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$ 1,300,000
Est. payment | /mo
5,760 SqFt
$ 1,300,000
Est. payment | /mo
5,760 SqFt
Key Details
Property Type Commercial
Sub Type Commercial/Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 5,760 sqft
Price per Sqft $225
Subdivision Mi
MLS Listing ID 60996952
Annual Tax Amount $20,385
Lot Size 6,098 Sqft
Acres 0.14
Lot Dimensions 44.2X134
Property Sub-Type Commercial/Industrial
Property Description
Rarely available opportunity to acquire a stabilized, income-producing student housing asset in one of Michigan's most resilient rental markets. This 11-unit apartment building - purpose-positioned for graduate student tenants - sits just three blocks from the Michigan State University campus, delivering the kind of location-driven demand that keeps vacancy risk virtually nonexistent. The Numbers Tell the Story: Eight consecutive school years of 100% occupancy. That's not a marketing claim - it's a track record that reflects the unrelenting demand for quality, proximate housing among MSU's graduate population. Currently operating at 11 beds with a stable, proven rent roll, the property holds a state-issued license for up to 22 beds, offering a clear, documented path to nearly double its income-generating capacity without a change-of-use hurdle. 4,808 square feet of rentable space on 0.14 acres, efficiently configured to serve the discerning graduate student renter who prioritizes walkability, quiet, and proximity to academic resources over amenity-heavy complexes further from campus. The building's compact footprint keeps operating overhead lean, while the location commands premium rents driven by scarcity rather than seasonality. Beyond the bed-expansion opportunity, on-site parking represents an additional, largely untapped revenue stream in a neighborhood where on-campus parking access commands real dollars from students, faculty, and staff alike.
Location
State MI
County Ingham
Area East Lansing (33018)
Zoning Multi-Family
Exterior
Roof Type Composite
Building
Foundation Basement
Water Public Water
Structure Type Brick
Others
Ownership Private
Financing Cash,Conventional
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by Keller Williams Paint Creek