Description
Investor Special! This 6-bed and 6-bath apartment building is near downtown Lapeer. With all 6 units have been renovated in the last two years. Included in the photos are some of the interior photos, the units all look relatively similar.
All units have separate Gas and Electric, with their own furnaces as well. Tenants pay their own utilities except for unit 6.
• Current monthly rent $4,575 ($54,900 annually). Rent increases start in October.
• Gas and Electric are separated with tenants paying their own. Except unit 6 owner pays.
• Owner pays water and trash
• Fully occupied
• All units renovated in the last 2 years
Renovations:
Include swapping out older furnaces, hot water tanks, flooring, paint, new light fixtures, painting the cabinets and new countertops and updating appliances as needed.
Upside Potential of this deal:
Lapeer is a growing city, with very little to no inventory for rentals. Looking at comparable rents in the area rents could increase $100-$200/month per unit.
Financials: The 2021 P&L has higher expenses due to the renovations of the units.
Future Capx:
Furnaces have been swapped out as they have failed. Leaving 1 that is older.
The roof might have +/-10 years of life left.
Property Information:
Living Area SF: 3,500 +
Bedrooms: 6
Bathrooms: 6.0
Basement Sqft: Unfinished basement/Crawl space
Year Built: 1860
Architecture Level: 2 stories (6 units)
Heating: Forced Air
Heat Fuel: Natural Gas
Location
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Listing Agent: Brendan Rosenbergh Courtesy of: 3DX Real Estate-Brighton IDX provided courtesy of Realcomp II Ltd. via site owner and the originating MLS listed above, ©2022 Realcomp II Ltd. Shareholders. IDX information is provided exclusively for consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Updated: 4th February, 2023 12:58 PM (UTC)
