5723-5811 Richwood St - Apartments FOR SALE


Lansing, MI 48911- Southeast Lansing
$15,000,000 USD
248-228-4897
5723-5811 Richwood St, Lansing, MI for Sale
$15,000,000 USD
Apartments - FOR SALE
1/6
null | 8.07% Cap Rate

5723-5811 Richwood St
Lansing, MI 48911
Southeast Lansing


HIGHLIGHTS

  • The property has seen over $400k of capital improvements to include over $250k in unit renovations.

OVERVIEW

This community boasts 260 spacious Studio, one-bedroom, and two-bedroom apartment homes, each measuring between 350-850 square feet. Harvest House & Juniper Square were built in 1967 and consists of 20 buildings. Over the past two years, the property has seen over $400k of capital improvements to include over $250k in unit renovations. While the occupancy at Harvest House & Juniper Square had been low due to the extensive unit renovation plan, the improved rents ownership is achieving on renewals, and new leases prove it is worthwhile. The strong market fundamentals ensured this was only a temporary issue due to renovations. Further, IPO has projected an NOI going forward of $1,209,857 in Year-One and an NOI of $1,330,498 in Year-Two based on approximate market rents and T12 expenses. Harvest House & Juniper Square represents a well-located Lansing poised for new ownership with a value-add mentality. Contact IPO to set up a confidential tour before it’s gone.

FOR SALE DETAILS

PRICE

$15,000,000 USD

PRICE/SF

$73 USD /SF

# OF UNITS

260

PRICE/UNIT

$57,692

CAP RATE

8.07%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Harvest House & Juniper Square

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1967

PARKING SPACES

180

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

C

APN/PARCEL ID

01-05-03-352-191,01-05-03-352-201,01-05-03-352-211,01-05-03-352-221,01-05-03-352-250,01-05-03-352-261,01-05-03-352-271,01-05-03-352-281,01-05-03-352-291,01-05-03-352-301,01-05-03-352-311

ASK ABOUT THIS PROPERTY

A.J. BeachumIncome Property OrganizationMore Info
248-228-4897

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A.J. BeachumIncome Property OrganizationMore Info
248-228-4897

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