$4,300,000
Edwardsburg, MI 49112
MLS# 16016899
Status: Sold
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Property Description
Multi-Family Portfolio Offering includes Village Heights Apartments, The Retreat, Wild Water Apartments, and two adjacent undeveloped land parcels totalling 7.33 +/- Acres surrounding the properties for future building expansion or wildlife habitat. The This Offering is a performing asset (currently 96% occupancy) that contains a total of 94 units with rental rates from $600 to $1000 per month (two units do not provide income stream since they are used as management office and storage). This Portfolio is managed by a local Management Company with increased occupancy levels since taking over the asset. The tenants are responsible for gas and electric. Municipal utilities serve the Properties. Buyer to be responsible for their own due diligence.
Details
Maps
Location & Property Info
County: Cass
Street #: 26474
Street Name: VILLAGE HEIGHTS
Suffix: Drive
State: MI
Zip Code: 49112
Cross Streets: M-62 and Village Heights Drive
Property Sub-Type: 5+ Units
Area: Southwestern Michigan - S
Municipality: Edwardsburg Vllg
Office/Contract Info
Status: Sold
Current Price: $4,200,000
List Price: $4,300,000
Auction or For Sale: For Sale
List Price/SqFt: 44.33
Sub Agency: 2
Sub Agency Type: %
Buyer Agency: 2
Buyer Agency Type: %
Trans Coord Type: $
Listing Date: 2016-04-01
General Property Info
Lot Measurement: Acres
Lot Square Footage: 1249300
Lot Acres: 28.68
Lot Dimensions: 500x2000
Year Built: 2009
New Construction: No
Financial Available: No
Road Frontage: 250
Total # Units: 96
# of Diff Unit Floor Plans: 4
Total # Bldgs: 8
Total Approx. SqFt All Bldgs: 96997
Total Parking Spaces: 100
Waterfront: No
School District: Edwardsburg
Tax Info
Tax ID #: 1409110014101102
Taxable Value: 1512494
SEV: 1697800
For Tax Year: 2015
Annual Property Tax: 76084
Tax Year: 2015
Zoning: R3 Multifamily
Remarks & Misc
Directions: Edwardsburg is a peaceful village in Cass County Michigan, northeast of South Bend, Indiana. It is situated at the cross roads of M-62 and US 12. In close proximity to some of the most beautiful lakes in Michigan; such as, Eagle, Pleasant and Diamond lakes. Edwardsburg is known for its Blue Ribbon Award winning school system that was featured in US News and World report.
Legal: long legal and additional parcel numbers in listing office
Status Change Info
Under Contract Date: 2016-05-19
Sold Date: 2016-07-26
Sold Price: $4,200,000
Sold Price/SqFt: 43.3
Access Feat
Accessibility Features: No
Property Features
Exterior Material: Concrete; Stucco; Wood Siding
Roofing: Composition
Substructure: Slab
Sewer: Public
Water: Public
Utilities Attached: Electric; Telephone Line
Util Avail at Street: Electric; Natural Gas; Public Sewer; Public Water; Telephone Line
Owner Pays: Sewer; Trash Collection; Water
Tenant Pays: Electric; Gas
Heat Source: Electric
Heat Type: Forced Air
Air Conditioning: Central Air
Driveway: Paved; Shared Paved
Street Type: Paved; Public
Terms Available: Cash; Conventional
Sale Conditions: REO/Bank Owned
Supplements
. The owner discloses the acquisition of the property was under adverse possession and shall be sold in an "as is" condition. The property was returned to the Lender by Foreclosure or Deed in Lieu. Detailed information on the investment opportunity will be provided after completion of a confidentiality agreement
Listing Office: Cressy Commercial Real Estate
Listing Agent: Richard Doolittle
Last Updated: November - 05 - 2021
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