308 Van Buren St - Apartments FOR SALE


Jackson, MI 49201
$16,500,000 USD
248-228-4897
308 Van Buren St, Jackson, MI for Sale
$16,500,000 USD
Apartments - FOR SALE
1/26
null | 7.04% Cap Rate

308 Van Buren St
Jackson, MI 49201


HIGHLIGHTS

  • Over $1,500,000 in recent capital improvements
  • 210 units have been upgraded
  • Residents also enjoy a range of amenities, including private patios, a clubhouse, and a playground.

OVERVIEW

Grand River Ridge is a well-maintained community of five apartment buildings and a clubhouse, spread across a 6.76-acre setting. Grand River Ridge was built in 1968 with poured concrete and concrete slab. The community has a great unit mix containing 84 one-bedroom units (700-750 ft²), 139 large two-bedroom units (1000 ft²), and 6 three-bedroom units (1,200-1,250 ft²). Grand River Ridge has undergone over $1,500,000 in capital improvements in recent years, including 210 units have been upgraded, roof and parking lot repairs, and modernized laundry facilities. Additionally, the current owner replaced all Stab-Lok breakers in the electrical panels, resulting in significant insurance savings. The HVAC system features tenant-paid electric baseboard heating and sleeve units for cooling, while electric tenant-paid water heaters further enhance efficiency. Residents also enjoy a range of amenities, including private patios, a clubhouse, and a playground. With a strong employment base driven by manufacturing, healthcare, and education, the city attracts a steady influx of residents seeking quality housing. Jackson’s strategic location along I-94 provides easy access to Ann Arbor, Lansing, and Detroit, making it an attractive choice for commuters and businesses alike. Additionally, the presence of Jackson College and major employers such as Henry Ford Health and Consumers Energy contribute to a stable rental market, ensuring long-term demand for multifamily housing.

FOR SALE DETAILS

PRICE

$16,500,000 USD

PRICE/SF

$87 USD /SF

# OF UNITS

229

PRICE/UNIT

$72,052

CAP RATE

7.04%

% LEASED

94%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Grand River Ridge

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1968

PARKING SPACES

236

LAND DETAILS

LAND ACRES

6.9 AC

LAND SF

300,564 SF

ZONING

MF

APN/PARCEL ID

2-0544.1000

ASK ABOUT THIS PROPERTY

A.J. BeachumIncome Property OrganizationMore Info
248-228-4897

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A.J. BeachumIncome Property OrganizationMore Info
248-228-4897

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.