315 Nepessing St Lapeer, MI 48446-2105

This exceptional investment opportunity presents a six-unit apartment building located at 315 E Nepessing St, Lapeer, MI 48446. The property, a Class C multifamily building, boasts 4,850 square feet of net rentable space situated on a 0.28-acre lot. Built in 1985 and extensively renovated in 2024, this two-story building offers a mix of three one-bedroom and three two-bedroom units, currently enjoying 100% occupancy with annual leases. The asking price is $700,000, representing a compelling 8.50% cap rate. The land value is $144.33 per square foot. The property is zoned for multiple family use and benefits from its convenient location, within walking distance of downtown Lapeer. Recent renovations, completed in July 2024, encompass both interior and exterior improvements. The property's assessed value is currently uncapped, following a 2023 purchase, suggesting potential for minimized future tax increases. The property's strong occupancy and recent renovations make it an attractive investment with potential for further rental increases. The APN is L21-40-109-040-00.