Covington Cove

Available | $3,062,500

Saginaw, MI | Units: 49 | Price Per Unit: $62,500 | Avg Sq Ft: 651 | GRM: 7.07 | DSC: 1.11 | Year 1 ROI: 2.15% | Listing Agent: A.J. Beachum, J.D.

Location

Executive Summary

Covington Cove is a handsome, brick-clad community comprised of nine apartment buildingsĀ along with a commercial building featuring eight suites and a rental office, all spread over 3 acres in a beautiful courtyard setting. The unit mix includes 40 spacious two-bedroom units (725 sf.) and 1 large three-bedroom unit (875 sf.) that is located above the office. The eight commercial suites range from 200-500 sf. and are currently occupied by four salons and two barber shops, all long-term tenants. There is an additional 2,092 sf. of partially finished space in the basement of the commercial building that presents an opportunity for the future owner.