Pennsylvania Apartments | 1420-1424 S Pennsylvania Ave
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Pennsylvania Apartments 1420-1424 S Pennsylvania Ave
23 Unit Apartment Building $1,500,000 ($65,217/Unit) 8.12% Cap Rate Lansing, MI 48910
Executive Summary
This community boasts 23 spacious one-bedroom and one-bath apartment homes, each measuring 645 square feet. Pennsylvania Apartments was built in 1966 and has been well maintained over the years with mature trees and landscaping.
Currently Pennsylvania is operating at 96% physical occupancy and for many years has maintained this level of performance. Perhaps even more impressive than this asset’s occupancy is the improved rents ownership is achieving on renewals and new leases. The property’s rents are significantly below market.
The complex has maintained outstanding historical occupancy in recent years, requiring only minimal management oversight from ownership. Further, IPO has projected an NOI going forward of $105,714 based on approximate market rents and T12 expenses. Current average rent across the units is $742. However, when the complex is brought up to market, average rent increases to $876.
Pennsylvania represents a well-located asset near downtown Lansing, poised for new ownership with a value-add mentality. Contact IPO to set up a confidential tour before it’s gone.
Currently Pennsylvania is operating at 96% physical occupancy and for many years has maintained this level of performance. Perhaps even more impressive than this asset’s occupancy is the improved rents ownership is achieving on renewals and new leases. The property’s rents are significantly below market.
The complex has maintained outstanding historical occupancy in recent years, requiring only minimal management oversight from ownership. Further, IPO has projected an NOI going forward of $105,714 based on approximate market rents and T12 expenses. Current average rent across the units is $742. However, when the complex is brought up to market, average rent increases to $876.
Pennsylvania represents a well-located asset near downtown Lansing, poised for new ownership with a value-add mentality. Contact IPO to set up a confidential tour before it’s gone.
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,500,000 | Apartment Style | Garden |
| Price Per Unit | $65,217 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.49 AC |
| Cap Rate | 8.12% | Building Size | 16,222 SF |
| Gross Rent Multiplier | 6.03 | Average Occupancy | 96% |
| No. Units | 23 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Parking Ratio | 1.48/1,000 SF |
| Price | $1,500,000 |
| Price Per Unit | $65,217 |
| Sale Type | Investment |
| Cap Rate | 8.12% |
| Gross Rent Multiplier | 6.03 |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.49 AC |
| Building Size | 16,222 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1966 |
| Parking Ratio | 1.48/1,000 SF |
Unit Amenities
- Air Conditioning
- Cable Ready
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 23 | $900.00 | 700 |
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PROPERTY TAXES
| Parcel Number | 01-01-22-308-182 | Total Assessment | $452,900 |
| Land Assessment | $92,000 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $360,900 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
01-01-22-308-182
Land Assessment
$92,000
Improvements Assessment
$360,900
Total Assessment
$452,900
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | D-1 PRO |
| D-1 PRO |
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Pennsylvania Apartments | 1420-1424 S Pennsylvania Ave
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