740 Edgemont Blvd Immeuble residentiel 11 lots 747 405 € (67 946 €/Lot) Taux de capitalisation 7,63 % Lansing, MI 48917

Edgemont is comprised of an 11-unit apartment complex in the Lansing Township. Current occupancy is 100% and historically the property has maintained a high level of occupancy.
IPO has projected a Year-One NOI of $64,874 based on approximate street (asking)rents and T12 expenses and expextsthe NOI to grow to almost $70,000 in Year-Two adding approximately $70,000 in value through rent increases. After a detailed rent comparablesstudy, IPO found that current average rents are $122 below market on one-bedroom units and $224 below market on two-bedroom units.
Edgemont represents a well-located asset, that has seen many capital improvements in recent years. Some of these improvements include; unit upgrades, common area flooring, new laundry machines, no-slip stairs, and plumbing updates to the main supply. The roof, which is a pitched membrane roof being replaced in 2018. This asset ispoised for new ownership looking for a stabilized building with up-side potential. Contact IPO to set up a confidential tour before itisgone.