Multi family properties, notably apartment buildings, are one of the most desirable property types for commercial investors across the country.
Apartment buildings for sale in Michigan have especially become a popular area of search.
Navigating the market, however, relies heavily on your precise needs as a buyer.
To help you in your search, we’ve compiled a list of platforms you can use to discover your next apartment building investment in Michigan (no matter what your needs are as a buyer).
Finding Ideal Apartment Buildings for Sale in Michigan
Why invest in apartment buildings?
(1) Apartment buildings typically generate strong monthly cash flow, which tends to make it easy to finance a purchase.
(2) With multiple units per building, apartment buildings represent an efficient way for investors to grow their portfolio quickly.
(3) Financial liability for multi-unit rental properties is also lower, since a single vacancy has less financial impact the more units the building contains.
Why invest in Michigan commercial real estate?
(1) Michigan has affordable real estate prices in comparison to most of the country.
(2) The Michigan market also presents a strong likelihood of continued equity growth.
(3) The state has a variety of markets, allowing investors to pursue core, value-add, and/or opportunistic assets even within a single market.
This includes many multi family properties ripe for flipping—for investors who prefer quick capital gains over long-term monthly rental income.
(4) A shortage of affordable single-family homes in much of Michigan’s housing market has led to an increase in the number of households renting.
Given all of this, interested investors may be wondering where to start a search for apartment buildings for sale in Michigan.
Searching for apartment buildings for sale in Michigan can be slightly complex, because there are so many factors to consider.
Investment options are available for buyers with almost any budget, whether they prefer to manage the property themselves or to hire a management company, and whether they prefer to profit by capital gain or through monthly rental income.
In any case, the best platform for an investor is one that will cater exactly to what their needs and preferences are as a buyer.
Here we’ll provide a quick overview of the best platforms to use when searching for apartment buildings for sale in Michigan.
We’ll conclude with a few step-by-step examples of how you might search using today’s most popular platforms (LoopNet & CityFeet).
Commercial and Residential Real Estate Listings
There are so many on-market commercial and residential real estate listings platforms available that it can be difficult to decide where to start your search.
The platforms listed below are some of the best places to begin if you’re specifically searching for an apartment complex for sale in Michigan.
- The Reonomy Platform: Instead of listings, you can also access any Michigan location off-market with Reonomy. With one platform, you can discover targeted assets, research those assets, then get the contact information of the owner to reach out directly.
LoopNet Apartment Buildings
As the leading commercial real estate marketplace for investors and tenants, LoopNet is an ideal place to search for apartment buildings for sale in Michigan.
This platform offers a multifamily property search option and will allow you to search all of Michigan at once for apartment complexes for sale. You can also choose to search a specific metro area or city.
For example, you could search LoopNet specifically for apartment buildings for sale in Detroit, Michigan.
LoopNet’s multi family search filter will allow you to narrow your search down by property sub-types such as garden, low-rise, mid-rise, high-rise etc. You can also filter by price per unit, number of units and more.
CityFeet Apartment Buildings
CityFeet is part of the CoStar Group of Marketplaces along with LoopNet, Showcase, Realla and Belbex.
Unlike LoopNet, the CityFeet platform allows users to add favorites, save their searches and receive email notifications for properties matching their search preferences.
CREXi Apartment Buildings
CREXi also provides commercial real estate listings for sale and lease. They offer “Market Intelligence” for almost 50 major metro markets, including Detroit.
To search CREXi for apartment buildings for sale in Michigan, you’ll need to choose the multi family property type.
You can then use their advanced filters to narrow your search by number of units and/or enter “apartment” in the keyword search box.
You can also narrow the search location by zip code, city or county, if, for example, you happen to only be interested in apartment buildings for sale in Wayne County, Michigan.
Other advanced filters include listing status, price per square foot and occupancy percentage.
Point2Homes Apartment Buildings
Point2Homes covers real estate marketplaces in the Unites States, Canada and beyond. Their listings are separated into three categories – for sale, for rent and commercial.
The easiest way to search Point2Homes for apartment buildings for sale in Michigan is to search the “For Sale” listings using the multi family property type filter.
Trulia Apartment Buildings
Trulia is a predominately residential real estate listings platform.
