Value-Add 136 Unit Apartment Complex in Lansing MI For Sale

  • $8,092,000
  • 114,000 sqft

3615-3625 BAYVIEW DR , LANSING, MI 48911

->Quickly Finish the Value-Add Process on this Turn-Key Property. You’ll Gain an Immediate $1.7MM in Equity by Finishing the Lease Up Phase!

***Offered at an Amazing $59,500/Door!

->Delivered Turn-Key with All Renovation Complete While Leasing is In Progress. Property will be Delivered at a Minimum of 60% Occupancy Prior to Hand-Off.

Current Average Rent = $850 for 1 Beds & $950 for 2 Beds.

*Ability to Push Market Rents to $1,000+ Average With a Higher Level of Finish out on Remaining Unit Turns

11 Scenic acres, 12 buildings with basements that house mechanicals.

Property Highlights & Work Completed:

  • Outstanding Unit Mix with over 70% of the Units Being 2 Bedroom
  • A large portion of the Electrical has been Upgraded to Replace the fire prone Stab-Lok Electrical Panels
  • All Plumbing has been completed
  • Building will be Delivered with Parking Lot work completed with Fresh Seal Coat, Painted Curbs & Striping
  • The Massive Amount of Tree Work has Been Completed
  • All Roofs replaced between 2014 and 2020
  • All Furnaces replaced between 2014 and 2018
  • All Hot Water Heaters replaced between 2018 and 2019
  • Property Delivered with All Unit-Turns Completed
  • Property Delivered with All Exterior Painting Completed
  • Stabilized Value of $9.8MM

There’s a renovated laundry facility (machines under contract) in the center of the property for easy access to all units. Plenty of parking for all tenants (2/unit). Close to three different bus stops, walking distance to Dollar Store. Property backs up to a nice single family residential neighborhood.

Property Details: 

  • *Property has a current C of O and is ready for Continued Lease Up
  • Avg. Rent is $925/Door
  • Great Unit Mix with Approximately 70% of the Units Being 2 Bedroom
  • Stabilized Value is $9.8MM (at an 7.7% CAP) through Cap-Ex and Lease Up
  • Solid C+ Neighborhood

Property Facts:

  • No. Units: 136
  • Building Size: 114,000 SF
  • Property Type: Multifamily
  • Average Market Occupancy: 95%
  • No. Stories: 2
  • Apartment Style: Garden
  • Year Built: 1968
  • Building Class: C
  • Parking Ratio: 1.97/1,000 SF
  • Lot Size: 11.00 AC
  • Owner Pays Water and Trash
  • Tenant pays heat and electric
  • 30 to 40% of AC units are old and need replaced in the next few years

Unit Amenities: 

  • Air Conditioning
  • Disposal
  • Storage Space
  • Tile Floors
  • Refrigerator
  • Range

Site Amenities:

  • 24 Hour Access
  • Laundry Facilities
  • Maintenance on site

Unit Mix Information:

44 – 1 Bed 1 Bath: 44 – 700 sqft
92 – 2 Bed 1 Bath: 92 – 850 sqft

Proforma Numbers:

Average Rent Across Unit Mix = $925/Mo.

Gross Rent = 136 x $925 x 12 Months = $1,509,600

Net Operating Income (50% Expense Ratio) = $754,800

Value at an 7.7% Cap Rate = $9,802,597

Sold Comps:
1) Brentwood Manor Apartments
2928 Kenwick Cir, Lansing, MI 48912
Lansing, MI | 45 Units | SOLD: $3,075,000 | $68,333 Per Unit | Sold on: 02/20/2024 | URL: https://www.incomepo.com/brentwood-manor/
2) Old Orchard Apartments
4330 Keller Rd, Holt, MI 48842
Holt, MI | 168 Units | SOLD: $12,000,000 | $71,429 Per Unit | URL: https://www.incomepo.com/old-orchard-apartments/
3) Pine Lake Apartments
6076-6080 Marsh Rd, Haslett, MI 48840
Haslett, MI | 51 Units | SOLD: $3,550,000 | $69,608 Per Unit | URL: https://www.incomepo.com/pine-lake-apartments/

 

Site Plan:

1 Bedroom Floor Plan:

2 Bedroom Floor Plan:

Ryan Tower
IT Investments LLC
(810) 444-8586 – Direct
Ryan@ITInvestments.us – Email
ITInvestments.us – Website

Price:
$8,092,000
Address:
3615-3625 Bayview Dr
Lansing, MI 48911
Square Feet:
114,000
Lot Size:
11 acres
Terms:
For Sale
Property Type:
Multi-family
Year Built:
1968
Basement:
Full Unfinished
Const. Type:
Brick

Call (810) 444-8586 for more details

Property Location