Meadowview Apartments 601 S Norton St 750 Unit Apartment Building For Sale Corunna, MI 48817

ATTRACTIVE PROPERTY FUNDAMENTALS
This community boasts 99 spacious two-bedroom and one-bath apartment homes, each measuring 786 square feet. Meadowview Apartments was built in 1972 and has been well maintained over the years with mature trees and landscaping.
Currently Meadowview is operating at 93% physical occupancy and has maintained this level of performance for many years, requiring only minimal management oversight from ownership. Even more impressive than this asset’s occupancy are the improved rents ownership is achieving on renewals and new leases.
IPO has projected an NOI going forward of $612,560based on approximate street rents and T12 expenses, while applying loss-to-lease, vacancy and bad debt. Current average rent across the units is $851. However, when the complex is brought up to market, average rent increases to $1,003.
Meadowview represents a well-located asset in Corunna, poised for new ownership with a value-add mentality. Contact IPO to set up a confidential tour before it is gone.
Meadowview Apartments is conveniently located in Corunna, MI, a charming small-town setting in Shiawassee County. Nestled in a quiet residential area, the property offers residents a serene environment while maintaining easy access to essential amenities and nearby urban conveniences. Corunna is known for its community-focused atmosphere, picturesque parks, and proximity to larger cities like Owosso, Williamston, Perry, Okemos, and East Lansing, making Meadowview Apartments an ideal choice for those seeking a balance of tranquility and connectivity.
The property benefits from its strategic location near major thoroughfares, such as I-69, providing a smooth commute to neighboring regions and beyond. Residents enjoy nearby shopping, dining, and entertainment options in downtown Corunna, along with access to quality schools and healthcare facilities.