Multifamily Property with Lake
For Sale
$929,000
7976 Central Ave, Coloma, MI 49038
Multiple furnished and renovated residences offer short-term rental and residential configurations on a single property.
Property Size6,838 SF
Lot Size1.30 Acres
Price / SF$135.86
Days on Market20
Property Features for 7976 Central Ave
General Information
Standard status
Active
Size
6,838 SF
Lot size
1.30 Acres
Property subtype
Multi-Family
Property Condition
Severity
Major Repairs Needed
Evidence
foundation issues
Additional Details
Furnished
Yes
Building Details
Year Built
1920
Listing Agency:
Coldwell Banker Anchor R.E.
Listed By:
Wendy Morauske
(269) 369-3699
Source:
Vmrealestatemichigan
Added: Sep 17
Changed: Oct 6
Last Checked: Oct 6 at 2:38AM
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 Coldwell Banker Anchor R.E.
Investment Insights
Based on property information with market context.
This 6,838-square-foot multifamily property on 1.3 acres includes a main building with a renovated, furnished two-bedroom, one-bath short-term rental and an extensively remodeled eight-bedroom, three-and-a-half-bath residence. Three additional buildings are on the property. One is a remodeled, furnished two-bedroom, one-bath home, and another is a one-bedroom, one-bath unit occupied by a month-to-month tenant. A separate building has foundation reinforcement completed in 2025; access beyond its kitchen is restricted for safety. The property was built in 1920.
Deeded access to Paw Paw Lake is available, and the property is described as just steps from the lake. Improvements include a new roof and gutters in 2025, along with a new well pump and electrical box in 2024. The one-bedroom unit is occupied under a month-to-month tenancy.
Deeded access to Paw Paw Lake is available, and the property is described as just steps from the lake. Improvements include a new roof and gutters in 2025, along with a new well pump and electrical box in 2024. The one-bedroom unit is occupied under a month-to-month tenancy.
Key Highlights
- 1.3‑acre property with deeded access to Paw Paw Lake
- Main building includes an 8‑bedroom, 3.5‑bath residence and a furnished 2‑bedroom, 1‑bath STR
- Additional furnished, remodeled home has 2 bedrooms and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,811
Cap Rate
6.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,116,220
$1.1M
Cap Rate 7%
$797,300
$797.3K
Cap Rate 9%
$620,122
$620.1K
Market Conditions
NOI Build-Up for 6,838 SF
Gross rent
$107.5K $15.72/SF
− Vacancy
−$6.0K −$0.88/SF
EGI
$101.5K $14.84/SF
− OpEx
−$45.7K −$6.68/SF
NOI
$55.8K $8.16/SF
Area
Berrien County, MI
Vacancy
5.60%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,116,220
Cap Rate 7%
$797,300
Cap Rate 9%
$620,122
Alternative Uses
Best Use
Apartment 5plus
$797.3K
$697.6K – $930.2K
NOI $55,811 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,723 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 49038, MI
8,979
Population
5,124
Households
1.8
Avg Household Size
45
Median Age
21%
College-Educated
92%
High-School Grad
39.0 sq mi
ZIP Area
230
Density / Sq Mi
$60,396
Median Household Income
$41,663
Median Earnings
$944
Median Rent
$196,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Multiple furnished and renovated residences offer short-term rental and residential configurations on a single property.
Where is this multifamily property located?
The property is located at 7976 Central Ave Coloma, MI.
What is the asking price?
The asking price for this property is $929,000.
What are key features of this property?
This property features: 1.3‑acre property with deeded access to Paw Paw Lake; Main building includes an 8‑bedroom, 3.5‑bath residence and a furnished 2‑bedroom, 1‑bath STR; Additional furnished, remodeled home has 2 bedrooms and 1 bathroom
