Renaissance Apartments 720 W Michigan Ave 41 Unité Immeuble d’appartements 3 913 475 $ CAD (95 451 $ CAD/Unité) 7,18% Taux de capitalisation Jackson, MI 49201

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.