2199 Lansing St - Apartments FOR SALE


Detroit, MI 48209- Mexicantown
$2,690,000 USD
248-415-2600
2199 Lansing St, Detroit, MI for Sale
$2,690,000 USD
Apartments - FOR SALE
1/20
null | 11.38% Cap Rate

2199 Lansing St
Detroit, MI 48209
Mexicantown


HIGHLIGHTS

  • The offering includes an adjacent parcel with the potential to create 25+ parking spaces, enhancing functionality and long-term tenant appeal.
  • The property offers immediate in-place cash flow with significant upside through the renovation and lease-up of remaining vacant units.
  • Major capital improvements have already been completed, including roof, windows, structural, and mechanical upgrades, substantially reducing near-term

OVERVIEW

The Lansing Apartments presents the opportunity to acquire a 54-unit value-add multifamily asset located in Detroit’s rapidly improving Southwest submarket, just minutes from the new Riverside Park and Detroit Riverfront expansion project. The property offers immediate in-place cash flow with significant upside through the renovation and lease-up of remaining vacant units. Major capital improvements have already been completed, including roof, windows, structural, and mechanical upgrades, substantially reducing near-term capital expenditure requirements. Additionally, the offering includes an adjacent parcel with the potential to create 25+ parking spaces, enhancing functionality and long-term tenant appeal. Offered at an attractive basis relative to replacement cost and stabilized value, The Lansing Apartments provides investors with a compelling opportunity to capitalize on both operational upside and continued neighborhood growth.

FOR SALE DETAILS

PRICE

$2,690,000 USD

PRICE/SF

$74 USD /SF

# OF UNITS

54

PRICE/UNIT

$49,815

CAP RATE

11.38%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lansing Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1925

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.42 AC

LAND SF

18,255 SF

ZONING

CM

APN/PARCEL ID

16-000961

ASK ABOUT THIS PROPERTY

Tyler SarterMarcus & MillichapMore Info
248-415-2600

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Tyler SarterMarcus & MillichapMore Info
248-415-2600

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.