6476 Blue Water Dr
Dimondale, MI 48821

Value Add Opportunities: Blue Water Village presents any investor a new construction, well built community which will experience minimal/low repairs and maintenance for the foreseeable future, however, still has significant upside with quite a few value-add opportunities highlighted below: Large Loss to Lease: Blue Water is currently leaving quite a bit of income on the table with a large “Loss to Lease” as most of the long-term tenants are currently paying $150-$250 per month under what the new lease rates are consistently renting for. A new investor can set everyone’s rent to the average rents and re-capture a large majority of the current loss to lease. Below Market Rents: After doing an in-depth rent study, it is also believed new rental rates can also be increased with increased marketing, advertising, and professional management efforts. Current ownership is leasing new units at an average of $0.74 per SF while similar aged/sized units in metropolitan Lansing are averaging $0.85-$0.95 per SF. Finishing 17 Unfinished Basements: Investors also have the option to finish the 17 unfinished basements to increase rents on those units. The finished basements are currently commanding rents $100-$125 more per month. Converting Two Bedrooms into Three Bedrooms: Each unit is currently advertised as a two bedroom, however, they have the possibility to easily be converted to a three bedroom as each basement has egress windows and ample room to become an extra bedroom. It is believed an additional rent premium could be generated if each unit were advertised as a three bedroom.