Stone Cliff Condos | 615 N Lakeview Ave
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Stone Cliff Condos 615 N Lakeview Ave
16 Unit Apartment Building $1,386,450 CAD ($86,653 CAD/Unit) 6.45% Cap Rate Sturgis, MI 49091
Investment Highlights
- 10 Plus Percent Proforma Cap Rate
- Light-to-Medium Value Add Opportunity
- 23 Percent Discount to Sale Comp Average in Sturgis
- 12 Plus Percent Proforma Cash-On-Cash Return
- Ability to Charge for Carports
Financial Summary (Actual - 2023) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,386,450 CAD | Building Class | C |
| Price Per Unit | $86,653 CAD | Lot Size | 1.11 AC |
| Sale Type | Investment | Building Size | 13,852 SF |
| Cap Rate | 6.45% | Average Occupancy | 95% |
| Gross Rent Multiplier | 7.63 | No. Stories | 2 |
| No. Units | 16 | Year Built | 1975 |
| Property Type | Multifamily | Parking Ratio | 2.31/1,000 SF |
| Property Subtype | Apartment | Parcel Number | 052-595-001-00 |
| Apartment Style | Low Rise |
| Price | $1,386,450 CAD |
| Price Per Unit | $86,653 CAD |
| Sale Type | Investment |
| Cap Rate | 6.45% |
| Gross Rent Multiplier | 7.63 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 1.11 AC |
| Building Size | 13,852 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1975 |
| Parking Ratio | 2.31/1,000 SF |
| Parcel Number | 052-595-001-00 |
Unit Amenities
- Air Conditioning
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $846.09 CAD | 650 |
| 2+1 | 4 | $977.63 CAD | 988 |
| 3+1 | 4 | $1,280 CAD | 1,250 |
| Studios | 2 | $647.01 CAD | 500 |
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Stone Cliff Condos | 615 N Lakeview Ave
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