Covington Cove Apartments 2163 N Center Rd 50 Unit Apartment Building $4,275,005 CAD ($85,500 CAD/Unit) 6.43% Cap Rate Saginaw, MI 48603

Covington Cove is a handsome, brick-clad community comprised of nine apartment buildings (eight of the buildings are 5,786 ft.2and one building is 3,944 ft.2) along with a commercial building featuring eight suites and a rental office, all spread over 3 acres in a beautiful courtyard setting. The unit mix entails 40 spacious two-bedroom units (725 ft.2) and 1 large three-bedroom unit (875 ft.2) that is located above the office. The eight commercial suites range from 200-500 ft.2and are currently occupied by four salons and two barber shops, all long-term tenants. There is an additional 2,092 ft.2of partially finished space in the basement of the commercial building that presents an opportunity for the future owner.
Covington Cove was built in 1968 with wood-frame construction, brick exterior, and poured concrete foundations. The community HVAC is outfitted with tenant paid gas, gas-forced air furnaces and central air for eight of the apartment buildings; one building has landlord-paid, hot-water baseboard heat and window AC sleeves. Electricity for all units is separately metered, as well as the gas for the units with furnaces. Additional major building systems include Mansard roofs, gas-fired hot-water tanks, and 100-amp electric service panels. Outbuildings include a sizable maintenance garage and storage shed. Unit amenities include dishwashers, balconies and patios. Community amenities include storage lockers, carports, and on-site laundry (leased).