321 Butler BlvdLansing, MI 48915

For Sale
$2,350,000

35-Unit Apartment Complex, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a 35-unit multifamily portfolio located in Lansing, Michigan. Priced at $2,350,000, this Class B property boasts a compelling 7.74% cap rate and a price per unit of $67,143. The portfolio comprises three properties within a five-mile radius: Vincent Court Apartments (16 units), Butler Apartments (12 units), and Townsend Apartments (7 units). Vincent Court features 16 two-bedroom, one-bathroom units, averaging 800 square feet, each with updated kitchens, stainless steel appliances, new flooring, individual entrances, washer/dryer hookups, and dishwashers. Utilities are individually metered and tenant-paid. Butler Apartments includes 11 two-bedroom, one-bathroom units (averaging 850 square feet) and one one-bedroom, one-bathroom unit (850 square feet). These units also feature updated kitchens, stainless steel appliances, and new flooring. Electricity is individually metered and tenant-paid

Highlights

  • Extensive unit renovations.
  • 94.2% occupancy rate.
  • Below-market rents ($125-$150).
  • Prime location near Downtown Lansing and Michigan State University.

Property Details for 321 Butler Blvd

Property type
Multifamily properties, Apartment buildings
Class
B
Units
35

Location Insight

City
Lansing
County
Ingham
State
Michigan
Latitude
42.7367489
Longitude
-84.5650714
321 Butler Blvd, Lansing, Michigan

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321 Butler Blvd
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