1310 Sunset Avenue, Lansing, MI 48917 (MLS# 231649)


$425,000
1310 Sunset Avenue
Lansing, MI 48917
MLS# 231649
Status: Closed
2620 sqft


1310 Sunset Avenue, Lansing, MI 48917
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1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917 1310 Sunset Avenue, Lansing, MI 48917

Property Description
This 12 unit apartment complex is a great investment. All units have 2 bedrooms, 1 bathroom, and all 2nd & 3rd level units have balconies. 1 unit rents for $425 a month, all the rest are between $600 & $700 a month. However, leases are up for renewal and all units will rent for $700 a month. Tenants pay electric, owner pays for the rest (trash, water, etc.). Additional features include: coin laundry on the ground level, boiler heat, an out building for storage, and rental license is good for 2 years. Please see attached rent rolls.

Details
Maps
Documents
Contract Info
List Price: $425,000
Current Price: $355,000
Lease/List Price/SqFt: 54.07
Location & Legal Info
Street #: 1310
Street Name: Sunset
Suffix: Avenue
State: MI
Zip Code: 48917
Zip +4: 1805
School District: Lansing
Key: CBX
Township/Tax Authority: Lansing City
County: Ingham
Subdivision: None
Legal: W 85 FT OF S 196.25 FT LOT 44; ASSESSOR'S PLAT NO 11
Directions: Willow Hwy between Jenison and Eastfield
General Property Info
Property Sub-Type: Income
Building 1 Description: 12 Units
# of Units: 12
Year Built: 1969
SqFt - Appx Total Finished: 2620
SqFt - Above Appx: 7860
SqFt - Industrial: 3840
Sprinkler: No
Environmental Audit: No
Environmental Discl: No
Survey Available: No
Lot Dimensions: 0.383
Lot Acres: 0.383
ECO Friendly Features: No
Overall Building Size: 7860 Sq Ft
Tax Info
State Eq Value: 146700
Taxes: 8342
Tax Year: 2017
Parcel #: 33-01-01-08-102-189
Taxable Value: 114494
Zoning: Commercial
Remarks & Misc
Photo Instructions: Office Submit
Status Change Info
Status: Closed
Under Contract Date: 2018-10-28
Sold Date: 2019-02-04
Sold Price: 355000
Leased/Sold Price/SqFt: 45.17
Income & Expenses
Projected: Yes
Annual Income: 93600
Utilities: 8021
Repair Maintenance: 1958
Management: 6834
Tax Expense: 8342
Total Other Expense: 4740
Income Available: Yes
Total Expense: 29895
Net Operating Income: 63705
Lessor Expenses
Electric Expense: Yes
Unit 1
Unit: 1
Baths: 1
Bedrooms: 2
Monthly Income: 650
Finished SqFt: 700
Unit 2
Baths: 1
Bedrooms: 2
Monthly Income: 650
Finished SqFt: 700
Unit 3
Baths: 1
Bedrooms: 2
Monthly Income: 650
Finished SqFt: 700
Unit 4
Baths: 1
Bedrooms: 2
Monthly Income: 650
Finished SqFt: 700
Unit 5
Baths: 1
Bedrooms: 2
Monthly Income: 650
Finished SqFt: 700
Unit Information
# Written Leases: 5
Misc Business Info
# Parking: 15
Parking Surface: Concrete
Roof Type: Shingle
Zoning: Commercial
Property Features
Current Use: Residence
Appliances: Oven; Range; Refrigerator
Basement: No Basement
Exterior: Brick
Driveway: Concrete
Water: Public
Sewer: Public Sewer
Roof: Shingle
Extras: Cable Installed; High Speed Internet Avlbl: Cable; Smoke Alarm; Window Air Conditioner
Garage: 1 Car; Detached
Heating: Hot Water - Gas
Water Heater: Gas Natural
Land & Acreage: 1/4+ thru 1/2 Acre
Type: Other
Terms: Cash; Conventional
Showing: Sign on Property; Showing Time

Listing Office: Keller Williams Realty Lansing-East

Listing Agent: Stacee Robison

Last Updated: February - 06 - 2019

Information deemed reliable but not guaranteed.

Tuesday 19th of February 2019 04:52 AM