1003 Ann StEast Lansing, MI 48823

Property Details for 1003 Ann St

Property size (Sq ft)

8,499 SF

Property type

Dormitories

Property subtype

Student housing

Description

This exceptional investment opportunity presents a portfolio of five student housing properties ideally situated near Michigan State University's campus in East Lansing, Michigan. The portfolio comprises a total of 8,499 square feet and boasts a strong 8.08% capitalization rate, generating a substantial net operating income (NOI) of $153,072. Currently fully occupied, the properties are strategically positioned for continued success, with leasing already underway for the 2024-2025 academic year. Each unit benefits from tenants paying all utilities, minimizing operational expenses for the owner. The asking price for this turnkey investment is $1,895,000, translating to a price per square foot of $223. The properties are conveniently located at 1003 & 1005 Ann St, 425 Ardson Rd, 621 Charles St, 523 Dorothy Ln, and 568 Spartan Ave, all within East Lansing, Ingham County, MI 48823. This portfolio offers a compelling combination of strong cash flow, prime location, and a proven track record of occupancy, making it an attractive investment for discerning buyers seeking exposure to the robust student housing market. The average rent per bed is $70,185, demonstrating the significant rental income potential. This portfolio represents a rare opportunity to acquire a well-established and highly profitable student housing investment in a desirable college town.

Location Insight

City

East Lansing

County

Ingham

State

Michigan

Latitude

42.7356

Longitude

-84.4709

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