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Corning Apartments 230 N Corning St 16 Unit Apartment Building $1,343,160 CAD ($83,947 CAD/Unit) 8.04% Cap Rate Farwell, MI 48622
Investment Highlights
- The property is in receivership and will require court approval of the purchase agreement.
- Value-add rent growth opportunity
- Interior finishes recently refreshed in some units
- Located walking distance to LEAR Manufacturing Facility
- Court-supervised sale provides acquisition opportunity
- 20minutes to Mount Pleasant
Executive Summary
230 & 260 North Corning Street is a multi-family investment. The property offers 16 apartments tailored for long-term tenancy and comfortable living. Durable exterior materials and purposeful common areas support efficient property management while preserving tenant satisfaction. The floor plan balances private residence spaces with practical circulation patterns, enabling straightforward leasing and maintenance operations. Recent interior updates to several units enhance the overall resident experience while remaining budget-friendly for ongoing capital planning. This property suits investors seeking stable occupancy in an easy to care-for asset.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,343,160 CAD | Building Class | C |
| Price Per Unit | $83,947 CAD | Lot Size | 0.99 AC |
| Sale Type | Investment | Building Size | 11,120 SF |
| Cap Rate | 8.04% | Average Occupancy | 89% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1984 |
| Property Subtype | Apartment | Parking Ratio | 17.99/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | Commercial - Commercial Zoned District | ||
| Price | $1,343,160 CAD |
| Price Per Unit | $83,947 CAD |
| Sale Type | Investment |
| Cap Rate | 8.04% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.99 AC |
| Building Size | 11,120 SF |
| Average Occupancy | 89% |
| No. Stories | 2 |
| Year Built | 1984 |
| Parking Ratio | 17.99/1,000 SF |
| Zoning | Commercial - Commercial Zoned District |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Walk-In Closets
Site Amenities
- Courtyard
- Laundry Facilities
- Property Manager on Site
- Tenant Controlled HVAC
- Walking/Biking Trails
- Maintenance on site
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $1,068 CAD | - |
| 2+2 | 14 | $1,343 CAD | - |
Somewhat walkable
30/100
Exceptionally drivable
100/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 041-209-005-01 | Total Assessment | $318,322 CAD |
| Land Assessment | $24,973 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $293,349 CAD | Tax Year | 2026 |
Property Taxes
Parcel Number
041-209-005-01
Land Assessment
$24,973 CAD
Improvements Assessment
$293,349 CAD
Total Assessment
$318,322 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2026
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Corning Apartments | 230 N Corning St
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