Overview
- Multifamily over 4 Units
- 4
- 7.00
- 3175
- Moderate+
- Estimated Rehab Cost
- Saginaw
- County
Description
Asset Class: C-Class Multifamily
Total Units: 7
Occupancy: 42.8% (3 of 7 units currently occupied)
Utilities: Electric is separately metered (Tenant Paid). Heating (Boiler/Gas) and remaining utilities are Landlord Paid (Avg. $400/month).
Access: Do not disturb tenants.
Value-Add / Stabilization:
Asset is underperforming at 42.8% occupancy. Strategy requires turning the 4 vacant units and placing tenants to stabilize the asset and maximize yield.
MSHDA Strategy:
Opportunity to utilize Michigan State Housing Development Authority (MSHDA) vouchers for guaranteed government rent disbursements upon stabilization, reducing delinquency risk.
💰 Financial Breakdown & Yield Analysis
Acquisition Price: $225,000 ($32,142 / Door)
Pro Forma Gross Annual Income (GAI): $51,060 ($4,255 / month at 100% occupancy)
Landlord Utility Expense (Actuals): $4,800 / year ($400 / month)
Pro Forma Net Operating Income (NOI): $28,083 / year
Pro Forma Cap Rate: 12.48%
Details
- Price: $225,000
- Property Size (Sq. ft.): 3175
- Land Area (Acres): 0.34
- Bedrooms: 4
- Bathrooms: 7.00
- Garage: Open Parking
- Property Type: Multifamily over 4 Units
- Property Status: Cash Flow
- County: Saginaw
- Estimated Rehab Cost: Moderate+
- Estimated Monthly Rent: See Description
- Yearly Taxes: $4,740
- HOA Monthly Cost: $0
- Construction Type: Frame
- Pool: None
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