Bundy Hill
Multifamily | 5 Units | $63,000/unit
Marketing description
Global Real Estate Advisors are pleased to present the exclusive offering of Bundy Hill Apartments, a stabilized, 5-unit multifamily property in Jerome, MI. The property features a mix of 3 one-bedroom units and 2 two-bedroom units. The property has received recent improvements including updates to the well system, septic field, soffits, and select unit interiors. Utilities are partially metered and billed separately to some tenants which would allow a new owner to establish a proper RUBS policy generating additional operating income and mediating utility expenses.
The property provides stable in-place cash flow with additional upside through operational improvements and the recent updates to the interiors and grounds will help limit near-term capital requirements. Overall, the property presents a strong opportunity for investors seeking a cash-flowing asset with clear value-add potential with pro forma showing an attractive 15% cash-on-cash return and 1.47 DSCR.
Investment highlights
- Electricity is separately metered for Units 2, 3, and 4. Units 1 and 5 share a meter and are currently paid by ownership. Units 1 and 5 are heated via electric.
- Gas service is provided via propane. Units 2, 3, and 4 are individually metered. Ownership currently pays for propane and bills back usage to tenants. Gas is included in the rent for Unit 3.
- Water and sewer are serviced by a private well and septic system and are paid by ownership.
- Trash: Owner Paid
Recent Capital Expenditures
- Well serviced and installed new pressure tank in 2025.
- New septic field and tanks in 2025.
- New carpet installed in unit 5 in 2025.
- New water heater for unit 4 in 2024.
- New Soffit around building in 2022.
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