701 N Walnut Street

Lansing, MI 48906 / None

MLS ID# 248702 Closed

Closed $83,000

3 units
3 parking spaces
sqft


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
  • 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
  • Above Grade Finished Area 2467
  • Parking Total 3
  • Lot Size Dimensions 40x72
  • Lot Acres 0.07

Tax Info

  • State Eq Value 45000
  • Eq Year 2020
  • Taxes 3476.94
  • Tax Year 2019
  • Parcel # 33-01-01-09-364-131
  • Taxable Value 41168
  • Taxable Value Year 2020
  • Zoning Multi-Family

Compensation Info

  • Buyer Agency Compensation 3.00%
  • Sub Agency Compensation 0.00%

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

  • Parking Features

    Gravel

  • Water Source

    Public

  • Sewer

    Public Sewer

  • Roof

    Shingle

  • Patio & Porch Features

    Covered

  • Heating

    Hot Water, Natural Gas, Other

  • Water Heater

    Gas Water Heater

  • Land & Acreage

    Up to 1/4 Acre

  • Levels

    Two

  • Terms

    Cash, Conventional, FHA, MSHDA, VA Loan

  • Showing Requirements

    24 Hour Notice, Call Tenant, Combination Lockbox, Showing Time, Sign on Property


This listing was last updated on 2021-05-03T19:20:40Z

The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.