Mixed Use Apartments and Office For Sale

Multi-Family for Sale
Also listed as Office
Catylist Listing ID: 30810821
Property Subtypes: Mixed Use
Number of Units: 3 Units
Building Size (RSF): 2,204 SF
Gross Land Area: 0.61 Acres
Sale Price: $173,500
Unit Price: $57,833.33 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User
Usable Size (USF): 2,204 SF
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: Undisclosed
Last Updated: 12/1/2022

Overview / Comments

Located in South Lansing near Cavanaugh and next to Athletes Connection, this mixed-use building features two, 1-bedroom apartments and a 1,100 Sq Ft office suite.
The building originally started as 4 one-bedroom units and had two units combined into the owner's office in the 1990's. The two one-bedroom units remained rentals through 2018, when they were used as offices. Both apartments remain in apartment configuration but have not had a rental license since 2018.

There are lots of options on this property. Use it as it is in the current mixed use, covert the office back to a single larger apartment, convert the building back to 4 one-bedroom units or even convert to all office or retail uses. The mixed-use corridor zoning provides many possible scenarios.
The land is over 1/2 acre and extends into the woods behind the building for a natural area or future plans.

Additional Details

Nearest MSA: Lansing-East Lansing
County: Ingham
Taxing Authority: City of Lansing / Ingham County
Tax ID/APN: 33-01-01-32-276-063
Zoning: MX-C - MIXED-USE CORRIDOR FORMERLY F-1 COMMERCIAL
Property Located Between: Cavanaugh Jolly
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 1
Year Built: 1959
Year Renovated: 1990
Roof Type: Gable
Construction/Siding: Brick, Wood Siding
Exterior Description: Brick and wood
Parking Type: Surface
Total Parking Spaces: 10
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas
Air Conditioning: Package Unit
Internet Access: Cable
Zoning Description: Mixed Use Corridor, City of Lansing Form based zoning
Lot Frontage: 143
Lot Depth: 185
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Easements Description: BWL utility across East property line
Legal Description: COM INT'N E LINE S LOGAN ST & E & W 1/4 LINE TH N 143 FT +/-, E 185 FT, S 143 FT +/-, W 185 FT TO BEG; SEC 32 T4N R2W

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,721 91,591 200,211
Median Age: 35.67 34.5 34
Households: 6,170 38,910 81,728

Contact

Photograph of Listing Agent

Matthew Wisniewski, CCIM

RE/MAX COMMERCIAL GROUP CPIX Member
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