MLS #09183951. This 4 unit building in Lansing has been completely remodeled. Roof is less than 5 yrs. old, all wood is in perfect condition. Brick structure has no problems. Upgrades include: 5 new commercial 50-gallon hot water heaters; 4 new H.E. furnaces; all new copper throughout as well as electrical & outlets apart from breaker boxes. Building has passed full inspections & has certificate of occupancy and rental inspection completed and passed. Building has new premium ceramic tiles in all kitchens & bathrooms; new chocolate covered kitchen cabinets w/extra counter space; premium chrome dual basket stainless steel sinks w/built-in soap dispenser; new full size Kenmore stainless steel appliances & Whirlpool stainless steel microwaves built-in. New premium carpeting in lower living areas and refinished hardwood floor in upstairs units. Chocolate covered vanity and medicine cabinet. Building brings in $45,960 annually, is fully rented and has a 12% cap rate.
LOOKING FOR AN INVESTMENT WITH A CASH FLOW OR OWNER OCCUPIED WHILE TENANTS PAY YOUR MORTGAGE? WELL MAINTAINED MAINTENANCE FREE BRICK 4 FLAT. MANY UPDATES INCLUDING WINDOWS 05, BOILER 12, ROOF 07, AND PIPES FOR HEATING TAKEN FROM UNDERGROUND TO BASEBOARD HEATING 2013. LONG TERM TENANTS WITH 12 TO 18 PLUS YEARS, COIN OPERATED WASHER AND DRYER OWNED. RENTS COULD EASILY BE HIGHER, OWNER KEEP SAME DUE TO GOOD TENANTS Deal fell thru after 6 months due to buyers financing. Home inspection and appraisal were all fine.
GREAT LOCATION FOR THIS FULLY-RENTED 2 FLAT... WALK TO IT ALL. 2 UNITS ... FIRST FLOOR UNIT FEATURES 2 BEDS / 1 BATH, LOTS OF STORAGE, AND ACCESS TO BASEMENT. FULL KITCHEN, DINING ROOM AND LIVING ROOM. SECOND FLOOR UNIT IS 1 BED / 1 BATH, KITCHEN AND LIVING SPACE. BOTH UNITS HAVE IN-UNIT LAUNDRY.