Lansing, MI 48910 Sold

4823 S Pennsylvania is a garden-style, 3 level apartment building centrally located near the intersection of Jolly Rd and Pennsylvania. It is on a bus line and close to everything in and around Lansing! It consists of 8 two bedroom and 1 bathroom apartments with a single 1 bedroom efficiency. The top floor offers 3 units with vaulted ceilings which are units 7-9. Unit 9 is going through an eviction and can be turned with rent increased up to $850 per month. Unit 8 is current on rent and is paying $675 a month. Unit 7 has just been turned and rented at $750 per month. The second floor, units 4-6 are all current on rent. Unit 6 pays $600 per month, unit 5 pays $650, and unit 4 pays $650. The main floor consists of units 1-3. Units 1 and 3 are the two side units and each has 2 beds and 1 baths. Unit 2 is the efficiency which pays $550 a month. Unit 1 is an original tenant paying $620 a month and Unit 3 has been turned and now pays $650 a month. In the mechanical area is a shared laundry space with one set of coin laundry that produces $55 a month of income on average. Currently the property is fully leased with unit 9 becoming vacant soon. Lease values for all units comes to $5745 per month, $68940 a year! Proforma with market rents on the property would equal $6350 a month, $76200 a year conservatively with minimal expense on turns. Improvements with dishwashers, cabinets, counter tops and vanities could increase rents over the proforma an additional $100 per month! The exterior faAAade and walk-way have almost $100k in improvements in the past 3 years, there are no further major expenses on the horizon for this property.

Key Features of , Lansing, MI 48910