For Sale
$2,350,000

321 Butler Blvd Lansing, MI 48915

35-Unit Apartment Complex, High ROI

Property Records

Overview

Added:
Dec 11, 2024
Days on market:
138
This exceptional investment opportunity presents a 35-unit multifamily portfolio located in Lansing, Michigan. Priced at $2,350,000, this Class B property boasts a compelling 7.74% cap rate and a price per unit of $67,143. The portfolio comprises three properties within a five-mile radius: Vincent Court Apartments (16 units), Butler Apartments (12 units), and Townsend Apartments (7 units). Vincent Court features 16 two-bedroom, one-bathroom units, averaging 800 square feet, each with updated kitchens, stainless steel appliances, new flooring, individual entrances, washer/dryer hookups, and dishwashers. Utilities are individually metered and tenant-paid. Butler Apartments includes 11 two-bedroom, one-bathroom units (averaging 850 square feet) and one one-bedroom, one-bathroom unit (850 square feet). These units also feature updated kitchens, stainless steel appliances, and new flooring. Electricity is individually metered and tenant-paid

Highlights

  • Extensive unit renovations.
  • 94.2% occupancy rate.
  • Below-market rents ($125-$150).
  • Prime location near Downtown Lansing and Michigan State University.

Property Details for 321 Butler Blvd

Property type
Apartment buildings
Class
B
Units
35

Location Insight

City
Lansing
County
Ingham
State
Michigan
Latitude
42.7367489
Longitude
-84.5650714

FAQs

What type of property is this?
Apartment building - 35-Unit Apartment Complex, High ROI
Where is the apartment building located?
The property is located at 321 Butler Blvd Lansing, MI.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Extensive unit renovations.; 94.2% occupancy rate.; Below-market rents ($125-$150).
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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321 Butler Blvd
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