Rural Multifamily Apartment
For Sale
Contact for pricing
200 Long Rapids Plaza, Alpena, MI 49707
Seven Northern Michigan apartment communities with in-place management and documented capital improvements.
Property SizeContact for details
Days on Market145
Property Features for 200 Long Rapids Plaza
General Information
Standard status
Active
Property subtype
Multifamily, Special Purpose
Additional Details
Asking Price
$7,000,000
Multifamily Units
191
Listing Agency:
Income Property Organization
Listed By:
Al Beachum, J.D. · License #MI 6501347778
Source:
Crexi
Added: Apr 11
Changed: Aug 31
Last Checked: Aug 31 at 3:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Income Property Organization
Investment Insights
Based on property information with market context.
This multifamily portfolio comprises seven apartment communities totaling 191 units across Alpena, Lewiston, Mio, and Prescott in Northern Michigan. Individual properties range from 14 to 44 units, providing a distributed operating platform rather than a single-building asset. The communities have been maintained through a historical capital improvement program, including four high-efficiency boilers and a recently installed roof at Hidden Brook Manor.
Portfolio operations include in-place management and participation in the USDA Rural Development Program, with rental rates governed through that program. Physical occupancy is 95.2% and economic occupancy is 94.2%. The offering is eligible for the Rural Development Prepayment Program because all loans originated before 1989, allowing consideration of operations outside the existing government program. Alternative strategies include a partnership buyout or removal from the LIHTC program. The underwriting reflects a 7.05% cap rate based on projected portfolio performance.
Portfolio operations include in-place management and participation in the USDA Rural Development Program, with rental rates governed through that program. Physical occupancy is 95.2% and economic occupancy is 94.2%. The offering is eligible for the Rural Development Prepayment Program because all loans originated before 1989, allowing consideration of operations outside the existing government program. Alternative strategies include a partnership buyout or removal from the LIHTC program. The underwriting reflects a 7.05% cap rate based on projected portfolio performance.
Key Highlights
- Seven apartment communities totaling 191 units
- Properties located in Alpena, Lewiston, Mio, and Prescott, Northern Michigan
- Unit counts range from 14 to 44 across the communities
Property Analytics
Current Use
Lease Details
191
Residential units
Location Intelligence
Trade Area within ½ mile
275
Businesses Nearby
Explore this area
Business Placement
Demographics for 49707, MI
22,243
Population
11,974
Households
1.9
Avg Household Size
48
Median Age
19%
College-Educated
94%
High-School Grad
215.4 sq mi
ZIP Area
103
Density / Sq Mi
$50,699
Median Household Income
$32,208
Median Earnings
$642
Median Rent
$134,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Seven Northern Michigan apartment communities with in-place management and documented capital improvements.
Where is this apartment building located?
The property is located at 200 Long Rapids Plaza Alpena, MI.
What are key features of this property?
This property features: Seven apartment communities totaling 191 units; Properties located in Alpena, Lewiston, Mio, and Prescott, Northern Michigan; Unit counts range from 14 to 44 across the communities
