Student Housing Near Michigan
For Sale
$21,000,000
16820 Chandler Rd, East Lansing, MI 48823
Student Housing at Michigan State University
Property Size95,421 SF
Price / SF$220.08
Days on Market337
Property Features for 16820 Chandler Rd
General Information
Standard status
Active
Property type
Multifamily properties, Residential income properties
Size
95,421 SF
Class
B
Occupancy
95%
Investment Type
Value Add
Net Operating Income
$1,329,682
Building Details
Year Built
2019
Buildings
154
Stories
3
Listed By:
Sean Lyons
(773) 505-7326
Added: Nov 8, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This property, constructed in 2019, is located approximately 3 miles from the Michigan State University campus. The property currently serves as student housing, but features 1 and 2-bedroom units, making it suitable for multi-family conversion. The property contains 154 units within 95,421 square feet. The area around the property includes approximately 3,500 beds of student housing and 36,000 square feet of retail space. Michigan State University anticipates a fall 2025 enrollment of 51,838 students. The property is currently 92% occupied, presenting an opportunity for increased consistency through market-rate multi-family rentals. Assumable PACE financing is available.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$777,273
Cap Rate
3.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$15,545,460
$15.5M
Cap Rate 7%
$11,103,900
$11.1M
Cap Rate 9%
$8,636,367
$8.6M
Market Conditions
NOI Build-Up for 95,421 SF
Gross rent
$1.51M $15.84/SF
− Vacancy
−$98.2K −$1.03/SF
EGI
$1.41M $14.81/SF
− OpEx
−$636.0K −$6.66/SF
NOI
$777.3K $8.15/SF
Area
Ingham County, MI
Vacancy
6.50%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$15,545,460
Cap Rate 7%
$11,103,900
Cap Rate 9%
$8,636,367
Alternative Uses
Best Use
Apartment 5plus
$11.10M
$9.72M – $12.95M
NOI $777,273 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$15.33M
$13.41M – $17.89M
NOI $1,073,143 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
127
Businesses Nearby
Explore this area
Business Placement
Demographics for 48823, MI
51,793
Population
23,757
Households
2.2
Avg Household Size
28
Median Age
64%
College-Educated
98%
High-School Grad
23.6 sq mi
ZIP Area
2,195
Density / Sq Mi
$50,837
Median Household Income
$19,837
Median Earnings
$1,127
Median Rent
$261,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Student Housing at Michigan State University
Where is this multifamily property located?
The property is located at 16820 Chandler Rd East Lansing, MI.
What is the asking price?
The asking price for this property is $21,000,000.