To search Trulia for apartment buildings for sale in Michigan, you will first need to choose a neighborhood, city, zip code, county, school district or choose from Trulia’s list of the top 20 real estate markets in Michigan.
If you would like to find apartment buildings for sale in Wayne County, Michigan specifically, once you’ve entered Wayne County, MI in Trulia’s search box, you can simply choose Multi-Family from the All Home Types drop down menu.
Berkshire Hathaway HomeServices Michigan Real Estate Apartment Buildings
Serving the Michigan and Northern Indiana area, Berkshire Hathaway HomeServices Michigan Real Estate is an excellent regional listings platform to use when searching for apartment buildings for sale in Michigan.
Their website provides residential and commercial real estate listings, property alerts, information on market trends and city and neighborhood specific information for areas throughout Michigan.
Using Berkshire Hathaway HomeServices to search for apartment buildings for sale in Detroit Michigan brings up hundreds of results for multi family properties, many of which are apartment buildings.
Jaqua Realtors Apartment Buildings
Jaqua Realtors serves the West Michigan community specifically and specializes in residential home sales and listings, commercial real estate, corporate relocation, long and short-term home rentals and property management.
Their multi family search filter allows you to select all multi family property listings, listings for 2-4 unit properties or listings for properties with 5+ units.
For Sale by Owner Listings
If you’d like to avoid broker fees and quite possibly reduce the amount of competition you face during the purchase process, you may want to consider looking for apartment buildings for sale by owner (FSBO).
As with conventional commercial and residential real estate listings, there are a number of platforms geared towards FSBO properties.
We cover some of the best options for those looking for apartment buildings for sale by owner in Michigan below.
Buildings By Owner Apartment Buildings
Buildings By Owner is listings platform exclusively for commercial property for sale (or for lease) by owner. They serve property owners and investors across the Unites State and Canada.
It’s simple to search their site for commercial multi-family properties for sale by owner in Michigan and their detailed search results allow you to see immediately which of the properties for sale are apartment buildings.
Zillow Apartment Buildings
Although Zillow is best known as a traditional residential listings platform, a percentage of its many many listings are FSBO listings.
To search Zillow for apartment buildings for sale by owner in Michigan, you simply need to choose “for sale by owner” from the Buy menu on Zillow’s home page.
You can then enter your desired location and keywords (such as “multi family” or “apartment”) on the results page to further filter your search.
How to Search LoopNet and CityFeet for Apartment Buildings for Sale in Michigan
Here are step-by-step examples of how to search two of the top listings platforms for apartment buildings for sale in Michigan.
We’ve included screenshots and the specific filters and keywords that you may find most helpful in your search for the ideal investment property.
Michigan Apartment Building Search with LoopNet
To search LoopNet for apartment buildings for sale in Michigan, begin by choosing Multifamily from the “Search all types for sale” drop down menu on the home page.
Enter “Michigan” in the “Enter a location” search box. Click the red Search button.
On the search results page, click More Filters.
Enter “apartment” in the Keyword box and set any other filters you would like. Click the red Search button.
Your search results will show up on the LoopNet map as well as in a detailed list with photos. Click on a listing to see further details.
Michigan Apartment Building Search with CityFeet
Searching CityFeet for apartment buildings for sale in Michigan begins in a similar fashion. Click the For Sale tab in the CityFeet search box. Choose Multi-Family from the “All Property Types” drop down box.
Enter “Michigan” in the Location box and click the orange magnifying glass button to search.
To limit your search to apartment buildings only, click More on the search results page and enter “apartment” in the Keywords box.
As with LoopNet, you can choose to limit your search further by selecting the Garden, Low Rise, Mid Rise, High Rise and/or Other property subtypes or by setting additional filters.
Once you’ve selected all the filters you’d like, click the blue Done button in the lower right corner.
The search results page will show all results as pinpoints on the map on the left side of your screen, with individual listings showing up in a grid on the right-hand side. Again, click on an individual listing to see further property details.
With so many excellent places to search for apartment buildings for sale in Michigan, you’re sure to find property that will help you realize your investment goals.
Hopefully reviewing some of the best options has helped narrow down where you’d like to start your search and given you ideas on how to expand that search if need be.