FSU Student Housing with 9 studio units - 1 of 4 properties available

Multi-Family for Sale
Catylist Listing ID: 30163048
Property Subtypes: Student Housing
Number of Units: 9 Units
Building Size (RSF): 3,354 SF
Gross Land Area: 0.20 Acres
Sale Price: $395,900
Unit Price: $43,988.89 Per Unit
Property Use Type: Investment
Building Name: 117 Locust St
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/19/2017

Overview / Comments

Ideal student housing building in walkable location between downtown Big Rapids and Ferris State University campus. The property accommodates 9 studio apartments and is very quiet. Downstairs apartment has a kitchen, and a large studio area. Most apartments offer a covered porch for grill, bike and chairs. The building is currently fully occupied with leases through the end of the 2018 school year. It offers shared laundry facilities and off street parking.

Additional Details

Nearest MSA: Big Rapids
County: Mecosta
Taxing Authority: City of Big Rapids
Tax ID/APN: 17-14-109-007
Zoning: R-3 RESIDENTIAL DISTRICT
Percent Occupied: 100%
Property Located Between: N State Street/M-20 (US 131 Business Route) and S. Michigan Avenue
Highway Access: US 131 exit #139 M-20/Perry Ave is about 1 mile away
Airports: Roben-Hood Airport
Site Description: Residential lot with 59.50 ft frontage and 150.8 ft depth.
Area Description: Located near the intersection of Locust and N State Street/M-20 (US 131 Business Loop) in a quiet area near Church and Parish and close to other residential and business properties. Centrally located with excellent walk-ability to neighboring establishments, centered between downtown, and FSU campus.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 2
Year Built: 1900
Roof Type: Hip
Construction/Siding: Wood Siding
Exterior Description: Well maintained turn of the century Italianate architecture featuring a low pitched hip roof.
Parking Type: Surface
Parking Description: Reserved parking in rear of building.
Laundry: Shared
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Fuel: Gas
Internet Access: Cable
Interior Description: two story with 9 studio rental units Each apartment has its own full bath. Shared laundry. Partial full basement and partial crawl space.
Zoning Description: R-3 RESIDENTIAL DISTRICT. See Zoning information located on city website.
Lot Frontage: 59.5
Lot Depth: 150.08
Water Service: Municipal
Sewer Type: Municipal
Legal Description: 000117 LOCUST STREET: WARREN AND BRONSON'S THIRD SUBDIVISION, PLAT #1 -- BLK 28, LOT 19 EXC THE N 50 FT THRF.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,669 14,167 17,456
Median Age: 23.23 27.19 29.67
Households: 1,926 4,652 6,006
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