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Atrio Apartment Homes 1000 W Huron St 28 Unité Immeuble d’appartements 6 819 168 $ CAD (243 542 $ CAD/Unité) 5,65% Taux de capitalisation Ann Arbor, MI 48103
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Faits saillants de l'investissement
- Excellent mix of Student, Grad Student & Conventional Residents
- Recently appraised for $5.2M
- Over $700K in capital improvements with 22 upgraded units
Résumé de l'annonce
Atrio Apartments consists of an attractive mix of one- and two-bedroom units ranging from 600 to 800 ft². Built in 1956 and now catering primarily to graduate student renters, the property operates on a per-unit leasing model and has consistently demonstrated strong performance. Its doorstep proximity to the University of Michigan has supported durable demand and stable operations since delivery.
From an improvements standpoint, 22 of the 28 units have been renovated to include updated kitchens, baths, flooring, and fixtures. In addition to these interior upgrades, ownership has completed numerous capital improvements totaling over $700,000 in recent years, further enhancing the property’s overall condition and long-term durability. Heating is provided through individual gas-fired boilers in each building, with one system replaced within the past few years. Cooling is provided by individual electric sleeve units, with residents responsible for this expense. In addition to electricity, residents are charged a $50 monthly utility fee for one-bedroom units and $100 for two-bedroom units. Both buildings offer off-street parking, which also generates additional income through a lease with the neighboring property.
Operationally, Atrio continues to perform well, achieving 100% physical occupancy for the 2025–26 academic year, with pre-leasing for 2026–27 already exceeding 50%. However, we believe the asset is operating below its full potential, with meaningful rental upside remaining. Based on a comprehensive review of the Ann Arbor rental market, current market rents for 2026–27 are approximately $50 below the market average.
IPO projects a conservative Year 1 NOI of $271,127 based on 2026–27 academic-year market rents, historical and pro forma expenses, and a reassessment of property taxes. Notably, the property last appraised at $5.2M, providing a strong third-party valuation benchmark well above the current asking price.
With demonstrated performance and identifiable rental upside, Atrio offers investors the opportunity to capitalize on continued demand within one of Michigan’s fastest appreciating multifamily markets.
From an improvements standpoint, 22 of the 28 units have been renovated to include updated kitchens, baths, flooring, and fixtures. In addition to these interior upgrades, ownership has completed numerous capital improvements totaling over $700,000 in recent years, further enhancing the property’s overall condition and long-term durability. Heating is provided through individual gas-fired boilers in each building, with one system replaced within the past few years. Cooling is provided by individual electric sleeve units, with residents responsible for this expense. In addition to electricity, residents are charged a $50 monthly utility fee for one-bedroom units and $100 for two-bedroom units. Both buildings offer off-street parking, which also generates additional income through a lease with the neighboring property.
Operationally, Atrio continues to perform well, achieving 100% physical occupancy for the 2025–26 academic year, with pre-leasing for 2026–27 already exceeding 50%. However, we believe the asset is operating below its full potential, with meaningful rental upside remaining. Based on a comprehensive review of the Ann Arbor rental market, current market rents for 2026–27 are approximately $50 below the market average.
IPO projects a conservative Year 1 NOI of $271,127 based on 2026–27 academic-year market rents, historical and pro forma expenses, and a reassessment of property taxes. Notably, the property last appraised at $5.2M, providing a strong third-party valuation benchmark well above the current asking price.
With demonstrated performance and identifiable rental upside, Atrio offers investors the opportunity to capitalize on continued demand within one of Michigan’s fastest appreciating multifamily markets.
