8-Unit Apartment Complex on 3 Acres: Land Contract, 20% Down 100% Full - Business for Sale
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8-Unit Apartment Complex in New Hudson, MI
New Hudson, MI, US
Added 3 days ago
Real Estate Rental Property
48 years in business
This listing is for an 8-unit apartment complex on three acres in New Hudson, MI, consisting of fully occupied two-bedroom units with value-add potential through renovations and rent increases.
Key Information
Asking
$1.6M
Revenue
$160K
Earnings
$100K
Multiple
16.0x
Key Highlights
- 8-unit apartment complex located on 3 acres in New Hudson, MI
- All units are two-bedroom; seven units are 2BR/1.5BA (~1,100 sq ft), one unit is 2BR/1BA (~800 sq ft)
- Property is fully occupied with an average rent of $1,669 per unit
- Trailing 12-month NOI is $98,759 at a 6.17% cap rate and a 36.8% expense ratio
- Seller financing available via land contract: minimum 20% down at 6.5% interest, balloon in 3-5 years
- Five units are fully renovated, two are original, and one is partially finished
- Zoning reportedly allows for additional units, subject to buyer verification
Contact Info
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