Catylist ID: #30634962
Apartment Complex Available - A Solid Investment Opportunity
Multi-Family for Sale
|Catylist Listing ID:||30634962|
|Number of Units:||59 Units|
|Building Size (RSF):||82,800 SF|
|Gross Building Area:||See Agent|
|Gross Land Area:||6.15 Acres|
|Unit Price:||$83,050.85 Per Unit|
|Property Use Type:||Investment, Business|
|Sale Terms:||Cash to Seller|
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:
• Road and Parking Update
*Replace privacy fencing Units 1- 2
*Remodel Heating Buildings 4-7
*Concrete update sidewalks
*Replace water lines Building 6
*Replace water service Building 4
*Redo Storm Drain
*Replace Roof Bulding 7
*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.
|Nearest MSA:||Grand Rapids-Kentwood|
|Taxing Authority:||Park Township, Ottawa County|
|Property Located Between:||Waukazoo & 160th Ave|
|Highway Access:||US 31|
|Total Number of Buildings:||7|
|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|
|Proximity:||1 mile||3 miles||5 miles|
Larry G. BranscombeKeller Williams Rivertown Commercial CARWM Member
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