Berry Bush Village — Sale in Bangor, MI

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Bangor, MI 49013

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Investment Figures

Cap rate
7.56%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Berry Bush Village presents investors with the opportunity to acquire a well maintained, purpose-built affordable housing community in Southwest Michigan. Located at 333 Cemetery Road in Bangor, Michigan, the property consists of 50 apartment units totaling 56,620 square feet and features a highly desirable mix of oversized two- and three-bedroom townhome-style units averaging approximately 1,132 square feet. Constructed in 2004, the community offers residents modern floor plans, ample living space, and a park-like setting that continues to appeal to long-term tenants and families seeking quality affordable housing options. A key component of the investment thesis is the significant embedded rental upside. Current in place rents average approximately $0.68 per square foot, materially below comparable apartment communities throughout the surrounding market, many of which achieve rents ranging from $0.90 to $1.20 per square foot despite offering substantially smaller unit sizes. The offering memorandum projects annual rent growth through the conversion of eight existing units from 40 percent and 50 percent AMI restrictions to 60 percent AMI restrictions, a modification that has been discussed favorably with MSHDA. This adjustment, coupled with the property's strong occupancy history and below-market rent structure, creates a clear pathway for revenue growth while maintaining an affordable housing mission within the community. From a valuation standpoint, Berry Bush Village is being offered at approximately $55.72 per square foot, which compares favorably with recent sales of similar townhome-style affordable housing communities throughout Michigan. The property's combination of newer construction, new roofs (to be completed prior to closing), large floor plans, stable cash flow, and operational upside positions it as an attractive acquisition for both affordable housing operators and yield-oriented multifamily investors. The pro forma projections indicate the opportun

Market Context

This multifamily in Bangor, MI is listed for sale. It is offered at an approximate 7.6% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Bangor, MI — view the full market.

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