FOR SALE
Multi-Housing Investment Property
Stone Creek Apartments
HOLLAND, MI
Holland, Michigan, named #50 on the list of
by Kiplinger’s Personal Finance Magazine
“Smart Places to Live”
MULTI-HOUSING INVESTMENT, HOLLAND, MI
CB Richard Ellis|Grand Rapids is pleased to offer this outstanding investment opportunity in Holland, MI.
Stone Creek is a 20-unit apartment project built on approximately 11.7 acres of land. Two of a possible 10 buildings
have been built on the site, and site plan approval is in-place for the remaining buildings, which could contain up to
76 additional units. Stone Creek combines the stability of an income producing apartment project with the upside
opportunity of future development.
The existing 20 units have large, highly functional two bedroom/ two bath floorplans that apartment residents find
desirable. Each unit features condo-like amenities, including central air conditioning, GE appliances (refrigerator with
ice maker, full-size stackable washer/dryer, dishwasher and microwave), patio/balconies with outside storage, and a
secure 1-car garage unit with additional storage.
Nestled in a private, wooded area, Stone Creek is conveniently located near US-31 and Waverly Road, which
provide easy access to Holland’s growing retail and commercial areas to the north. Additionally, the Property is
just minutes from major industrial employers including Tiara Yachts, Johnson Controls and Magna Donnelly.
31
FUTURE SPACE FOR
COMMUNITY CENTER & POOL
GAR
AG
AR
10 U
E
NITS
To
10
UN
Proposed
Buildings
EXISTING DEVELOPMENT
Proposed
Parking Structure
ITS
Proposed Parking Structure
Va
ss
G
ar
Av
e.
AGE
Pr
Bu opo
ild se
in d
gs
N
Pro
Bu pos
ild ed
ing
s
FUTURE DEVELOPMENT
ed
os gs
op in
Pr uild
B
Proposed
Buildings
sed
Propo gs
in
Build
Proposed
Buildings
ed
os s
op ng
Pr ildi
Bu
Proposed
Parking
Structures
To 40th Ave.
PROPERTY FEATURES:
Purchase Price*
Price Per Unit*
Price Per Square Foot*
Capitalization Rate
Units
Total Square Feet
Average Unit Size (Sq. Ft.)
Year Completed
Current Occupancy (as of 12/1/08)
Current Market Rent
Current Market Rent Per Sq. Ft
Land Area
Total units approved Density
Remaining units to be built
$1,000,000
$50,000*
$49.69
7.35%
20
18,300
915
1996, 1998
90%
$750
$0.82
11.6741 acres
96 units
8.22 units/acre
76 units
* Price includes adjacent vacant land which has been approved for an additional 76 units.
Pricing metrics do not separate the value of the vacant land from the value of the existing project.
Building Style
No. Floors
No. Elevators
Hallways/Stairs/Breezeways
Roofing Material
Roof Condition/Age
Exterior Materials
Parking
Range
Refrigerator
Dishwasher
Washer/Dryer
Microwave
Garden
1 2-story and 1 3-story building
None
Interior Hallways/Interior Stairs
Pitched roof with shingles
Original
Brick, Wood and Vinyl Siding
20 1-car garages spaces
plus ample uncovered surface parking
Electric, GE
GE with icemaker
GE
Full Size Stackables in unit (GE)
GE
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Holland, Michigan is located approximately 20 minutes southwest of
Grand Rapids along the eastern shoreline of Lake Michigan. At approximately the same latitude as Milwaukee, the Holland area is located 175
miles northwest of Detroit and 150 miles northeast of Chicago.
2013 (Proj)
4,168
36,908
84,769
• Holland has grown at a faster rate than the state of Michigan and the U.S.
overall, adding 19.5% to its population in the 1990s. This growth trend is
expected to continue, as evidenced by the 4.8% increase in population and
the 7.3% increase in households projected for 2008 to 2013. This growth
rate is higher than that forecast for Michigan (1.1%) and the U.S. (4.6%)
over the same time period.
2008 (Est)
4,119
36,877
81,633
2000 Census
4,034
37,355
76,669
1990 Census
3,517
32,674
60,808
2013 (Proj)
1,737
12,574
30,368
2008 (Est)
1,717
12,642
29,138
2000 Census
1,678
12,877
27,148
1990 Census
1,459
11,358
21,284
Growth 2008-2013
2.34%
-1.83%
7.33%
Growth 2000-2008
1.13%
-0.54%
4.22%
2008 Median Household Income
$42,937 $45,026 $51,328
2008 Average Household Income
$52,721 $55,187 $63,169
• In 2006 Money magazine rated Holland, Michigan on its list of Top 5
places to retire. Reasons for this distinction include top-notch healthcare,
numerous cultural opportunities, outstanding parks, natural areas and
open spaces; and comparatively lower taxes.
• The Lakeshore Area has been recognized by the Wall Street Journal as
having the 10th highest concentration of engineering talent in the country,
roughly twice as much as the national average.
• In May 2007, Pfizer Inc. announced that it would donate a $50 million,
138,000 square foot advanced research center located in Holland to
Michigan State University. MSU will utilize the facility as a bio-economy
research and development center.
1-Mile Radius 3-Mile Radius 5-Mile Radius
POPULATION
HOUSEHOLDS
32nd
40
Montrose
SITE
Vasser
HOLLAND
54th
56th
31
40th
FORECASTED OPERATING STATEMENT
Stone Creek Apartments - 20 Apartments, Holland, MI
Unit
Unit
# of Square
Type
Description
Units
Feet
Total
Sq. Ft.
Market
Rents
Rents/
S. F.
Monthly
Rents
Annual
Rents
2/2
2 Bedroom/2 Bath
Totals or Average
18,300 18,300 750 $750 0.82 $0.82 15,000 $15,000 180,000
$180,000
INCOME:
Gross Rental Income Vacancy & Loss-to-lease
10.00%
Non-Revenue 1.25%
Effective Rental Income
Plus: Miscellaneous
Effective Gross Income
EXPENSES:
$/SF
Salaries
$0.82 Utilities
$0.35 Repairs & Maintenance
$0.27 General & Administrative
$0.11 Legal & Accounting
$0.08 Advertising
$0.01 Contract Services
$0.38 Insurance
$0.27 Real Estate Taxes
$1.88 Bad Debt
$0.09 Management Fees
4.0%
$0.35 Monthly
$15,000 (1,500)
(188)
$13,313 200 $13,513 $/Unit
$750 $320 $250 $100 $75 $10 $350 $250 $1,724 $81 $324 Annual
$180,000
(18,000)
(2,250)
$159,750
2,400
$162,150
Annual
$15,000
$6,400
$5,000
$2,000
$1,500
$200
$7,000
$5,000
$34,482
$1,622
$6,486
$4,234 $84,690
20
20 Total Expenses
915
915 47.0% of GRI
$4.63 NET OPERATING INCOME:
Capital Reserves
$200
per unit
NOI AFTER RESERVES:
$77,460
($4,000)
$73,460
FOR SALE | multi-HOUSING INVESTMENT PROPERTY
HOLLAND, MI
For more information contact:
Edward Mikolay
T 616 726 5466
F 616 831 2201
[email protected]
2008, CB Richard Ellis, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee,
warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or
withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the
property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
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