3900 Burneway DrLansing, MI 48911

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.