46 Unit Apartment Building - Proven History of Success

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 29979948
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 46 Units
Building Size (RSF): 37,200 SF
Gross Land Area: 1.63 Acres
Sale Price: $1,500,000
Unit Price: $32,608.70 Per Unit
Property Use Type: Investment
Building Name: Cary Apartments
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/22/2017

Overview / Comments

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 the 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.

Additional Details

Nearest MSA: Lansing-East Lansing
County: Ingham
Taxing Authority: Ingham County / City of Lansing
Tax ID/APN: Multiple
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 3
Year Built: 1971
Roof Type: Gable
Exterior Description: Brick
Parking Type: Surface, Other
Parking Description: Surface parking and carports
Laundry: Shared
Sprinklers: None
Heat Type: Hot Water
Heat Source: Radiant
Fuel: Gas
Air Conditioning: Window Unit
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,349 86,235 188,954
Median Age: 37.47 34.89 33.08
Households: 4,540 36,268 73,980

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