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10000-10010 S Westnedge Ave
Portage, MI 49002
Pheasant Run · Multifamily Property For Sale
·
24 Units
Investment Highlights
- Quiet Neighborhood
- Very Well Maintained Property
- Minutes from Pfizer and Stryker
Executive Summary
This community boasts a great unit mix of 18 two-bedroom and one-bath apartment homes with approximately 775 sf and 6 one-bedroom and one-bath units with approximately 675 sf. Pheasant Run was built in 1980 with mature trees and landscaping and is located just minutes from some of West Michigan’s largest in employers, Phizer and Stryker.
Pheasant Run currently boasts a 100% physical occupancy and has maintained high occupancy levels for many years. This is in large part due to the property’s aforementioned locationas well as its current physical condition.
IPO has projected a Year-One NOI of $153,722based on in-place rents and T12 expenses. If rents are raised to current market rent, the Year-Two NOI would be over$170K.Current average rent across the units are $1,033for the two’s and $913for the one’s.
Pheasant Run is located less than 10 miles from the heart of Kalamazoo and is a well stabilized asset ready for a new owner to take it to the next level.
Pheasant Run currently boasts a 100% physical occupancy and has maintained high occupancy levels for many years. This is in large part due to the property’s aforementioned locationas well as its current physical condition.
IPO has projected a Year-One NOI of $153,722based on in-place rents and T12 expenses. If rents are raised to current market rent, the Year-Two NOI would be over$170K.Current average rent across the units are $1,033for the two’s and $913for the one’s.
Pheasant Run is located less than 10 miles from the heart of Kalamazoo and is a well stabilized asset ready for a new owner to take it to the next level.
Property Facts Under Contract
| Price Per Unit | $113,632 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.00 AC |
| Cap Rate | 7.69% | Building Size | 19,000 SF |
| Gross Rent Multiplier | 7.06 | Average Occupancy | 100% |
| No. Units | 24 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1976 |
| Property Subtype | Apartment | Parking Ratio | 1.58/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RM-1 - Residential Multiple-Family District (Low-Rise) | ||
| Price Per Unit | $113,632 CAD |
| Sale Type | Investment |
| Cap Rate | 7.69% |
| Gross Rent Multiplier | 7.06 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.00 AC |
| Building Size | 19,000 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1976 |
| Parking Ratio | 1.58/1,000 SF |
| Zoning | RM-1 - Residential Multiple-Family District (Low-Rise) |
Amenities
Site Amenities
- Laundry Facilities
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | $1,357 CAD | 650 |
Property Taxes
| Parcel Number | 10-00033-002-A | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,020,231 CAD |
Property Taxes
Parcel Number
10-00033-002-A
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,020,231 CAD
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