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6800 King Rd
Marine City, MI 48039
Black Forest Apartments · Multifamily Property For Sale · 48 Units
PROPERTY FACTS
| No. Units | 48 | Building Size | 36,000 SF |
| Property Type | Multifamily | Average Occupancy | 98% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1998 |
| Building Class | B | Parking Ratio | 2.14/1,000 SF |
| Lot Size | 5.24 AC |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 5.24 AC |
| Building Size | 36,000 SF |
| Average Occupancy | 98% |
| No. Stories | 2 |
| Year Built | 1998 |
| Parking Ratio | 2.14/1,000 SF |
Unit Amenities
- Air Conditioning
Site Amenities
- Lake Access
About 6800 King Rd , Marine City, MI 48039
Listed at a 7.82% cap rate and 11.89% cash on cash return, this offering presents investors an immense amount of upside with the ability to raise the well below market rents. The current owner/operator has not raised rents at all since he constructed/filled this property in 1998. After doing an in depth rent study in Marine City, it has been determined that current one-bedroom rents are $150 below market and current two-bedroom rents are $160 below market (please see rent comps in Greystone Bel’s offering memorandum). Each rent comparison also has tenants paying for water, gas and electric, however, Black Forest is the only complex that provides a full washer and dryer in each unit.
PROPERTY TAXES
| Parcel Number | 02-011-2000-000 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $841,700 |
PROPERTY TAXES
zoning
| Zoning Code | R1 (Multifamily) |
| R1 (Multifamily) |
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