48 Unit Apartment Building, 737 Louisa St, Lansing, MI

Listing was updated at: 06/03/2019
Property Overview
Price/Rent PSF $ 1,500,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 37,200
Date Available 12/10/2017
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Cary Apartments is a 46 unit, 2 building complex located on Lansing's Southside. The location, within walking distance of shopping and public transportation has easy highway access for its residents. Featuring a mix of one and two bedroom units, carports and a quiet setting, the Cary Apartments provides a well maintained home for its residents. With many long term tenants, Cary Apartments enjoys consistently low vacancy rates which produce stable investment yields. The building have security doors with intercom and buzz in capabilities. A patio seating area is situated in a secluded and shaded corner of the property and contains chairs, and picnic area. All units have dishwashers and disposals. Each building has a laundry room with washers and dryers owned by the complex. Currently, rents are significantly below market, representing a value add opportunity for a new owner to build long term cash flows. One two bedroom unit is used as a managers office. This could be used as incentive for an onsite manager or a smaller unit used as the office, adding additional value to the property. Current rents are $600 for two bedrooms (24 units), $500 for one bedrooms (22 units), $430 for efficiency apartments (2 units) and 24 carports rent for $10 per month. The landlord provides central boiler heat, trash, water and sewer. Each unit has its own electric meter which the tenant is responsible for.