Multifamily Investment Opportunity in
3501 Simken Drive Lansing, MI 48910
3501 Simken Drive, Lansing, MI, 48910
$795,000
For Sale
$795,000
Multifamily property with 12 units in a desirable Lansing location.
Property Size7,732 SF
Price / SF$102.82
Days on Market147
Property Features for 3501 Simken Drive
General Information
- Standard status
- Active
- Size
- 7,732 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1966
Listing agency
SVN | Stewart Commercial Group, LLC
(734) 255-6968
Listed by
Andrew Bonam · License #MI #6501445490
(734) 255-6968
Source
Svna2
Added: Feb 25 Updated: Jul 10 at 1:15PM Checked: Jul 21 at 5:15AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SVN | Stewart Commercial Group, LLC
Investment Insights
Based on property information with market context.
This multifamily property, located in Lansing, Michigan, presents an investment opportunity. Constructed in 1966, the building spans 7,732 square feet and comprises 12 units. The property is zoned for multifamily residence (MFR). The property is a low-rise garden style complex. The location is considered desirable for renters, with convenient access to amenities. The property has a solid rental history and excellent market demand.
Key Highlights
- Prime multifamily investment property in Lansing, MI.
- 7,732 SF building with 12 well‑appointed units.
- Zoned for multifamily residence (MFR).
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $121.5k | $15.72 |
| − Vacancy | −$7.5k | −$0.97 |
| EGI | $114.0k | $14.75 |
| − OpEx | −$51.3k | −$6.64 |
| NOI | $62.7k | $8.11 |
7,732 SF · lease $15.72/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$895.8K
$783.8K – $1.05M
NOI $62,706 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,410 @ 7.0% cap · market cap 14.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Simken Apartments
Apartment Building
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Multifamily property with 12 units in a desirable Lansing location.
Where is this apartment building located?
The property is located at 3501 Simken Drive Lansing, MI.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Prime multifamily investment property in Lansing, MI.; 7,732 SF building with 12 well‑appointed units.; Zoned for multifamily residence (MFR).
