Marcus & Millichap is pleased to present the opportunity to purchase Canda Manor located in Ishpeming, MI (Marquette County). Built in 1974 and renovated in 2003, the property sits on 7.17 acres of land. With a total of four buildings, three apartment buildings and one common building, the property consists of a total of 72 units ranging in size from 675 to 765 square feet. The unit mix is divided equally between one and two-bedroom units. Canda Manor has a HAP contract on 42 of the 72 units through July 31, 2020. Market rate units range in rent from $690-$880 per month while the affordable units have contract rents of $644 for the one-beds and $727 for the two-beds. As of August 1, 2018, contract rents raise to $657 for the one-beds and $742 for the two-beds. By taking the potential mark up to market (MUTM) rates of $690 for one-beds and $765 for two-beds, pro forma cash on cash return is over ten percent with a low GRM of 4.68. The landlord pays for gas heat, gas hot water, water/sewer and all electric. There are no individual meters for the units. All units include a range, refrigerator and an individual air conditioner unit. Sixteen units include dishwashers, nine units include microwaves and twelve units include a balcony. Each building is equipped with four pairs of leased laundry machines. Lot parking is included in the rent. The common building includes the leasing office, garage and shop. The city of Ishpeming is located in the Upper Peninsula of Michigan. It is south and west of the city or Marquette and directly west of Negaunee. The population is about 6,600 residents. Ishpeming is about 280 miles from Milwaukee, 235 miles from Superior and 165 miles from Green Bay.
