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
Sale Price: $1,700,000
Unit Price: $65,384.62 Per Unit
Property Use Type: Investment
Building Name: Glenside Estates II
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: 6.76%
Average Occupancy Rate: 95
Gross Rent Multiplier: 8.05
Last Updated: 9/13/2019

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.

Additional Details

Nearest MSA: Muskegon
County: Muskegon
Tax ID/APN: 61-24-376-000-0000-00
Zoning: RM-1: LOW DENSITY MULTI-FAMILY RESIDENTIAL PUD
Year Built: 1970

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,294 54,454 98,546
Median Age: 38.78 36.69 37.92
Households: 4,128 21,945 38,159
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