Student Housing Near Michigan
16820 Chandler Rd East Lansing, MI 48823
16820 Chandler Rd, East Lansing, MI, 48823
$21,000,000
For Sale
$21,000,000
Student Housing at Michigan State University
Property Size95,421 SF
Price / SF$220.08
Days on Market255
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
Listing agency
(773) 505-7326
Listed by
Sean
(773) 505-7326
Added: Nov 8, 2025 Updated: Mar 16 at 9:06AM
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.
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 | $1.51M | $15.84 |
| − Vacancy | −$98.2k | −$1.03 |
| EGI | $1.41M | $14.81 |
| − OpEx | −$636.0k | −$6.66 |
| NOI | $777.3k | $8.15 |
95,421 SF · lease $15.84/SF/yr · vacancy 6.50% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
A Market 家家乐超市
(Bike/Boat/Book/etc) Store
Cabrio Properties E ...
Property Management Company
Moka and Co
Cafe & Coffee Shop
Moka & Co
Cafe & Coffee Shop
Amazon Counter - A Market
Courier Service
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FAQs
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.
