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Martin Luther King Apartments, 4612 S MLK Blvd, Lansing, MI
Listing was updated at: 08/03/2018
Martin Luther King Apartments, 4612 S MLK Blvd, Lansing, MI
Property Overview
Price/Rent PSF $ 600,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 12,800
Date Available 12/10/2017
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Description

Martin Luther King Apartments feature 32 studio apartments in four buildings.The units are 400 Sq Ft each and all have electric heat, paid by the tenant. The property has recently undergone a major re positioning in the market and renovations to the units are nearly completed. Most units feature low maintenance vinyl floors and all have their own hot water heater. One of the units is currently in use as a management office and is accounted for in the property expenses. The on site manager works part time to lease units and handle maintenance requests. A part time maintenance person works any issues and turns apartments. All management is from an outside firm for an easy transition of ownership. A new roof was installed in 2015, carrying a 20 year warranty. The landlord provides water, sewer and trash service for the residents. An outside storage building provides a maintenance storage facility for spares and parts. Income projections use a 10% vacancy rate and credit back the rent for the managers office in expenses.

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