Villas of Charlemagne 709 Toulouse 30 Unit Apartment Building $5,115,250 CAD ($170,508 CAD/Unit) 7.56% Cap Rate Battle Creek, MI 49017

This community boasts a mix of 21spacious two-bedroom, one-bath homes with approximately 982 ft2 and 9 spacious three-bedroom, two-bathroom units with approximately 1250 ft2.Villas of Charlemagne wasbuilt in 1990receiving many renovations through the years.The property has been well maintained over the years with mature trees and landscaping.
HistoricallyVillas of Charlemagne operatesat 95% physical occupancy,but thecurrent ownership has been renovating units recently which has affected the occupancy level. Impressively,the current ownership has increased average rents from $889 per unit atthetimeofacquisition in 2022 to $1,211 per unit.
IPO has projected an NOI going forward of $279,819based on approximate street rents and T12 expenses. Current average rent across the units is $1,211. However, when the complex is brought up to market, average rent increases to $1,375.
Villas of Charlemagne represents a well-located, stabilized asset with an opportunity to add value through further unit renovations. Contact IPO to set up a confidential tour before it’s gone.