Fully Occupied 7-Unit Apartment
1430 South State Street St Joseph, MI 49085
For Sale
Contact for pricing
7-unit multifamily property with studio and one-bedroom apartments, shared laundry, and paved off-street parking.
Property Size4,610 SF
Price / SF$124.73
Days on Market92
Property Features for 1430 South State Street
General Information
- Standard status
- Active
- Size
- 4,610 SF
- Property subtype
- Multifamily
Listing Agency:
Realty Executives Pro Brokers Joseph
(269) 930-3535
Listed By:
Keene Taylor · License #6501423429
Source:
Crexi
Added: Apr 25
Changed: Jul 22
Last Checked: Jul 24 at 8:56AM
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 Realty Executives Pro Brokers Joseph
Investment Insights
Based on property information with market context.
This fully occupied 7-unit multifamily property offers a mix of studio and one-bedroom apartments. Many units have been updated, and two units are offered furnished. The building includes a large shared laundry area and multiple common spaces, supporting resident convenience.
Tenants pay electric with separate meters already in place. The property also features a paved off-street parking lot for tenant use.
With stable in-place occupancy and a straightforward unit mix, the building is positioned for ongoing rental operations as part of a residential income portfolio.
Tenants pay electric with separate meters already in place. The property also features a paved off-street parking lot for tenant use.
With stable in-place occupancy and a straightforward unit mix, the building is positioned for ongoing rental operations as part of a residential income portfolio.
Key Highlights
- 7‑unit multifamily property with a mix of studio and one‑bedroom apartments
- Fully occupied building with stable in‑place rental income
- Many units have been updated, and 2 units are offered furnished
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $72.5k | $15.72 |
| − Vacancy | −$4.1k | −$0.88 |
| EGI | $68.4k | $14.84 |
| − OpEx | −$30.8k | −$6.68 |
| NOI | $37.6k | $8.16 |
4,610 SF · lease $15.72/SF/yr · vacancy 5.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$537.5K
$470.3K – $627.1K
NOI $37,626 @ 7.0% cap · market cap 6.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$970.1K
$848.8K – $1.13M
NOI $67,905 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - 7-unit multifamily property with studio and one-bedroom apartments, shared laundry, and paved off-street parking.
Where is this apartment building located?
The property is located at 1430 South State Street St Joseph, MI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 7‑unit multifamily property with a mix of studio and one‑bedroom apartments; Fully occupied building with stable in‑place rental income; Many units have been updated, and 2 units are offered furnished
