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Property Overview

Half Century Apartments

16 Jefferson Ave SE, Grand Rapids, MI 49503
Sale Price: $3,163,000
Price Per Unit: $158,150
Average Unit SF: 538 SF
Unit Count: 20 Units
Property Type: Market Rate, Purpose Built Low-Rise Building
Occupancy: 100%
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Investment Highlights

Stabilized Asset with Strong Cash Flow: Offers investors stable cash flow and consistent cash flow, including significant ancillary income from parking fees, pet fees, and other income. A landlord could bill back utilities to further increase income.

High Quality Construction: Durable brick and masonry construction reduces the cost of exterior maintenance and increases the service life of the building.

Strong Rental Submarket: Submarket occupancy exceeds 95% and the subject property is 100%, thus supporting healthy annual rental rate increases.

Impressive Walk Score: The property boasts an almost perfect 95 Walk Score, indicating high walkability for residents and little need to own a vehicle.

Little Deferred Maintenance: Well maintained property with significant capital improvements made recently - reduces the need for major capital expense in the near future (keep more of your cash flow!).

New Financing Opportunity: The property is offered free and clear of existing debt, providing an investor the opportunity to take advantage of the highly aggressive capital markets, low interest rates, long-term financing with interest only period, and maximum leverage.

Stable and Diverse Economy: Grand Rapids metropolitan area is a dynamic and growing market with a stable and diverse economy anchored by over 90 international companies, including 4 of Forbes's largest private companies, in addition to a strong medical component.

Priced Below Replacement Cost: Maintain rental pricing advantage over any new product constructed in the market.

Strong Demographics: Average Household Income in a 5-mile radius is $70,928, which results in a market rent to income ratio of 18.5%. 74.0% of households with a one-mile radius and 39.8% of households within a five-mile radius are renters. The total population in the five-mile ring is 269,417 people (ESRI-2020). The median age is 32.2 years old with a one-mile radius (ESRI-2020), which is within the prime renter age demographic of 20-34 years old.

Contact Information
Craig Black, CCIM
Direct: 616.242.1126
Scott M Nurski, MBA
Direct: 616.242.1106
NAI Wisinski Great Lakes
100 Grandville Ave SW Suite 100
Grand Rapids, MI 49503
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