Old Town Apartments - Loft Apartments in Lansing MI

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30181637
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 7 Units
Building Size (RSF): 4,200 SF
Gross Building Area: See Agent
Gross Land Area: 0.10 Acres
Sale Price: $275,168
Unit Price: $39,309.71 Per Unit
Property Use Type: Investment, Vacant/Owner-User
Building Name: Old Town Apartments
Sale Terms: Cash to Seller
Cap Rate: 10.5%
Last Updated: 3/16/2018

Overview / Comments

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 under term leases.
This is a rare opportunity in one of the most sought after Lansing neighborhoods. Please email for a full offering memorandum including income and expenses, and proforma for future returns.

Additional Details

Nearest MSA: Lansing-East Lansing
County: Ingham
Taxing Authority: City of Lansing - Ingham County
Tax ID/APN: 33-01-01-09-279-041
Property Condition: Average
Year Built: 1901
Roof Type: Flat
Construction/Siding: Brick

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,686 94,647 194,526
Median Age: 29.56 32.24 32.65
Households: 6,265 38,557 77,337


Photograph of Listing Agent

Matthew Wisniewski, CCIM

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