121-123 Island Avenue

Lansing, MI 48909 / None

MLS ID# 252999 Pending

Get directions

$169,900

• Images
• Map

View Larger

 

× Close

Map Layers

• Description
• Contract Info
• Location & Legal Info
• General Property Info
• Tax Info
• Compensation Info
• Details

Description

Great opportunity to invest in upcoming REO Town. 4 Unit, brick maintenance free exterior. Two 3 bedroom units and two 1 bedroom units. Electric is sub-metered and paid by tenants. Gas has two meters and is currently paid by landlord, but could easily be billed back to tenants. 3/4 units are occupied (121 Dwn is rented for $600, leased until Oct 2021. 121 Up is rented for $830, leased until Nov 2021. 123 Dwn is rented for $650, leased until Jan 2022. 123 Up is vacant to allow for showings). 123 side has new furnace in 2020. Licensed and not due for inspection until 11/01/2022. 2020 entire building was painted inside. Property has all vinyl windows. Parking lot in rear. Lot next door also available for sale parcel: 33-01-01-21-329-011. Zoned for multi-family. Great opportunity to invest in upcoming REO Town. 4 Unit, brick maintenance free exterior. Two 3 bedroom units and two 1 bedroom units. Electric is sub-metered and paid by tenants. Gas has two meters and is currently paid by landlord, but could e... show more

Contract Info

• Status Pending

Location & Legal Info

• Street # 121-123
• Street Name Island
• Suffix Avenue
• City Lansing
• State MI
• Zip Code 48909
• School District Lansing
• Key CBX
• TownshipTax Authority Lansing City
• County Ingham
• Subdivision None
• Legal N 92 FT OF W 16 FT LOT 3 & N 92 FT OF E 34 FT LOT 4 BLOCK 2 MCKIBBINS ADD
• Directions From downtown Lansing, take Washington south to Island, West on Island to home.

General Property Info

• Building 1 Description Brick 4 unit
• # of Units 4
• Year Built 1915
• Parking Total 6
• Lot Dimensions 50x92
• Lot Acres 0.11
• ECO Friendly Features No

Tax Info

• State Eq Value 39900
• Taxes 3630.43
• Tax Year 2020
• Parcel # 33-01-01-21-329-002
• Taxable Value 39900
• Zoning Multi-Family

Compensation Info

• Sub Agency Fee 0
• Broker Agency Fee 3

Details

• Annual Inc & Expense

  Gross Rent 36000 , Water/Sewer Expense 1400 , Tax Expense 3630 , Less Fuel 2419 , Net Income 28550

• Unit 1

  Unit 121 Down , Baths 1 , Monthly Income 600 , Finished SqFt 600 , Tenant Name Gerardo , Expire Date 2021-10-01

• Unit 1 Appliances

  Ovens 1 , Ranges 1 , Refrigerators 1

• Unit 2

  Unit 121 Up , Baths 1 , Monthly Income 830 , Finished SqFt 900 , Tenant Name Valentin , Expire Date 2021-11-01

• Unit 2 Appliances

  Ovens 1 , Ranges 1 , Refrigerators 1

• Unit 3

  Unit 123 Down , Baths 1 , Monthly Income 650 , Finished SqFt 600 , Tenant Name Ivece , Expire Date 2022-01-01

• Unit 3 Appliances

  Ovens 1 , Ranges 1 , Refrigerators 1

• Unit 4

  Unit 123 Up , Baths 1 , Monthly Income 850 , Finished SqFt 900 , Tenant Name Vacant

• Unit 4 Appliances

  Ovens 1 , Ranges 1 , Refrigerators 1

• Unit Information

  License/Register Exp 2022-11-01 , # Deposits 1525 , # Written Leases 3

• Misc Business Info

  # Parking 7

  Zoning

  Multi

• Basement

  Daylight , Full , Shared

• Exterior

  Earth Sheltered

• Sewer

  Public Sewer

• Roof

  Shingle

• Heating

  Forced Air , Natural Gas

• Land & Acreage

  Up to 1/4 Acre

• Terms

  Cash , Conventional