2320 30th SW St Wyoming, MI 49519-5901

Property Details for 2320 30th SW St

Year built

1971

Lot size

0.19 lot acres

Property size

6,032 SF

Zone code

R4

Property type

Commercial real estate

APN

41-17-15-103-027

APU

411715103027

Description

This exceptional investment opportunity presents Executive Estates, a 40-unit apartment building situated on 5 acres in Wyoming, Michigan. The property comprises four separate buildings, each housing a mix of two-bedroom units. Constructed in 1971 and extensively renovated in 2021 with ongoing improvements, Executive Estates boasts a strong occupancy rate of 95%, with the remaining vacant units nearing lease completion. The recent capital expenditures have resulted in increased rental income as leases are renewed or new tenants move in. Ample on-site parking is available for all residents. Strategically located off Byron Center Ave SW, a high-traffic thoroughfare with approximately 16,000 vehicles daily, the property offers convenient access to downtown Grand Rapids (under 6 miles away). Wyoming, MI, consistently ranks highly as a desirable place to live, contributing to a stable tenant base and strong rental demand. The city's diverse economy, encompassing manufacturing, healthcare, and retail sectors, ensures a robust employment market. The asking price is $4,200,000, representing a compelling price per unit of $115,000 and an attractive 8.15% capitalization rate. This well-maintained and managed property presents a significant return on investment for the discerning buyer.

Location Insight

City

Wyoming

County

Kent

State

Michigan

Longitude

-85.7228

Latitude

42.9101

CBSA code

24340

CBSA name

GRAND RAPIDS-WYOMING, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments