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- LoopNet Team
1231 Michigan Ave
East Lansing, MI 48823
Absolute NNN Ground Lease Investment · Land For Sale · 1.07 AC
PROPERTY FACTS
| Property Type | Land | Proposed Use | Apartment Units |
| Property Subtype | Commercial | Total Lot Size | 1.07 AC |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Apartment Units |
| Total Lot Size | 1.07 AC |
Description
The lease is a 40 year ground lease with two 10 year options. The commencement date was October 1, 2004. The current lease rate is $7810.70 per month ($93,728.40 per year). The ground lease is being offered at a 5.5% capitalization rate. There is a CPI adjustment every five years. The lease is in the second year of the last CPI adjustment. The ground lease is an absolute triple-net lease. The (tenant) is Campus Village Apartments a student apartment and parking ramp complex. The state equalized value is $3,998,000 (2019).
PROPERTY TAXES
| Parcel Number | 20-01-13-300-001 | Improvements Assessment | $5,745,200 |
| Land Assessment | $444,100 | Total Assessment | $6,189,300 |
PROPERTY TAXES
zoning
| Zoning Code | B-2 (Business/Commercial) |
| B-2 (Business/Commercial) |
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