$969,900
Broadway Apartments
Details
APN 17-000-09-622-00, 17-000-09-623-00
Property Type Multifamily
Sub Type Apartment Building
Square Footage 13,200
Units 15
Beds 15
Cap Rate 8.10%
NOI $78,552
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 10.00%
Pro-Forma NOI $94,340
Price per SqFt $73
Acreage 1.350
Zoning CD-3
Investment Type Value Add
Multifamily | 8.10% CAP | 15 Units
Marketing description
Broadway Apartments is a 15-unit multifamily investment opportunity strategically located along East Broadway in Mount Pleasant, one of Central Michigan's strongest rental markets.
The property is currently 100% leased, to a unit mix of 1-, 2-, and 3- bedroom apartments.
The property benefits from its proximity to major employment, education, and entertainment drivers, including Central Michigan University, Soaring Eagle Casino & Resort, and convenient access to US Highway 127, providing connectivity throughout the region.
Investment highlights
- Broadway Apartments presents investors with an attractive value-add opportunity through a combination of interior unit upgrades and continued rent optimization. Current ownership has established a stable operating foundation, while future ownership can capitalize on the property's upside potential by implementing strategic renovations, modernizing unit interiors, enhancing common areas, and increasing rents toward market levels as leases renew. These improvements have the potential to drive increased cash flow and long-term asset appreciation. Broadway Apartments represents an opportunity to acquire a well-located multifamily asset with existing cash flow, operational stability, and a clear path to increasing net operating income through thoughtful asset management and targeted capital improvements.
Listing Contacts
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$78,552.00
$6,546.00/mo
Valuation Metrics
0
DSCR
8.1%
Cap Rate
8.1%
ROI
Map
Zoning
CD-3 ResidentialSingle FamilyCharacter District Sub Urban
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View all 136 uses
View all 136 uses Last updated Feb 20, 2026 For deeper zoning details, reports are available at Zoneomics
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