26474 VILLAGE HEIGHTS Drive, Edwardsburg, MI 49112

$4,200,000

Property Type: Multi Family Lot Size (sq. ft.): 1,249,300 Status: Sold

Current Price: $4,200,000 List Date: 4/18/2016 Last Modified: 11/05/2021

Overview

Description

Multi-Family Portfolio Offering includes Village Heights Apartments, The Retreat, Wild Water Apartments, and two adjacent undeveloped land parcels totalling 7.33 +/- Acres surrounding the properties for future building expansion or wildlife habitat. The This Offering is a performing asset (currently 96% occupancy) that contains a total of 94 units with rental rates from $600 to $1000 per month (two units do not provide income stream since they are used as management office and storage). This Portfolio is managed by a local Management Company with increased occupancy levels since taking over the asset. The tenants are responsible for gas and electric. Municipal utilities serve the Properties. Buyer to be responsible for their own due diligence.

Supplements: . The owner discloses the acquisition of the property was under adverse possession and shall be sold in an "as is" condition. The property was returned to the Lender by Foreclosure or Deed in Lieu. Detailed information on the investment opportunity will be provided after completion of a confidentiality agreement

Listing Details MLS# 16016899

Location Property Info

County: Cass
Street #: 26474
Street Name: VILLAGE HEIGHTS
Suffix: Drive
State: MI
Zip Code: 49112

General Property Info

Lot Measurement: Acres
Lot Square Footage: 1249300
Lot Acres: 28.68
Lot Dimensions: 500x2000
Year Built: 2009
New Construction: No
Financial Available: No
Road Frontage: 250
Total # Units: 96
# of Diff Unit Floor Plans: 4
Total # Bldgs: 8
Total Approx. SqFt All Bldgs: 96997
Total Parking Spaces: 100
Waterfront: No
School District: Edwardsburg

Tax Info

Tax ID #: 1409110014101102
Taxable Value: 1512494
SEV: 1697800
For Tax Year: 2015
Seller's Annual Property Tax: 76084
Tax Year: 2015
Zoning: R3 Multifamily

Remarks Misc

Directions: Edwardsburg is a peaceful village in Cass County Michigan, northeast of South Bend, Indiana. It is situated at the cross roads of M-62 and US 12. In close proximity to some of the most beautiful lakes in Michigan; such as, Eagle, Pleasant and Diamond lakes. Edwardsburg is known for its Blue Ribbon Award winning school system that was featured in US News and World report.

Status Change Info

Under Contract Date: 2016-05-19
Sold Date: 2016-07-26
Sold Price/SqFt: 43.3

More Information

Access Feat

Accessibility Features: No

Property Features

Exterior Material: Concrete; Stucco; Wood Siding Roofing: Composition Substructure: Slab Sewer: Public Sewer Water: Public Water Utilities Attached: Electricity Connected; Phone Connected Util Avail at Street: Electricity Available; Natural Gas Available; Phone Available; Public Sewer; Public Water Owner Pays: Sewer; Trash Collection; Water Tenant Pays: Electric; Gas Heat Source: Electric Heat Type: Forced Air Air Conditioning: Central Air Driveway: Paved; Shared Paved Street Type: Paved; Public Terms Available: Cash; Conventional Sale Conditions: REO/Bank Owned

Listing Office: Cressy Commercial Real Estate

Listing Agent: Richard J Doolittle

Last Updated: November - 05 - 2021

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