1003 Ann St East Lansing, MI 48823
- Dormitories
- 8,499 SF
Current Use by Public Records
- Dormitories
Property Details for 1003 Ann St
- Property size
- 8,499 SF
- Property type
- Dormitories
- Property subtype
- Student housing
Description
This exceptional investment opportunity presents a portfolio of five student housing properties ideally situated near Michigan State University's campus in East Lansing, Michigan. The portfolio comprises a total of 8,499 square feet and boasts a strong 8.08% capitalization rate, generating a substantial net operating income (NOI) of $153,072. Currently fully occupied, the properties are strategically positioned for continued success, with leasing already underway for the 2024-2025 academic year. Each unit benefits from tenants paying all utilities, minimizing operational expenses for the owner. The asking price for this turnkey investment is $1,895,000, translating to a price per square foot of $223. The properties are conveniently located at 1003 & 1005 Ann St, 425 Ardson Rd, 621 Charles St, 523 Dorothy Ln, and 568 Spartan Ave, all within East Lansing, Ingham County, MI 48823. This portfolio offers a compelling combination of strong cash flow, prime location, and a proven track record of occupancy, making it an attractive investment for discerning buyers seeking exposure to the robust student housing market. The average rent per bed is $70,185, demonstrating the significant rental income potential. This portfolio represents a rare opportunity to acquire a well-established and highly profitable student housing investment in a desirable college town.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- East Lansing
- County
- Ingham
- State
- Michigan
- Longitude
- -84.4708744
- Latitude
- 42.735651
