48-Unit Apartment Complex, Marinette, WI- $3,120,000
This large section 8 multi-family property includes tremendous income potential! Current HAP contract results in an outstanding cap rate of 7.34%. Please contact brokers for details regarding the HAP & LURA contracts.
The property consists of 2 buildings which are located on a 2.97-acre site. Sixteen units have been extensively updated during 2021-2022. The buildings contain a mix of 2 bedroom/1 bathroom (50%) and 3 bedroom/2 bathroom units (50%). The floorplans are large and attractively designed. Also included with the property are a total of 48 refrigerators and 48 ranges.
Marinette Woods Apartments is located in an area which includes an estimated population of 18,024 within a 5-mile radius and 25,968 within a 10-mile radius. The property is situated less than a half mile from a major commercial corridor which provides significant employment opportunities for residents.