Catylist ID: #30442264
GLENSIDE ESTATES II
Multi-Family for Sale
|Catylist Listing ID:||30442264|
|Property Subtypes:||Duplex/Fourplex, Other|
|Number of Units:||26 Units|
|Building Size (RSF):||42,166 SF|
|Gross Building Area:||See Agent|
|Gross Land Area:||5.11 Acres|
|Unit Price:||$65,384.62 Per Unit|
|Property Use Type:||Investment|
|Building Name:||Glenside Estates II|
|Sale Terms:||Cash to Seller, Purchase Money Mortgage|
|Average Occupancy Rate:||95|
|Gross Rent Multiplier:||8.05|
Overview / Comments
NAI Wisinski is pleased to present the opportunity to acquire Glenside Estates II. The property consists of 26 units , 25 of which are 2 bed / 1.5 bath and 1 unit with 2 bed / 1 bath.
Glenside Estates II was originally developed as a
condominium project, therefore each unit has a
basement and covered parking. All units feature central air, appliances, porches / decks, finished basements and a beautiful country-like setting along Ruddiman Creek. There are a total of 32 units in this complex, with 6 units being separately owned and not included in this offering.
Rents are well under market, providing investors with a significant value add opportunity. Since each unit is a separate parcel, this project could easily be sold off as separate condominium units, unlocking more value for a potential buyer.
Glenside Estates II is very well located, in close
proximity to Lake Michigan, Downtown Muskegon,
and US 31.
|Zoning:||RM-1: LOW DENSITY MULTI-FAMILY RESIDENTIAL PUD|
|Proximity:||1 mile||3 miles||5 miles|
Russ Bono, CCIMNAI Wisinski of West Michigan CARWM Member
Cameron TimmerNAI Wisinski of West Michigan CARWM Member
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