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Renaissance Apartments 720 W Michigan Ave 41 Unit Apartment Building $3,913,475 CAD ($95,451 CAD/Unit) 7.18% Cap Rate Jackson, MI 49201
Investment Highlights
- 11 units have been fully upgraded with new kitchen and flooring
- The exterior upgrades cost over $650,000
- 16 units have seen partial upgrades, such as LVP flooring
Executive Summary
ATTRACTIVE PROPERTY FUNDAMENTALS
Renaissance Apartments has 6 one-bedroom and one-bath units, each measuring 606 square feet and 35 spacious two-bedroom and one-bath units, each measuring 786 square feet. It was built in 1969 and has been well maintained over the years with mature trees and landscaping.
Currently Renaissance is operating at 92.7% physical occupancy and has maintained this level of performance for many years, requiring only minimal management oversight from ownership.
The exterior of the property has undergone significant renovation consisting of a new roof, siding, balconies, windows and sliding doors, and parking lot. The exterior upgrades cost over $650,000. Nearly 30%, 11 units have been fully upgraded with new kitchen and flooring. Another 40%, 16 units have seen partial upgrades, such as LVP flooring.
IPO has projected an NOI going forward of $441,406 based on approximate market rents and market expenses. Current average rent across the units is $886. However, when the complex is brought up to market, average rent increases to $1,035.
Renaissance Apartments represents a well-located asset in Jackson, poised for new ownership with a value-add mentality. Contact IPO to set up a confidential tour before it is gone.
Renaissance Apartments has 6 one-bedroom and one-bath units, each measuring 606 square feet and 35 spacious two-bedroom and one-bath units, each measuring 786 square feet. It was built in 1969 and has been well maintained over the years with mature trees and landscaping.
Currently Renaissance is operating at 92.7% physical occupancy and has maintained this level of performance for many years, requiring only minimal management oversight from ownership.
The exterior of the property has undergone significant renovation consisting of a new roof, siding, balconies, windows and sliding doors, and parking lot. The exterior upgrades cost over $650,000. Nearly 30%, 11 units have been fully upgraded with new kitchen and flooring. Another 40%, 16 units have seen partial upgrades, such as LVP flooring.
IPO has projected an NOI going forward of $441,406 based on approximate market rents and market expenses. Current average rent across the units is $886. However, when the complex is brought up to market, average rent increases to $1,035.
Renaissance Apartments represents a well-located asset in Jackson, poised for new ownership with a value-add mentality. Contact IPO to set up a confidential tour before it is gone.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| 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 | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| 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 | $3,913,475 CAD | Apartment Style | Garden |
| Price Per Unit | $95,451 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.81 AC |
| Cap Rate | 7.18% | Building Size | 40,971 SF |
| Gross Rent Multiplier | 6.41 | Average Occupancy | 93% |
| No. Units | 41 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1969/2001 |
| Property Subtype | Apartment | Parking Ratio | 0.8/1,000 SF |
| Zoning | CM | ||
| Price | $3,913,475 CAD |
| Price Per Unit | $95,451 CAD |
| Sale Type | Investment |
| Cap Rate | 7.18% |
| Gross Rent Multiplier | 6.41 |
| No. Units | 41 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.81 AC |
| Building Size | 40,971 SF |
| Average Occupancy | 93% |
| No. Stories | 3 |
| Year Built/Renovated | 1969/2001 |
| Parking Ratio | 0.8/1,000 SF |
| Zoning | CM |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Kitchen
- Refrigerator
- Patio
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $1,210 CAD | 606 |
| 2+1 | 35 | $1,295 CAD | 786 |
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Property Taxes
| Parcel Number | 2-0079.1000 | Total Assessment | $1,562,663 CAD (2025) |
| Land Assessment | $0 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $0 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
2-0079.1000
Land Assessment
$0 CAD (2025)
Improvements Assessment
$0 CAD (2025)
Total Assessment
$1,562,663 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2026
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Renaissance Apartments | 720 W Michigan Ave
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