Location

EXECUTIVE SUMMARY:

Northgate Apartments was established in 1981 and built by Bavarian Builders of Frankenmuth, Michigan. Northgate is situated on approximately 3.7 acres just north of Downtown Hemlock and consists of three buildings with a total of 22 units, a common laundry room, and a maintenance/storage shed. The buildings are set on footings with crawl spaces, with a lower brick facade, vinyl uppers, aluminum soffits, gutters, down spouts and asphalt shingled roofs.

The property offers a competitive unit mix of 2 three-bedroom townhome units with approximately 1,064 ft.2, 4 two-bedroom townhome units with approximately 812 ft.2, 7 two-bedroom units approximately 718 ft.2, 8 one-bedroom units approximately 584 ft.2 and 1 studio unit approximately 538 ft.2. All units are separately metered for gas and electric with gas-forced air furnaces, air conditioning, individual hot-water heaters, refrigerators, stoves, and dish washers. Tenants are responsible for gas and electric, and the landlord is responsible for city water and sewer.

Northgate is a stabilized asset with current physical occupancy at 81.8%, which is much lower than historical occupancy levels. The property was pulled from the USDA Rural Development Section 515 program in July 2019 via the pre-payment program. Ownership is currently transitioning the property from RD tenants to market rate tenants, thus explaining the lower than normal occupancy and higher turn-over costs. There have been many recent improvements to Northgate Apartments: parking lots were repaired, sealed and striped in 2016; a concrete handicap ramp was installed in 2016 to replace a wooden ramp for building “B”; all building exteriors were painted in 2012; roofs were replaced in 2008; entry doors were replaced in Building “C” in 2008; all appliances, carpet, vinyl, A/C, water heaters, furnaces, and plumbing fixtures have been replaced on a “as needed” basis.

MEET OUR TEAM

GregoryDCoulter

Founder | Managing Member, Michigan

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Jason Gardner

Partner | Associate Broker, Michigan

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J.J. Zwada

Associate Broker, Michigan | Managing Broker, Indiana

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Associate Broker, Michigan | Broker, Ohio

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Bruce Lister

Sales Associate Michigan and Ohio

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John Teringo

Sales Associate Michigan and Ohio

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Joseph Crane

Sales Associate Michigan

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Paul McHugh

Sales Associate Michigan | Associate Broker Ohio

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Matt Seeley

Associate Broker, Michigan | Executive Assistant

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Sales Associate, Michigan | Broker, Indiana

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