607 Shepard St, Unit 2 Lansing, MI 48912

Property Details for 607 Shepard St

Lot size

0.25 lot acres

Property size

9,000 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a portfolio of nine income-generating properties in Lansing, Michigan. The portfolio comprises seven buildings, including a mix of single-family homes and a duplex, totaling 9,000 square feet on a 0.25-acre lot. The properties boast a diverse range of unit sizes, featuring two to four bedrooms and one to two bathrooms, catering to a broad spectrum of renters. Currently generating a Net Operating Income (NOI) of $141,000, resulting in a 14.69% capitalization rate, this portfolio offers significant potential for value-add improvements. Pro forma projections indicate a potential NOI of $162,000 and a 16.88% cap rate, highlighting the substantial upside for the astute investor. The portfolio is situated across multiple desirable Lansing neighborhoods, offering convenient access to schools, parks, and major employers, ensuring strong tenant demand and rental stability. With 25 parking spaces available across the properties, tenant convenience is prioritized. The asking price for this turnkey portfolio is $960,000, representing a price per unit of $106,667. This represents a compelling opportunity to acquire a well-positioned, cash-flowing multifamily portfolio in a growing market. The properties are zoned for residential use and are currently operating at below-market rents, presenting a clear path to increase profitability through strategic rent adjustments and potential property upgrades. This portfolio is offered at 100% ownership and is currently for sale by owner.

Location Insight

City

Lansing

County

Ingham

State

Michigan

Longitude

-84.5258772

Latitude

42.7271108