$730000

Grande Pines Apartments
  • Units: 24
  • Cap Rate: 10.90 Percent
  • Price Paying: -
  • Price Per Unit: $30,417
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1977
  • Monthly Income Per Unit: $559.60
  • Expense to Income Ratio: 50.64 Percent
  • Average Square Feet: 18,800
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: Joe Crane
  • Property Features: Income Property Organization is pleased to present Grande Pines Apartments, which consists of 24 units, and is located in Battle Creek, Michigan. The City of Battle Creek is located in northwest Calhoun County, at the confluence of the Kalamazoo and Battle Creek Rivers. It is the principal city of the Battle Creek Metropolitan Statistical Area (MSA), which encompasses all of Calhoun County. As of the 2010 census, the city had a total population of 52,347, while the MSA as a whole was 136,146. The median family income was most recently reported at $43,564. Battle Creek is the 3rd largest city in Michigan by land mass, and is a progressive and dynamic community with a focus on family-orientation and community themes like sports and recreation. This community is very well located, situated directly along I-94, midway between Detroit (113 miles) and Chicago (170 miles), just South of the state capital, Lansing (39 miles), and neighboring Kalamazoo to the west (25 miles). There are outstanding transportation features in the area, for both road, rail, and air; major interstates and highways serving the area include I-94 (east to west), I-69 (north to south), M-66, M-99, M-78, M-60, and over 40 freight trucking lines; Battle Creek Transit and Greyhound offer local and long-distance busing options; CN Northern American Railroad and Amtrak (downtown Battle Creek station) provide passenger and freight railway service; air transport and travel are provided by one of 3 airports in Battle Creek. Grande Pines is a garden-style complex built in 1977, consisting of 2 building sitting on 1.14 acres. It offers 4, one-bedroom units with approximately 700 ft.2 of living space, and 20 two-bedroom units with approximately 800 ft.2 of living space. On-site Laundry, storage, car ports and wooded area to the rear gives Grande Pines a strong sense of community. Notable for investors is the historical occupancy, which is currently at 100% and has recently maintained levels between 90-100%. One reason is that Grande Pines provides recent upgrades, as well as minimal deferred maintenance to the property. The property is less than two miles from Kellogg Company’s World Headquarters, Kellogg Community College, and all that Downtown Battle Creek has to offer. Due to this exceptional location, it provides tenants with numerous retail, educational, recreational and entertainment opportunities that are close to home. Grande Pines has been well-maintained and this offering represents a turn-key investment for a multifamily investor. The property is outfitted with tenant- paid, gas-forced air furnaces and the electricity is separately metered. Amenities at the property include on-site laundry, car ports, and on-site storage. A major factor affecting the strong historical performance of this asset is its proximity to the I-94 & U.S.-69 interchange.
  • Interior Features: -
  • Exterior Features: -

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  • About Us

    Income Property Organization offers customized brokerage services that are designed to meet the specific needs of a wide range of clients -- private owners as well as institutional investors -- who want to buy or sell income property.
  • Contact Us

    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301