Ashgrove Apartments

Sold | $2,281,000

Marshall, MI | Units: 52 | Price Per Unit: $43,865 | Avg Sq Ft: 598 | GRM: 7.27 | Year 1 ROI: 6.64% | Listing Agent: A.J. Beachum

Location

Executive Summary

Ashgrove is a ranch-style complex consisting of 52 units just east of I-69 and south of I-94. It offers a mix of 6 studio units (300 ft.2), 36 one-bedroom units (600 ft.2), and 10 two-bedroom unit (900 ft.2). The single-story buildings with private entrances are quite popular, especially among the senior segment of the market. The units are equipped with electric “zone line” furnaces for heating and cooling, and domestic hot water is provided by electric hot-water tanks located within each unit. Amenities include in-unit washer & dryer hook-ups, and attic storage.