Stone Cliff

10 Plus Percent Proforma Cap Rate

12 Plus Percent Proforma Cash-On-Cash Return

Light-to-Medium Value Add Opportunity

Ability to Charge for Carports

23 Percent Discount to Sale Comp Average in Sturgis

Property Description

Marcus & Millichap is pleased to present the Stonecliff Apartments in Sturgis, MI, a 16-unit complex.The property offers an attractive unit mix of two studios, six 1-bedroom units, four 2-bedroom units, and four 3-bedroom units. Sturgis is home to reputable employers including Abbott Laboratories, American Axle & Manufacturing, OAK (Industrial Presses), Sturgis Molded Products, Summit Polymers, Sturgis Hospital, and many more. Sturgis is the largest town in St. Joseph County. Stonecliff Apartments offers prospective investors a light-to-medium value-added opportunity. Current owner has updated some units with new flooring and new appliances, but has barely renovated a majority of the units. Not only is there value-add potential, but rents are currently 21 percent below market rents for Sturgis. Market rent in Sturgis grew 3.7 percent year-over-year according to real estate data firm CoStar. According to CoStar, sales price per unit was $78.5k in Sturgis, which puts Stonecliff at a 23 percent discount to sales comps.