3615-3625 BAYVIEW DR , LANSING, MI 48911
->Quickly Finish the Value-Add Process on this Turn-Key Property. You’ll Gain an Immediate $1MM in Equity by Finishing the Lease Up Phase!
***Offered at an Amazing $55,882/Door!
->Delivered Turn-Key with All Renovation Complete While Leasing is In Progress. Property will be Delivered at a Minimum of 80% Occupancy Prior to Hand-Off.
Current Average Rent = $850 for 1 Beds & $950 for 2 Beds.
*Average Rent is $925
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 $8.626MM
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 $8.626MM (at an 8.75% 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 8.75% Cap Rate = $8,626,000
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