Multifamily Investment Opportunity
Price
$2,650,000
68 Units
3 Retail Units
2.14 acres
Great opportunity to invest in the capital city, Lansing, MI. This property is located just minutes away from Michigan State Capital, Lansing Community College, and Cooley Law School. After the renovation is completed this will be an amazing asset. Extra incentive because this is also located in an opportunity zone. Seller owns this property Free and Clear. All studios and 1 bedroom apartment units.
Washington Apartments is located in Lansing, the capital of Michigan. Located within a mile of Interstate 496, there is easy access to various cultural and economic hubs within the region. Additionally, with three retail spaces located in the building, there are opportunities to increase cash flows and diversify tenants.
Investment highlights include the below:
Low price per unit as compared to the market
This fully vacant property presents a strong redevelopment opportunity
There is potential to receive historic tax credits
The property is located in an opportunity zone
Seller financing is available
In a state with prominent urban hubs, Lansing– Michigan’s capital– is arguably the most important. With an unemployment rate hovering right around the national average, a major focus of Lansing’s economy is in public administration; the state government employs nearly 20,000 citizens hailing from the greater Lansing area. Another major player in the area’s economy is Michigan State University, the nation’s 12th largest college with over 50,000 undergraduates. MSU is one of country’s more notable institutions, and the Spartans excel in both academics and athletics. When employees of education and public administration are combined with all the employees working for the many health institutions, roughly 2/3rds of the greater Lansing area’s workforce is accounted for.
With a rich history of the arts–specifically music– Lansing is a great place to immerse oneself in the culture of Michigan. The Lansing Symphony Orchestra, Lansing JazzFest and the Old Town Bluesfest are all prime examples of how local consumers love to spend their time. Along with its emphasis on the arts, Lansing is known for it’s diverse food scene. With a wide array of restaurants, you can find menus with food from Myanmar’s cuisine to barbecue, and everything in between. With a great blend of employment opportunity to leisurely activities, Lansing is a great place to call home.
Please submit all offers directly to sarter@promiselandrealtyllc.com
Unit Mix
RENT COMPARABLES
Property Map
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PROMISE LAND REALTY, LLC
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All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*
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