Share this with your friends
+15868545396
Community Choice Realty
408 Ann Street, East Lansing, MI 48823
- $1,300,000
- 5,760
- SqFt
- List Price
- $1,300,000
- Status
- ACTIVE
- MLS#
- 60996952
- Days on Market
- 142
- Acres
- 0.14
- Living Area
- 5,760
- Municipality
- East Lansing
- Region
- East Lansing
- Township
- East Lansing
- Subdivision
- Assrs Of Chase
Property Description
Rarely available opportunity to acquire a stabilized, income-producing student housing asset in one of Michigan's most resilient rental markets. This 11-unit apartment building -- purpose-positioned for graduate student tenants -- sits just three blocks from the Michigan State University campus, delivering the kind of location-driven demand that keeps vacancy risk virtually nonexistent. The Numbers Tell the Story: Eight consecutive school years of 100% occupancy. That's not a marketing claim -- it's a track record that reflects the unrelenting demand for quality, proximate housing among MSU's graduate population. Currently operating at 11 beds with a stable, proven rent roll, the property holds a state-issued license for up to 22 beds, offering a clear, documented path to nearly double its income-generating capacity without a change-of-use hurdle. 4,808 square feet of rentable space on 0.14 acres, efficiently configured to serve the discerning graduate student renter who prioritizes walkability, quiet, and proximity to academic resources over amenity-heavy complexes further from campus. The building's compact footprint keeps operating overhead lean, while the location commands premium rents driven by scarcity rather than seasonality. Beyond the bed-expansion opportunity, on-site parking represents an additional, largely untapped revenue stream in a neighborhood where on-campus parking access commands real dollars from students, faculty, and staff alike.
Additional Information
- Lot Dimensions
- 44.2 x 134
- Foundation
- Basement
- Water
- Public
Mortgage Calculator
Listing Courtesy of Keller Williams Paint Creek, Office Phone: 248-609-8000
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource. The information published and disseminated by MiRealSource is communicated verbatim, without change by MiRealSource, as filed with MiRealSource by its members. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.Copyright 2014 MiRealSource. All rights reserved. The information provided hereby constitutes proprietary information of MiRealSource, Inc. and its shareholders, affiliates and licensees and may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, scanning or any information storage and retrieval system, without written permission from MiRealSource, Inc.
Provided through IDX via MiRealSource, as the "Source MLS", courtesy of the Originating MLS shown on the property listing, as the Originating MLS. The information published and disseminated by the Originating MLS is communicated verbatim, without change by the Originating MLS, as filed with it by its members. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Copyright 2014 MiRealSource. All rights reserved. The information provided hereby constitutes proprietary information of MiRealSource, Inc. and its shareholders, affiliates and licensees and may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, scanning or any information storage and retrieval system, without written permission from MiRealSource, Inc.