9 Barberry Dr Springfield, MI 49037-7409
- Commercial land
- 0.58 lot acres
Current Use by Public Records
- Commercial land
Property Details for 9 Barberry Dr
- Lot size
- 0.58 lot acres
- Zone code
- RM-1
- Property type
- Commercial land
- APN
- 54-045-001-00
- APU
- 5404500100
Description
This exceptional 40-unit apartment building in Springfield, Michigan, presents a compelling investment opportunity. Built in 1960, the property comprises 32 three-bedroom, 1.5-bathroom townhouses (1,350 sq ft each) and 8 four-bedroom, 1.5-bathroom townhouses (1,450 sq ft each). All units feature individual gas furnaces and central air conditioning (tenant-paid utilities), private front and back entrances, large patios, fenced yards, and in-unit washer/dryer hookups. Basements are included in each unit. The property boasts a strong historical occupancy rate of 95-100%, currently at 100% occupancy. A significant value-add opportunity exists through the implementation of a RUBS system for water/sewer, currently a $60,000 annual owner expense. The property's location offers convenient access, situated 5 miles from downtown Battle Creek and 18 miles from downtown Kalamazoo. This stabilized, cash-flowing asset presents multiple avenues for increasing value, including interior renovations and the aforementioned RUBS implementation, which would significantly boost both cash flow and overall property value. The property's current NOI is $295,851. This is a rare opportunity to acquire a well-located, high-occupancy multifamily property with substantial upside potential. The property is located at 9 Barberry Dr, Springfield, MI 49037.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Springfield
- County
- Calhoun
- State
- Michigan
- Longitude
- -85.2658
- Latitude
- 42.3291
- CBSA code
- 12980
- CBSA name
- BATTLE CREEK, MI METROPOLITAN STATISTICAL AREA
