Catylist ID: #29979948
46 Unit Apartment Building - Proven History of Success
Multi-Family for Sale
|Catylist Listing ID:||29979948|
|Number of Units:||46 Units|
|Building Size (RSF):||37,200 SF|
|Gross Land Area:||1.63 Acres|
|Unit Price:||$32,608.70 Per Unit|
|Property Use Type:||Investment|
|Building Name:||Cary Apartments|
|Sale Terms:||Cash to Seller|
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.
Attachments & Media
|Nearest MSA:||Lansing-East Lansing|
|Taxing Authority:||Ingham County / City of Lansing|
|Total Number of Buildings:||2|
|Number of Stories:||3|
|Parking Type:||Surface, Other|
|Parking Description:||Surface parking and carports|
|Heat Type:||Hot Water|
|Air Conditioning:||Window Unit|
|Proximity:||1 mile||3 miles||5 miles|
Matthew Wisniewski, CCIMRE/MAX COMMERCIAL GROUP
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