3900 Burneway DrLansing, MI 48911

For Sale
$3,180,000

63-unit value-add opportunity in Michigan.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional 63-unit apartment building, situated on a 4.48-acre lot in Lansing, Michigan (APN: 235-040-364-290-41), presents a compelling value-add investment opportunity. Built in 1994, this three-story Class B property features 53,528 square feet, with 43,751 square feet of net rentable space. The unit mix includes 50 one-bedroom/one-bathroom units averaging 548 square feet and 13 two-bedroom/one-bathroom units averaging 725 square feet. Currently operating at 86% occupancy, the property boasts a pro-forma NOI of $243,019 and a pro-forma cap rate of 7.64%, with an asking price of $3,180,000 ($50,476.19 per unit). Recent capital improvements include a new security system, emergency backup lighting, updated flooring and paint in common areas and elevators, and new carpeting. Amenities include on-site coin-operated laundry, energy-efficient appliances, electronic thermostats, and select units offer balcony access. The property is conveniently located near shopping, dining, bus lines, and pharmacies, and benefits from a newer high-efficiency boiler and hot water system. Zoned DM/1, this non-deed restricted senior community offers the potential to adjust market segments. The building also features controlled access and elevator access, along with a community room. This well-maintained property offers significant upside potential for a savvy investor.

Highlights

  • 55+ Conventional Senior Housing Community.
  • Non-Deed Restricted, allowing for flexible market repositioning.
  • Attractive unit mix: 63 total units (52 one-bedroom, 11 two-bedroom).
  • Equipped with a multi-camera security system.
  • Select units feature private balconies.
  • Units boast recent upgrades including bathrooms, flooring, and paint.

Property Details for 3900 Burneway Dr

Property type
Multifamily properties, Apartment buildings
Square Feet
53,528 SF
Class
B
Year Built
1994
Buildings
1
Stories
3
Lot Size (sq. ft)
195,149 SF
Units
63

Location Insight

City
Lansing
County
Ingham
State
Michigan
Latitude
42.6873371
Longitude
-84.6036726
3900 Burneway Dr, Lansing, Michigan

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3900 Burneway Dr
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