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720 W Michigan Ave
Jackson, MI 49201
Renaissance Apartments · Multifamily Property For Sale
·
41 Units
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.
Property Facts
| Price Per Unit | $95,114 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 |
| Apartment Style | Low-Rise | ||
| Zoning | CM | ||
| Price Per Unit | $95,114 CAD |
| Sale Type | Investment |
| Cap Rate | 7.18% |
| Gross Rent Multiplier | 6.41 |
| No. Units | 41 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| 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
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $1,206 CAD | 606 |
| 2+1 | 35 | $1,291 CAD | 786 |
Property Taxes
| Parcel Number | 2-0079.1000 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,557,150 CAD |
Property Taxes
Parcel Number
2-0079.1000
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,557,150 CAD
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