Five Lakes Apartments and Storage

Property Description

The Hull Multifamily Advisors (HMA) are pleased to present the exclusive offering of the Five Lakes Apartments and Storage in Muskegon, MI. This asset consists of 24 apartment units and 20 storage units and is broken out into (6) one bed one baths, (18) two bed one baths, (10) 5×10 storage units, and (10) 10×25 storage units. Sitting in a beautiful park like setting overlooking Carr Lake, this complex has seen approximately $500,000 of capital improvements under current ownership. Most notably, fully gut renovating 22 out of the 24 units with new kitchens, bathrooms, flooring, lighting, trim, doors, paint etc. Five Lakes is outfitted with tenant paid electric baseboard heating and is on a well/septic system, giving ownership minimal utility expenses.

With most capital improvements and unit rehabs completed, Five Lakes is being offered to the market as a turnkey asset, however, still presents several value-add opportunities. Most notably, the 20 onsite storage units consisting of 3,000 rentable SF are not currently being rented. After looking at market competitors for 5×10 and 10×25 storage units in the Muskegon market, it is believed renting these units out could add an additional $22,000+ to Five Lakes annual income. Additionally, new apartment units are renting at a $125-$175 rent premium from the majority of the current rent roll, a new owner could eventually increase each unit to the market rate with minimal turn costs. Lastly, sitting on 8.86 acres overlooking Carr Lake, there is a significant amount of vacant land for expansion. Please reach out to HMA before this stabilized, value add opportunity is gone.