Paw Paw Lake Apartments 5590 Paw Paw Lake Rd 45 Unit Apartment Building $2,791,840 CAD ($62,041 CAD/Unit) 9.38% Cap Rate Coloma, MI 49038

Marcus & Millichap is pleased to present the Paw Paw Lake Apartments, a rare collection of eight multifamily assets totaling 45 units across nine separate parcel identification numbers in Coloma, Michigan. Situated near public access to Paw Paw Lake, the portfolio offers a unique blend of immediate cash flow, substantial value-add potential, and long-term redevelopment flexibility - making it a true covered land play in one of Southwest Michigan’s most desirable lake communities.
The portfolio features a diverse unit mix consisting of 17 studio units (10 of which are room-style units sharing a communal kitchen), 12 one-bedrooms, 14 two-bedrooms, one three-bedroom, and one four-bedroom apartment. Approximately 46.7% of the units have already been renovated, featuring upgraded flooring, kitchens, and baths. Six units are currently down and require renovation prior to occupancy, providing a straightforward path for an investor to increase both cash flow and asset value.
Coloma, Michigan, located within the Benton Harbor–St. Joseph MSA, benefits from its appeal as both a year-round residential market and a seasonal destination for tourism and recreation. Paw Paw Lake, encompassing over 850 acres of navigable water, serves as one of the premier inland lakes in Southwest Michigan, supporting strong seasonal demand and rising property values. The area’s accessibility from Chicago (less than two hours via I-94) continues to attract both full-time residents and vacationers, reinforcing long-term stability and upside for multifamily investors.