment Opportunity

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30634962
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 59 Units
Building Size (RSF): 82,800 SF
Gross Building Area: See Agent
Gross Land Area: 6.15 Acres
Sale Price: $4,900,000
Unit Price: $83,050.85 Per Unit
Property Use Type: Investment, Business
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/29/2020

Overview / Comments

North Park Place Apartments at 1500 Ottawa Beach Road offers a well maintained apartment complex to buyers looking to add a consistent, cash flowing property to a real estate portfolio. Investors will find that the garden-style apartments consist of seven (7) buildings with a total of 59 units; 3 one-bed, one-bath units of 740 square feet, 16 units with 2 bedrooms 1 bath of 962 square feet, 28 units with 2 bedroom 2 bath of 1,032 square feet and the remaining 12 units are 3 bedroom 1.5 bath at 1,082 square feet. The property, which is 96% occupied and leased at 98.2%, was renovated in 2018 and updated in 2020, and current ownership has maintained annual upgrades to the facility.

Recent upgrades include:
2020:
• Road and Parking Update

2019
*Landscape update
*Replace privacy fencing Units 1- 2
*Remodel Heating Buildings 4-7

2018
*Concrete update sidewalks
*Replace water lines Building 6

2017
*Replace water service Building 4
*Redo Storm Drain
*Replace Roof Bulding 7

2016
*New blacktop drive and Parking area

*Roof replaced Building 1 and 5
*Roof replaced Building 5 and 6

In addition, the current 30-day occupancy projection is 96% and the 60-day projection is 98%. North Park Place Apartments offer a garden like setting in an easily accessible community with affordable rates and is a short drive to Grand Rapids, Muskegon and the Lakeshore, which adds to the allure of the property.

Just two miles to Ottawa Beach State Park, one of Lake Michigan’s most popular state parks.

The project has a solid rental history and continual maintenance updates to the property. Well maintained, easily accessible and a solid cash flowing property.

One fully equipped on site office facility.

Additional Details

Nearest MSA: Grand Rapids-Kentwood
County: Ottawa
Taxing Authority: Park Township, Ottawa County
Tax ID/APN: 70-15-26-176-015
Zoning: R-5
Percent Occupied: 96%
Property Located Between: Waukazoo & 160th Ave
Highway Access: US 31
Airports: Park Township
Total Number of Buildings: 7
Year Built: 1990
Year Renovated: 2018
Water Service: Municipal
Sewer Type: Municipal
Legal Description: PART OF N 1/2 OF LOT 6 COM 440 FT W AND 250 FT S 01D32M04S W OF NE COR OF LOT 6 TH E 150 FT S 01D32M04S W 267.19 FT, E 110 FT, S 01D32M04S W 96.84 FT, W 709.36 FT TO SE COR OF LOT 14 BEELEN'S SUBD, N 01D18M20S E 443.96 FT, E 100 FT, N 01D18M20S E 170 FT, E 201.81 FT, S 01D32M04S W 150.75 FT, S 82D W 80.95 FT, TH S 01D32M04S W 155.42 FT, N 82D E 233 FT, TH N01D32M04S E 35 FT TO BEG. HENEVELD'S SUP PLAT 19

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,608 41,756 71,059
Median Age: 41.92 38.24 36.86
Households: 1,380 15,325 25,660

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