Bilan financier (Pro forma - 2026) |
Annuel (CAD) | Annuel par pi² (CAD) |
|---|---|---|
| Revenu de location brut |
690 032 $
|
31,53 $
|
| Autres revenus |
43 003 $
|
1,96 $
|
| Perte due à l’inoccupation |
6 900 $
|
0,32 $
|
| Revenu brut effectif |
726 135 $
|
33,18 $
|
| Taxes |
143 678 $
|
6,56 $
|
| Dépenses d’exploitation |
197 279 $
|
9,01 $
|
| Total des dépenses |
340 957 $
|
15,58 $
|
| Revenu net d’exploitation |
385 178 $
|
17,60 $
|
Bilan financier (Pro forma - 2026)
| Revenu de location brut (CAD) | |
|---|---|
| Annuel | 690 032 $ |
| Annuel par pi² | 31,53 $ |
| Autres revenus (CAD) | |
|---|---|
| Annuel | 43 003 $ |
| Annuel par pi² | 1,96 $ |
| Perte due à l’inoccupation (CAD) | |
|---|---|
| Annuel | 6 900 $ |
| Annuel par pi² | 0,32 $ |
| Revenu brut effectif (CAD) | |
|---|---|
| Annuel | 726 135 $ |
| Annuel par pi² | 33,18 $ |
| Taxes (CAD) | |
|---|---|
| Annuel | 143 678 $ |
| Annuel par pi² | 6,56 $ |
| Dépenses d’exploitation (CAD) | |
|---|---|
| Annuel | 197 279 $ |
| Annuel par pi² | 9,01 $ |
| Total des dépenses (CAD) | |
|---|---|
| Annuel | 340 957 $ |
| Annuel par pi² | 15,58 $ |
| Revenu net d’exploitation (CAD) | |
|---|---|
| Annuel | 385 178 $ |
| Annuel par pi² | 17,60 $ |
Faits sur la propriété
| Prix | 6 819 168 $ CAD | Classe d’immeuble | C |
| Prix par unité | 243 542 $ CAD | Taille du lot | 0,92 AC |
| Type de vente | Investissement | Taille du bâtiment | 21 886 pi² |
| Taux de capitalisation | 5,65% | Occupation moyenne | 100% |
| Nombre d’unités | 28 | Nombre d’étages | 2 |
| Type de propriété | Immeuble residentiel | Année de construction/rénovation | 1956/2016 |
| Sous-type de propriété | Appartement | Ratio de stationnement | 1,01/1 000 pi² |
| Style d’appartement | De faible hauteur | ||
| Zonage | Commercial | ||
| Prix | 6 819 168 $ CAD |
| Prix par unité | 243 542 $ CAD |
| Type de vente | Investissement |
| Taux de capitalisation | 5,65% |
| Nombre d’unités | 28 |
| Type de propriété | Immeuble residentiel |
| Sous-type de propriété | Appartement |
| Style d’appartement | De faible hauteur |
| Classe d’immeuble | C |
| Taille du lot | 0,92 AC |
| Taille du bâtiment | 21 886 pi² |
| Occupation moyenne | 100% |
| Nombre d’étages | 2 |
| Année de construction/rénovation | 1956/2016 |
| Ratio de stationnement | 1,01/1 000 pi² |
| Zonage | Commercial |
Commodités
Commodités des unités
- Climatisation
- Lave-vaisselle
- Traitement des déchets
- Micro-ondes
- Laveuse/Sécheuse
- Chauffage
- Réfrigérateur
- Fourchette
- Sans fumée
Commodités du site
- Cour
- Installations de lessive
- Service de lavage de vêtements
- Sans fumée
Unité renseignements sur le mélange
| Description | Nombre d’unités | Loyer moyen/mois | pi² |
|---|---|---|---|
| 1+1 | 20 | 1 865 $ CAD | 600 |
| 2+1 | 8 | 2 446 $ CAD | 800 |
Moyennement accessible à pied
60/100
Exceptionnellement adapté aux voitures
90/100
Bons transports en commun
60/100
Moyennement accessible en vélo
60/100
Impôts fonciers
| Numéro de lot | 09-29-203-017 | Évaluation totale | 2 651 508 $ CAD (2025) |
| Évaluation du terrain | 0 $ CAD (2025) | Impôts annuels | 143 678 $ CAD (6,56 $ CAD/pi²) |
| Évaluation des bâtiments | 0 $ CAD (2025) | Année d’imposition | 2026 |
Impôts fonciers
Numéro de lot
09-29-203-017
Évaluation du terrain
0 $ CAD (2025)
Évaluation des bâtiments
0 $ CAD (2025)
Évaluation totale
2 651 508 $ CAD (2025)
Impôts annuels
143 678 $ CAD (6,56 $ CAD/pi²)
Année d’imposition
2026
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Atrio Apartment Homes | 1000 W Huron St
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