Residential Income Property Near
408 Ann Street East Lansing, MI 48823
For Sale
Contact for pricing
A residential income option positioned about three blocks from MSU, supporting easy walkability for graduate students.
Property Size4,808 SF
Price / SF$270.38
Days on Market57
Property Features for 408 Ann Street
General Information
- Standard status
- Active
- Size
- 4,808 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1940
Listed By:
Kristen Potestivo · License #6505408421
Source:
Crexi
Added: May 28
Changed: Jul 10
Last Checked: Jul 23 at 1:21PM
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 Kristen Potestivo
Investment Insights
Based on property information with market context.
This residential income property is offered for sale and located at 408 Ann Street in East Lansing, Michigan. The asset is positioned to serve university-area housing needs, with the public remarks highlighting its close-in campus proximity.
According to the provided information, the property sits approximately three blocks from MSU and is described as offering walkability for graduate students. This proximity can be a meaningful consideration for tenants who prefer to limit commuting time and for owners targeting occupancy demand tied to the academic calendar.
For buyers, a campus-adjacent residential income property like this can be a practical fit for those seeking an income-producing asset aligned with university housing patterns. The short commute and walk-friendly access referenced in the remarks may support tenant appeal among graduate students. Prospective investors and owner-operators should verify the specific unit mix, current condition, and any lease terms or property details during due diligence to confirm how the building’s layout aligns with their goals.
According to the provided information, the property sits approximately three blocks from MSU and is described as offering walkability for graduate students. This proximity can be a meaningful consideration for tenants who prefer to limit commuting time and for owners targeting occupancy demand tied to the academic calendar.
For buyers, a campus-adjacent residential income property like this can be a practical fit for those seeking an income-producing asset aligned with university housing patterns. The short commute and walk-friendly access referenced in the remarks may support tenant appeal among graduate students. Prospective investors and owner-operators should verify the specific unit mix, current condition, and any lease terms or property details during due diligence to confirm how the building’s layout aligns with their goals.
Key Highlights
- Residential income property built in 1940
- Located about three blocks from MSU, offering walkability for graduate students
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 | $76.2k | $15.84 |
| − Vacancy | −$5.0k | −$1.03 |
| EGI | $71.2k | $14.81 |
| − OpEx | −$32.0k | −$6.66 |
| NOI | $39.2k | $8.15 |
4,808 SF · lease $15.84/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$559.5K
$489.6K – $652.8K
NOI $39,165 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$772.5K
$675.9K – $901.2K
NOI $54,073 @ 7.0% cap · market cap 4.16%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Multifamily properties
FAQs
What type of property is this?
Multifamily property - A residential income option positioned about three blocks from MSU, supporting easy walkability for graduate students.
Where is this multifamily property located?
The property is located at 408 Ann Street East Lansing, MI.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Residential income property built in 1940; Located about three blocks from MSU, offering walkability for graduate students
