Austin Hull

2342 Aurelius Rd, Holt, MI is a misc residential improvement home that contains 0 Sq. Ft. sq ft and was built in 1999.

The Hull Multifamily Advisors (HMA) are pleased to present the exclusive offering of the Five Lakes Apartments and Storage in Muskegon, MI.​  This asset consists of 24 apartment units and 20 storage units and is broken out into (6) one bed one baths, (18) two bed one baths, (10) 5x10 storage units, and (10) 10x25 storage units.​  Sitting in a beautiful park like setting overlooking Carr Lake, this complex has seen approximately $500,000 of capital improvements under current ownership.​  Most notably, fully gut renovating 22 out of the 24 units with new kitchens, bathrooms, flooring, lighting, trim, doors, paint etc.​  Five Lakes is outfitted with tenant paid electric baseboard heating and is on a well/septic system, giving ownership minimal utility expenses.​  With most capital improvements and unit rehabs completed, Five Lakes is being offered to the market as a turnkey asset, however, still presents several value-add opportunities.​  Most notably, the 20 onsite storage units consisting of 3,000 rentable SF are not currently being rented.​  After looking at market competitors for 5x10 and 10x25 storage units in the Muskegon market, it is believed renting these units out could add an additional $22,000+ to Five Lakes annual income.​  Additionally, new apartment units are renting at a $125-$175 rent premium from the majority of the current rent roll, a new owner could eventually increase each unit to the market rate with minimal turn costs.​  Lastly, sitting on 8.86 acres overlooking Carr Lake, there is a significant amount of vacant land for expansion.​  Please reach out to HMA before this stabilized, value add opportunity is gone.​

Troy Condell, Broker/Owner of Condell Wonder Land Realty, specializes in Northern Michigan waterfront and lakefront real estate since 1985. Serving buyers and sellers in Harrison, Michigan and surrounding lake communities, we help clients find cottages, vacation homes, waterfront property, acreage, and recreational land. My services include residential and lakefront sales, buyer and seller representation, property marketing, pricing strategy, and investment property guidance. Offering a full-service brokerage with my 40+ years experience serving Clare County, Gladwin County, Harrison, Clare, Farwell, Gladwin, and Beaverton, Michigan. 

Austin Hull

About Austin Hull

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Recent property sales & transaction history

2 properties

Muskegon

Family Home

$1,900,000

60,000 ft²

Properties for sale by listing agent Austin Hull

$995

$1,899,900

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