Martin Luther King Apartments

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30152538
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Building Status: Proposed
Number of Units: 32 Units
Building Size (RSF): 12,800 SF
Gross Building Area: See Agent
Gross Land Area: 0.89 Acres
Sale Price: $600,000
Unit Price: $18,750 Per Unit
Property Use Type: Investment
Building Name: Martin Luther King Apartments
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/19/2018

Overview / Comments

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.

Additional Details

Nearest MSA: Lansing-East Lansing
County: Ingham
Taxing Authority: City of Lansing - Ingham County
Tax ID/APN: 33-01-01-32-451-631
Percent Occupied: 70%
Total Number of Buildings: 4
Property Condition: Fair
Number of Stories: 2
Construction/Siding: Wood Siding

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,000 89,994 194,894
Median Age: 35.49 35.45 34.13
Households: 7,066 37,793 79,239


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