7-Unit Apartment Building with
1500 Center Avenue Unit SourceFi Bay City, MI 48708
1500 Center Avenue Unit SourceFi, Bay City, MI, 48708
$425,000
For Sale
$425,000
Seven-unit apartment building with a detached garage and off-street parking, plus recent steam boiler and roof improvements.
Property Size4,731 SF
Price / SF$89.83
Days on Market32
Property Features for 1500 Center Avenue Unit SourceFi
General Information
- Standard status
- Active
- Size
- 4,731 SF
- Property subtype
- Industrial
Building Details
- Year Built
- 1876
Listing Agency
(989) 213-7217
Listed by
Keller Williams Grand Rapids North
(989) 213-7217
Source
Xome
Added: Jun 19 Updated: Jul 19 at 2:30 am Checked: Jul 20 at 1:44 am
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 Keller Williams Grand Rapids North
Investment Insights
Based on property information with market context.
1500 Center Avenue offers a 7-unit apartment building with detached garage and off-street parking. The property has been owned by the same family for the past 30 years.
Recent improvements noted in the listing include a complete rebuild of the steam boiler system, as well as new porch roof and new garage roof. These updates are intended to help reduce near-term capital expense.
Set up as a multi-family investment, the building is positioned to serve tenants with on-site parking benefits that can be harder to find in older apartment properties. This offering is presented as a well-maintained asset with below-market rents and room to increase income over time.
Recent improvements noted in the listing include a complete rebuild of the steam boiler system, as well as new porch roof and new garage roof. These updates are intended to help reduce near-term capital expense.
Set up as a multi-family investment, the building is positioned to serve tenants with on-site parking benefits that can be harder to find in older apartment properties. This offering is presented as a well-maintained asset with below-market rents and room to increase income over time.
Key Highlights
- 7‑unit apartment building built in 1876 on the Center Avenue corridor in Bay City
- Recent improvements include a complete rebuild of the steam boiler system
- Roof updates include a new porch roof and a new garage roof
Local 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 | $50.0k | $10.56 |
| − Vacancy | −$2.7k | −$0.57 |
| EGI | $47.3k | $9.99 |
| − OpEx | −$21.3k | −$4.50 |
| NOI | $26.0k | $5.49 |
4,731 SF · lease $10.56/SF/yr · vacancy 5.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$371.3K
$324.9K – $433.2K
NOI $25,994 @ 7.0% cap · market cap 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$856.4K
$749.4K – $999.2K
NOI $59,951 @ 7.0% cap · market cap 14.11%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Seven-unit apartment building with a detached garage and off-street parking, plus recent steam boiler and roof improvements.
Where is this apartment building located?
The property is located at 1500 Center Avenue Unit SourceFi Bay City, MI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 7‑unit apartment building built in 1876 on the Center Avenue corridor in Bay City; Recent improvements include a complete rebuild of the steam boiler system; Roof updates include a new porch roof and a new garage roof
