350 W 4th St - Apartments FOR SALE


Lawton, MI 49065
$3,500,000 USD
219-707-3536
350 W 4th St, Lawton, MI for Sale
$3,500,000 USD
Apartments - FOR SALE
1/11
null | 8.28% Cap Rate

350 W 4th St
Lawton, MI 49065


HIGHLIGHTS

  • $60k+ Increase in revenue upon USDA prepayment.
  • 6% PILOT
  • New exterior, new roofs, granite, soft close cabinets, and many other premium finishes.

OVERVIEW

Village Commons is a strong investment opportunity in a Low-Income Housing Tax Credit (LIHTC) property poised for value enhancement through the prepayment of its USDA loan. The property is currently operating under a USDA affordable housing agreement and a 1602 program and is eligible for a USDA loan prepayment, creating a pathway for boosting rents, and removing distribution limits, unlocking significant upside potential. The property consists of 58 units and was developed in 1976. Village Commons was fully remodeled in 2011. The property is well-maintained, with consistent occupancy rates and a stable rent roll. Currently, the USDA loan attached to the property restricts rent and distribution potential, but the prepayment of the loan opens the door for a clear path to increase net operating income, buy increasing the rents to 60% AMI under the 1602 LIHTC LURA.

FOR SALE DETAILS

PRICE

$3,500,000 USD

PRICE/SF

$73 USD /SF

# OF UNITS

58

PRICE/UNIT

$60,345

CAP RATE

8.28%

% LEASED

97%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Village Commons

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1976

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.59 AC

LAND SF

112,825 SF

ZONING

-

APN/PARCEL ID

80-45-700-086-11,80-45-700-086-30

ASK ABOUT THIS PROPERTY

Brandy BryanEllsbury Commercial GroupMore Info
219-707-3536

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Brandy BryanEllsbury Commercial GroupMore Info
219-707-3536

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