2199 Lansing St Detroit, MI 48209
- Commercial real estate
- 36,009 SF
- 0.42 lot acres
Current Use by Public Records
- Sushi Sunday / Sushi Restaurant
Property Details for 2199 Lansing St
- Year built
- 1925
- Lot size
- 0.42 lot acres
- Property size
- 36,009 SF
- Property type
- Commercial real estate
- APN
- 16000961.
Description
This exceptional multifamily investment opportunity presents a 45-unit apartment building located at 2199 Lansing Street, Detroit, Michigan, 48209. The property, built in 1925, comprises a single four-story building encompassing 36,009 square feet on a 0.42-acre lot in Wayne County. Currently operating at 50% occupancy, the building offers significant upside potential. The property features a mix of studio, one-bedroom/two-bathroom, and two-bedroom/one-bathroom units. With additional two-bedroom units planned for completion, the projected gross annual rent is $376,633. The asking price is $4,428,000, translating to $98,400 per unit and $122.97 per square foot. The property is zoned CM and boasts a projected net operating income (NOI) of $323,527. This prime location in Detroit offers investors a compelling opportunity to capitalize on the city's growth and strong rental market. The property's strong financial projections, combined with its strategic location and potential for increased occupancy, make it an attractive investment prospect. The parcel's APN is 16000961. This is a rare chance to acquire a well-positioned multifamily asset with substantial growth potential in a thriving urban area.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.1005845
- Latitude
- 42.3219752
