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Old Town Loft Apartments, 1206 Center St, Lansing, MI

Listing was updated on: 06/03/2019
Old Town Loft Apartments, 1206 Center St, Lansing, MI

Property Overview

Price/Rent PSF $ 275,168.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 4,200
Date Available 12/11/2017
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Description

The Old Town Apartments are situated right off Grand River Ave and are One block from Turner St. This is a very rare opportunity to acquire modern and updated apartment lofts in a historic building in the Old Town neighborhood. The building is exactly what you might expect from Old Town. Quirky, with fun touches through out, exposed brick, hardwood floors, skylights and tile in natural tones throughout give the units a warm feeling. These are the apartments units that everyone is trying to recreate today. The units range from studio to 2 bedroom in size and all are heated by a modern steam boiler that still retains the classic steam radiators in the units. The property has ultra low maintenance grounds with natural planting eliminating the need for lawn services. The property is single meter for gas and electric and historic expenses show that the property has had a history of low expenses for years. An additional investment made int 2015 added extensive insulation to the property which reduced heating expenses while reducing noise between units. Also updated was the water heater and chimney liner. An extensive boiler update and efficiency moderation has also ensured that the property can keep residents comfortable regardless of the outside temperature. This property is being offered at a 10.5% cap rate which has been compiled from actual historical expenses and includes reserve for future capital expenditures. The property is fully occupied.

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