814 Center
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814 Center
11 Unit Block of Flats £622,048 (£56,550/Unit) Bay City, MI 48708
Investment Highlights
- Brand new steam boiler
- Parking garage
- Lots of natural light
Executive Summary
A glamorous historic gem, located on Bay City's iconic Center Avenue! This stunning building offers 11 abundantly proportioned units, and is in a prime location for a STR type conversion! Your tenants will enjoy Bay City's famous St. Patrick's Day Parade passing by their front yard, views of our fireworks, and will be moments from all of the excitement downtown has to offer! Building includes a full service coin-operated laundry room, freight elevator for ease of move-ins, storage rooms in the basement for each unit, and a spacious 9 vehicle garage. Sweeping city views from most windows & charming (inoperative) fireplaces provide ambiance; formal dining rooms, large living rooms, and most units are 2-3 BRs. New steam boiler in Dec. 2022, new garage roof, and several units have had recent major remodels!
Cap rate reflects market rents- owner has had very little turnover since purchasing and has not raised rents for existing tenants. Many 2023 expenses were rare charges to bring the property up from a nearly distressed condition, including 11 days free rent & hotel stays for tenants while the boiler was being replaced!
Please see docs for financials.
Cap rate reflects market rents- owner has had very little turnover since purchasing and has not raised rents for existing tenants. Many 2023 expenses were rare charges to bring the property up from a nearly distressed condition, including 11 days free rent & hotel stays for tenants while the boiler was being replaced!
Please see docs for financials.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£86,768
|
£7.42
|
| Other Income |
£2,660
|
£0.23
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£89,429
|
£7.64
|
| Taxes |
£10,655
|
£0.91
|
| Operating Expenses |
£50,301
|
£4.30
|
| Total Expenses |
£60,956
|
£5.21
|
| Net Operating Income |
£28,473
|
£2.43
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £86,768 |
| Annual Per SF | £7.42 |
| Other Income | |
|---|---|
| Annual | £2,660 |
| Annual Per SF | £0.23 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £89,429 |
| Annual Per SF | £7.64 |
| Taxes | |
|---|---|
| Annual | £10,655 |
| Annual Per SF | £0.91 |
| Operating Expenses | |
|---|---|
| Annual | £50,301 |
| Annual Per SF | £4.30 |
| Total Expenses | |
|---|---|
| Annual | £60,956 |
| Annual Per SF | £5.21 |
| Net Operating Income | |
|---|---|
| Annual | £28,473 |
| Annual Per SF | £2.43 |
Property Facts
| Price | £622,048 | Building Class | C |
| Price Per Unit | £56,550 | Lot Size | 0.38 AC |
| Sale Type | Investment | Building Size | 11,700 SF |
| No. Units | 11 | Average Occupancy | 90% |
| Property Type | Residential | Number of Floors | 3 |
| Property Subtype | Apartment | Year Built | 1870 |
| Apartment Style | Mid Rise | Parking Ratio | 0.77/1,000 SF |
| Price | £622,048 |
| Price Per Unit | £56,550 |
| Sale Type | Investment |
| No. Units | 11 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.38 AC |
| Building Size | 11,700 SF |
| Average Occupancy | 90% |
| Number of Floors | 3 |
| Year Built | 1870 |
| Parking Ratio | 0.77/1,000 SF |
Unit Amenities
- Storage Space
- Heating
- Ceiling Fans
- Refrigerator
- Oven
- Dining Room
Site Amenities
- Laundry Facilities
- Smoke Free
- Rubbish Collection - Kerbside
- Bicycle Storage
- Lift
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 2+1 | 11 | - | 945 |
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Walk Score ®
Very Walkable (82)
PROPERTY TAXES
| Parcel Number | 09-160-021-460-004-00 | Total Assessment | £175,621 (2024) |
| Land Assessment | £0 (2024) | Annual Taxes | £10,655 (£0.91/sf) |
| Improvements Assessment | £0 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
09-160-021-460-004-00
Land Assessment
£0 (2024)
Improvements Assessment
£0 (2024)
Total Assessment
£175,621 (2024)
Annual Taxes
£10,655 (£0.91/sf)
Tax Year
2023
zoning
| Zoning Code | C (Commercial) |
| C (Commercial) |
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814 Center
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