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Olive Tree Apartments 2323 W Osterhout 8 Unit Apartment Building $1,356,908 CAD ($169,613 CAD/Unit) 7.13% Cap Rate Portage, MI 49024
Investment Highlights
- Access & Connectivity
- Upside Potential with Rent Growth
- Off-Street Parking & Amenities
- Demand Drivers
- Separately Metered Utilities
- Strong Rental Demographics
Executive Summary
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the multi-family investment property, known as “Olive Tree Apartments”, located at 2323 and 2353 W Osterhout Avenue in Portage, Michigan (the “Property”). Constructed in 1990, Olive Tree Apartments is improved by two (2), two-story residential buildings and contains eight (8), 2-Bedroom/1-Bathroom units with 7,200 square feet of gross living area in 7,808 square feet of gross area. The Property is situated upon 0.90-acres (two adjacent tax parcels) and features ample on-site surface parking as well as two detached garage buildings with a total of six (6) garage bays. The Property is well-positioned in a residential area of Portage, Michigan, offering convenient access to the community’s local retail corridors, employment centers, and surrounding neighborhoods. The property benefits from strong regional connectivity via US Highway 131 and Interstate 94, providing efficient travel to nearby economic hubs including Kalamazoo, Battle Creek, Ann Arbor and South Bend, Indiana, as well as broader access to the Chicago and Detroit metropolitan areas. This accessible location places residents within close reach of regional shopping, employment opportunities, and recreational amenities while maintaining the appeal of a quieter residential setting within Southwest Michigan.
Property Facts
| Price | $1,356,908 CAD | Building Class | C |
| Price Per Unit | $169,613 CAD | Lot Size | 0.45 AC |
| Sale Type | Investment | Building Size | 7,836 SF |
| Cap Rate | 7.13% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1990 |
| Property Subtype | Apartment | Parking Ratio | 2.3/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RM-1 | ||
| Price | $1,356,908 CAD |
| Price Per Unit | $169,613 CAD |
| Sale Type | Investment |
| Cap Rate | 7.13% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.45 AC |
| Building Size | 7,836 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1990 |
| Parking Ratio | 2.3/1,000 SF |
| Zoning | RM-1 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | - | - |
1 1
Somewhat walkable
20/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 10-00032-585-O | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $165,891 CAD |
Property Taxes
Parcel Number
10-00032-585-O
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$165,891 CAD
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Olive Tree Apartments | 2323 W Osterhout
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