Sugar Pine Apartments is a stabilized, value-add 19 unit apartment building located in Holt, MI. The property consists of eighteen 1 bedroom apartments (800 square feet) one 3 bedroom unit (1,000 square feet) and 9 storage units. The property is 100% occupied grossing $17,295 per month. All 19 units are in one building - that was built in 1999. Each unit is equipped with a window air conditioning unit, along with baseboard heat. There are 28 parking spaces for the 19 units. The units are separately metered for electric which the tenant puts in their name. The heat is supplied through baseboard heat. The landlord pays for water, sewer and trash. Most properties in the area bill back for these utilities, so there is opportunity to increase value through collecting RUBS. The current owner has invested over $100,000 into the building this year including patching, sealing and striping the parking lot, 3 unit renovations, and exterior / common area CAPEX.
Holt is located in Michigan. Holt, Michigan has a population of 25,755. Holt is more family-centric than the surrounding county with 29.88% of the households containing married families with children. The county average for households married with children is 28.45%.
The median household income in Holt, Michigan is $74,169. The median household income for the surrounding county is $58,226 compared to the national median of $69,021. The median age of people living in Holt is 38 years.
The average high temperature in July is 82.2 degrees, with an average low temperature in January of 16.7 degrees. The average rainfall is approximately 33.8 inches per year, with 45.9 inches of snow per year.
