Village Court Apartments 72-96 Village Ct Immeuble residentiel 16 lots 2 002 955 € (125 185 €/Lot) Taux de capitalisation 6,90 % Ortonville, MI 48462

Village Court Apartments consist of 16 units nestled in Ortinville, MI. The property consists of 16 two bedroom one bath apartments, 750 square feet each. The property is currently 100% occupied grossing over $20,000 per month in gross revenue.
There are four buildings for the 16 units on the property - all built in 1970. The property is on a private septic and sewer system - that is maintained by the current owner. This reduces the water burden cost on the tenant, as well as the landlord. The units are equipped with electric baseboard heat, and tenants are allowed to bring an AC unit into their apartment. The units are individually metered for electric (tenant paid) and there is no gas on the property. There is ample parking for the 16 units - the property sits on 2.5 acres. Each unit has its own stacked washer and dryer, a huge amenity for tenants.
The property is stabilized but has room to increase rent based on the highest achieved rent in the building. The current average rent across all units are $1,226, and the highest is $1,350. This type of increase would bring the NOI by approximately $23,808 per year. Increasing the rents by this amount would increase the value of the property by +-$340,000 based on the entry CAP rate. The average home value in Ortonville is $392,997 which equites to a mortgage of over $2,400 per month, along with an estimated down payment of $45,000 with closing costs. The apartment building is well under the cost of living to own a home in Ortonville, will giving the tenant that rural lifestyle.