730 Ionia St, Lansing, MI 48915
19 Unit Apartment Building | $1,250,000 ($65,789/Unit) | Lansing, MI 48915
For Sale
Active
2 pictures
Asking Price $1,250,000
- Property Type
-
Multifamily
- Square Feet
- 14,342 SF
Listing Contacts
A.J. Beachum
- Property Info
Property Overview
Ionia Street is comprised of a 15-unit apartment complex in the downtown Lansing area with an additional 4 units contained in 3 houses, adjacent to the apartment building. Current occupancy is 100% and historically the property has maintained a high level of occupancy.
IPO has projected an NOI going forward of $97,376 based on approximate street (asking) rents and T12 expenses. Current average rent across the units is $797. However, when the complex is brought up to market average rent increases to $992. Ionia Street Apartments represents a well-located asset in downtown Lansing, poised for new ownership with a value-add mentality. Contact IPO to set up a
confidential tour before it is gone.
IPO has projected an NOI going forward of $97,376 based on approximate street (asking) rents and T12 expenses. Current average rent across the units is $797. However, when the complex is brought up to market average rent increases to $992. Ionia Street Apartments represents a well-located asset in downtown Lansing, poised for new ownership with a value-add mentality. Contact IPO to set up a
confidential tour before it is gone.
Property Details
- Class
- C
- Year Built
- 1966
- Stories
- 3
- Lot Size (sq. ft)
- 15,682 SF
- Units
- 19
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