230 Corning StFarwell, MI 48622

For Sale
$833,775

16-Unit Apartment Complex, High Potential

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional value-add multifamily investment opportunity presents a 16-unit apartment complex located at 230 N Corning St, Farwell, MI 48622. The property consists of two, two-story buildings situated on a 0.992-acre lot (APN: 041-209-005-01). Currently featuring a mix of fourteen 2-bedroom and two 1-bedroom units, the complex offers significant upside potential. Four units are currently vacant, presenting an immediate opportunity to increase occupancy and rental income. The current NOI is $44,988, with a projected pro-forma NOI of $76,565, reflecting a substantial increase in profitability. The asking price is $833,775, representing a price per unit of $52,110.94 and a current cap rate of 5.40%, with a pro-forma cap rate of 9.18%. Convenient on-site coin laundry facilities add to the property's appeal. The property is priced below a 2021 appraisal of $860,000, making it an attractive investment. Market rent increases on several units are also feasible, further enhancing the return on investment. This property is classified as a Class C multifamily building. This is a compelling opportunity for investors seeking to capitalize on a strong value-add proposition in a stable market.

Highlights

  • 16-unit multifamily property located at 230 N Corning St, Farwell, MI.
  • Two two-story buildings on a 0.992-acre lot (APN: 041-209-005-01).
  • Fourteen 2-bedroom and two 1-bedroom units; four units currently vacant.
  • Current NOI $44,988; projected pro-forma NOI $76,565.
  • Asking price $833,775 ($52,111 per unit); current cap rate 5.40%; pro-forma cap rate 9.18%.
  • On-site coin laundry.

Property Details for 230 Corning St

Property type
Multifamily properties, Apartment buildings
Class
C
Buildings
2
Stories
2
Lot Size (sq. ft)
43,212 SF
Units
16

Location Insight

City
Farwell
County
Clare
State
Michigan
Latitude
43.837885364585
Longitude
-84.869972344815
230 Corning St, Farwell, Michigan

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230 Corning St
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