Apex Appraisal Company Llc
Listed by Apex Appraisal Company Llc
$359,900
819 Vine St
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 3,344
Units 5
Cap Rate 7.5%
NOI $27,000
Occupancy 100%
Year Built 1918
Year Renovated 2022
Buildings 1
Stories 2
Zoning Multi-Family
Fully occupied 5-unit property near UM Sparrow and Neogen! One block north of Michigan Ave.
Marketing description
Fully Renovated 5-Unit Investment Property Near UM Sparrow, Neogen & Stadium District!
Turn-key multifamily with 5 units, including a studio in the basement. Each unit offers 1 bed/1 bath. Property has been completely renovated with modern finishes, plus a new high-efficiency boiler and water heater. Landlord pays water, sewer, and heat; tenants pay electric. Current rents are below market with projected income of $5,000+/month. Excellent location near major employers, downtown Lansing, and MSU. Room to add a potential 6th unit for added value! Can be purchased together with 833 Vine St (4-unit) for a combined 9-unit portfolio. Prime investment opportunity in a rapidly growing area!
Listing Contacts
Apex Appraisal Company Llc
Listed by Apex Appraisal Company Llc
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$27,000.00
$2,250.00/mo
Valuation Metrics
0
DSCR
7.5%
Cap Rate
7.5%
ROI
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