230 Corning St Farwell, MI 48622
- Apartment buildings
- 0.99 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 230 Corning St
- Lot size
- 0.99 lot acres
- Property type
- Apartment buildings
Description
This exceptional value-add multifamily investment opportunity presents a 16-unit apartment complex located at 230 N Corning St, Farwell, MI 48622. The property consists of two, two-story buildings situated on a 0.992-acre lot (APN: 041-209-005-01). Currently featuring a mix of fourteen 2-bedroom and two 1-bedroom units, the complex offers significant upside potential. Four units are currently vacant, presenting an immediate opportunity to increase occupancy and rental income. The current NOI is $44,988, with a projected pro-forma NOI of $76,565, reflecting a substantial increase in profitability. The asking price is $833,775, representing a price per unit of $52,110.94 and a current cap rate of 5.40%, with a pro-forma cap rate of 9.18%. Convenient on-site coin laundry facilities add to the property's appeal. The property is priced below a 2021 appraisal of $860,000, making it an attractive investment. Market rent increases on several units are also feasible, further enhancing the return on investment. This property is classified as a Class C multifamily building. This is a compelling opportunity for investors seeking to capitalize on a strong value-add proposition in a stable market.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Farwell
- County
- Clare
- State
- Michigan
- Longitude
- -84.87
- Latitude
- 43.8379
