2323 W OSTERHOUT AVE Portage MI 49024-8608

Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the multi-family investment property, known as “Olive Tree Apartments”, located at 2323 and 2353 W Osterhout Avenue in Portage, Michigan (the “Property”). Constructed in 1990, Olive Tree Apartments is improved by two (2), two-story residential buildings and contains eight (8), 2-Bedroom/1-Bathroom units with 7,200 square feet of gross living area in 7,808 square feet of gross area. The Property is situated upon 0.90-acres (two adjacent tax parcels) and features ample on-site surface parking as well as two detached garage buildings with a total of six (6) garage bays.

The Property is well-positioned in a residential area of Portage, Michigan, offering convenient access to the community’s local retail corridors, employment centers, and surrounding neighborhoods. The property benefits from strong regional connectivity via US Highway 131 and Interstate 94, providing efficient travel to nearby economic hubs including Kalamazoo, Battle Creek, Ann Arbor and South Bend, Indiana, as well as broader access to the Chicago and Detroit metropolitan areas. This accessible location places residents within close reach of regional shopping, employment opportunities, and recreational amenities while maintaining the appeal of a quieter residential setting within Southwest Michigan.

ACCESS & CONNECTIVITY

Olive Tree Apartments is 700 feet from Shaver Road and 1.4 miles from S Westnedge Avenue, the area’s primary commercial and commuter corridors.

The Property is 500 feet from the Kalamazoo Metro, which provides comprehensive public transportation in Kalamazoo and Portage, including fixed-route buses, the Metro Connect ADA paratransit service, and the on demand Metro Link ride-share service. Operating since 2018 under the "Metro" brand, it serves as a crucial, accessible transit network connecting residents to work, school, and shopping across the area.

Olive Tree Apartments offers convenient access to US Highway 131 and Interstate 94, providing direct access to Kalamazoo and efficient connectivity with the broader region.

DEMAND DRIVERS

Portage has a diverse economic landscape, particularly in healthcare, life sciences, and advanced manufacturing. The presence of major employers such as Stryker Corporation, which maintains significant operations in the Portage and Kalamazoo area, has played a major role in shaping the local economy. Additionally, Pfizer operates a large manufacturing and research facility in Portage, further strengthening the region’s life sciences cluster. These employers, along with a range of smaller manufacturers, technology firms, and service businesses, contribute to a stable employment base and continued commercial growth. The city also benefits from proximity to Western Michigan University, which supports workforce development, innovation, and economic collaboration throughout the region.

Portage is a short drive from Kalamazoo, which is home to three higher education centers, Western Michigan University, which has an enrollment of approximately 17,500 students, Kalamazoo College (approximately 1,375 students) and Kalamazoo Valley Community College (approximately 6,650 students).

Olive Tree Apartments are just 7 miles from the Kalamazoo/Battle Creek International Airport.

UPSIDE POTENTIAL WITH RENT GROWTH

In-place rents are below the current market rates; the opportunity exists to drive rental rates in an high demand/supply constrained residential market.

SEPARATELY METERED UTILITIES

Tenants are responsible for individually metered electricity, gas-fired heat, and gas fired hot water, which they pay directly. The Landlord is responsible for domestic water & sewer and common area electric.

OFF-STREET PARKING & AMENITIES

The Property features abundant green space, ample on-site surface parking, and two (2) detached three-bay garages (six (6) total garage bays).

STRONG RENTAL DEMOGRAPHICS & DEMAND

More than 17,900 people live within 3 miles of the Property with an average household income of $133,145. Over 58,900 people live within 5 miles of the Property with an average household income of $126,535.

QUALITY OF LIFE AMENITIES

Olive Tree Apartments is convenient to national retailers and restaurants including Walmart Supercenter, Target, Meijer, Aldi, Fresh Thyme Market, Walgreens, Texas Roadhouse, Applebee’s, Olive Garden, Chick-fil-A, Panera, Raising Cane’s, Chipotle, McDonald’s and Starbucks, as well as a range local shops and restaurants.

Portage offers an extensive park and recreation system that includes more than 1,200 acres of parkland, numerous lakes, and miles of trails. The Portage Creek Bicentennial Park serves as a centerpiece of the community, featuring walking paths, green space, and access to Portage Creek. Residents also enjoy recreational opportunities at nearby lakes such as Austin Lake and West Lake, which provide boating, fishing, and waterfront living opportunities.