Student Housing near FSU - 7 unit w/ 8 Beds - 1 of a 4 property sale

Multi-Family for Sale
Catylist Listing ID: 30163080
Property Subtypes: Student Housing
Number of Units: 7 Units
Building Size (RSF): 3,556 SF
Gross Land Area: 0.34 Acres
Sale Price: $349,900
Unit Price: $49,985.71 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 8.25%
Last Updated: 10/9/2017

Overview / Comments

Location, location!! 7 unit ( 2 Bed/2 Bath Apartment and 6 studios). Located between Ferris State University and downtown Big Rapids. Walkable community with many nearby establishments make it a perfect location for students. Has great rental history and is currently fully occupied with leases through the 2017/18 school year. Includes a work shop/warehouse, office area in rear with easy access from alley. Offers on-site community laundry facility.

Additional Details

Nearest MSA: Big Rapids
County: Mecosta
Taxing Authority: City of Big Rapids
Tax ID/APN: 17-14-110-002
Zoning: R-3 RESIDENTIAL DISTRICT
Percent Occupied: 100%
Property Located Between: Linden St. and Elm St.
Highway Access: One block off Business 131/M-20/N State St and 2 miles from US 131- exit 139.
Airports: Roben-Hood Airport
Site Description: Corner site in the heart of Big Rapids at edge of downtown. The other corners have residential, 5th 3rd bank branch, retail building. grass yard on 2 sides, unpaved parking behind and paved alley behind.
Area Description: Near other residential properties and close to shopping and restaurants.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 2
Year Built: 1900
Roof Type: Hip
Construction/Siding: Vinyl Siding
Exterior Description: Greek Revival with hipped roof and reverse gable dormers
Parking Type: Structure
Parking Description: Off-street parking available.
Laundry: Shared
Sprinklers: None
Fuel: Gas
Interior Description: Apt. A 2 bed/ 2 bath Apt. 1 studio with access to laundry room directly from apartment., Apt 2 studio upstairs Apt 3 studio upstairs Apt 4 studio upstairs front of house Apt 5 third floor WARM in the winter! Apt 6 second floor 7 Full Baths
Zoning Description: R-3 RESIDENTIAL DISTRICT – PERMITTED USES AND STRUCTURES See Zoning Ordinance section 3.6 P30 for details.
Lot Frontage: 100
Lot Depth: 149.85
Water Service: Municipal
Sewer Type: Municipal
Legal Description: 000312 S MICHIGAN AVENUE: WARREN AND IVES' PLAT (ORIGINAL PLAT) -- BLK 28, THE N 1/2 OF LOT 13, ENTIRE LOT 14, AND THE S 1/2 OF LOT 15.

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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