Downtown Apartments 2 Blocks from State Government

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30285153
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 5 Units
Building Size (RSF): 3,796 SF
Gross Building Area: See Agent
Gross Land Area: 0.25 Acres
Sale Price: $219,000
Unit Price: $43,800 Per Unit
Property Use Type: Investment
Building Name: Sycamore Apartments
Sale Terms: Cash to Seller
Cap Rate: 8.22%
Average Occupancy Rate: 99
Gross Rent Multiplier: 5.79
Last Updated: 10/12/2018

Overview / Comments

The Sycamore Apartments are located in the central business district of Lansing and offer a convenient location for both Lansing Community College and Cooley Law School student as well and State of Michigan employees as well as all the other downtown business employees. With 5 units (2 Two Bed, 3, One Bed) and solid rental history, the property has had stable income and returns. Rents appear to be significantly under market. Property has a 3 car garage that could be better leveraged to drive rental growth. In 2017, the roof was replaced as well as the water heater. The current owners have also renovated two units during their ownership period. The rear entrances and stairwell was redone 4 years ago and the sewer lines and vent stack have all been replaced. Separate electric meters reduce the owners liability for utilities. Coin operated laundry equipment is located on site for the tenants convenience and added monthly income.
Heat is steam boiler and has been well maintained.
Cap rate is 9.1% on in-place NOI, 8.22% with a vacancy factor of 5%.

Additional Details

Nearest MSA: Lansing-East Lansing
County: Ingham
Taxing Authority: City of Lansing - Ingham County
Tax ID/APN: 33-01-01-16-152-031
Percent Occupied: 100%
Property Condition: Good
Number of Stories: 3
Year Built: 1917
Year Renovated: 2014
Roof Type: Gable
Construction/Siding: Vinyl Siding
Parking Type: Surface
Parking Description: Surface space plus 3 car garage spaces
Total Parking Spaces: 8
Laundry: Shared
Sprinklers: None
Heat Type: Steam
Heat Source: Central
Fuel: Gas
Air Conditioning: Window Unit
Water Service: Municipal
Sewer Type: Municipal
Legal Description: LOT 9 BLOCK 88 ORIG PLAT

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,792 95,337 201,959
Median Age: 31.68 34.27 32.98
Households: 6,648 41,275 80,783


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