4221 Grand River Ave Lansing, MI 48906

Property Details for 4221 Grand River Ave

Year built

1965

Property size

7,760 SF

Property type

Commercial real estate

APN

33-01-01-06-252-241

Description

This exceptional investment opportunity presents the Skyline Apartments, a 12-unit apartment building located at 4221 N Grand River Ave, Lansing, MI 48906. This Class B property boasts 7,760 square feet on a 12,750 square foot lot, with a net rentable area of 10,500 square feet. Built in 1965 and extensively renovated in 2023, the three-story building features a low-maintenance exterior and benefits from recent capital improvements including a new boiler and windows. The property is currently 100% occupied as of June 1st, 2024, offering immediate cash flow. With 21 parking spaces available, this property provides ample parking for residents. The asking price is $1,140,000, or $95,000 per unit, representing a price per square foot of $146.91. The property is zoned D-1 PRO and is offered free and clear of debt, allowing for immediate access to new financing opportunities. Its prime location on Grand River Avenue provides easy access to major thoroughfares including I-96, US 127, I-69, and I-496, and its proximity to the Capital Region International Airport (LAN) offers significant advantages. The strong rental market in Ingham County, with over 30,000 market-rate apartments and nearly 95% occupancy in Q2, further enhances the investment potential. Residents enjoy convenient access to the amenities of both Downtown Lansing and East Lansing. This is a rare opportunity to acquire a well-maintained, high-occupancy multifamily property in a desirable location. The APN is 33-01-01-06-252-241.

Location Insight

City

Lansing

County

Ingham

State

Michigan

Longitude

-84.589030432188

Latitude

42.765987738621