Small West Michigan Portfolio For Sale - 4 Properties (3MFR/1SFR)
For Sale:
Four-property rental portfolio in Southwest Michigan (Kalamazoo) in the Western Michigan University and Kalamazoo College market. Western Michigan University just opened a Medical School a few blocks from these properties two years ago, and announced in 2016 the intention to open a brand new law school nearby as well - rental demand in this already high demand market is anticipated to continue to increase in the coming years!
Three multi-family properties are located together, with shared parking and trash, consisting of two 4-units and one 2-unit. One of the four-units is all one-bedrooms (currently in highest demand in Kalamazoo), the second four-unit is a huge property with all two-bedrooms, and the third is a 2-unit with a two-bedroom unit downstairs and a one-bedroom unit upstairs. These properties are currently rented by approximately 75% young professionals and 25% college students.
The single family property is located 5 minutes north in the quiet town of Parchment less than 100 yards from popular Kindleberger Park. It is a full remodel - four bedrooms and two bathrooms with an attached two car carage on a quiet street. This home has been occupied since the day it was listed by the perfect tenant family that keeps it in immaculate condition and has even improved the landscaping since moving in with intentions to stay long-term.
When combined together the portfolio brings $85,500 in gross rents, with current business model producing a $46,187 NOI and $22,000 cashflow.
Over the past two years I have invested over $80,000 in capital improvements and there is still opportunity to add value and then raise rents.
Southwest Michigan continues to be listed as a highly desirable area for real estate investment!
The three multi-family properties can be seen together in the first picture. The two front properties are the 4-units and the rear (yellow) property is the two-unit.
Portfolio Listing Price: $530,000
Contact me here on BiggerPockets with questions or connect privately with me through BP messaging or at [email protected].