701 N Walnut Street

Lansing, MI 48906 / None

MLS ID# 248702 Active Backup

$99,900


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Description

Excellent investment opportunity in Lansing, MI! This 3-unit rental consists of a 3 bed/1 bath unit and two 1 bed/1 bath units/ Gross rents at $2,075/month. 11% Cap Rate in 2019, 24 hour notice. Seller is a licensed real estate salesperson in the st... show more

Contract Info

  • Status Active Backup
  • Start Showing Date 2020-08-20
  • Street # 701
  • Street Direction N
  • Street Name Walnut
  • Suffix Street
  • City Lansing
  • State MI
  • Zip Code 48906
  • Zip +4 5108
  • School District Lansing
  • Key CMBO
  • TownshipTax Authority Lansing City
  • County Ingham
  • Subdivision None
  • Legal S 40 FT OF E 72 FT LOT 5 BLOCK 57 ORIG PLAT
  • Directions Saginaw (M-43) East to Walnut. Turn left on Walnut. Property is on the Northwest corner of Saginaw & Walnut.

General Property Info

  • Building 1 Description Residential Building
  • # of Units 3
  • Year Built 1878
  • SqFt - Above Appx 2467
  • Parking Total 3
  • Lot Dimensions 40x72
  • Lot Acres 0.07

Tax Info

  • State Eq Value 45000
  • Taxes 3476.94
  • Tax Year 2019
  • Parcel # 33-01-01-09-364-131
  • Taxable Value 41168
  • Zoning Multi-Family

Compensation Info

  • Sub Agency Fee 0
  • Broker Agency Fee 3

Details

  • Annual Inc & Expense

    Gross Rent 24900 , Water/Sewer Expense 2694.33 , Tax Expense 3476.94 , Miscellaneous 2490 , Maintenance 652 , Total Expense 9331.27 , Less Fuel 1724 , Insurance 656 , Management 2150 , Net Income 11038.73
  • Unit 1

    Baths 1 , Fireplace 0 , Monthly Income 900 , Finished SqFt 1250 , Tenant Name D Williams , Expire Date 2021-05-31
  • Unit 2

    Baths 1 , Monthly Income 575 , Finished SqFt 600 , Tenant Name Patrick Staten , Expire Date 2021-04-30
  • Unit 3

    Baths 1 , Monthly Income 600 , Finished SqFt 600 , Tenant Name Reggie Lundy , Expire Date 2020-11-30
  • Misc Business Info

    # Parking 3 , Construction Type Wood Frame , Overall Building Siz 2467 , Parking Surface Cement/Gravel , Roof Type Asphalt

    Zoning

    Residential
  • Basement

    Full
  • Exterior

    Vinyl Siding
  • Driveway

    Concrete , Gravel
  • Water

    Public
  • Sewer

    Public Sewer
  • Roof

    Shingle
  • Heating

    Hot Water - Gas , Other Heating
  • Water Heater

    Gas Natural
  • Land & Acreage

    Up to 1/4 Acre
  • Type

    Two Story
  • Terms

    Cash , Conventional , FHA , MSHDA , VA Loan
  • Showing

    24 Hour Notice , Combo , Sign on Property , Tenant , Showing Time

Local Information (click to view details)

Neighborhood noise levels

Map of this property's surrounding noise levels

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This listing was last updated on 2020-09-23T15:41:06Z