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Listed by White Pine Sotheby's International Realty
$ 1,299,800
Est. payment /mo
Price Dropped by $100K
2405 Forest AVE Lansing, MI 48910
1 Bath
4,356 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Subdivision Cedaracre
MLS Listing ID 295607
Year Built 1924
Annual Tax Amount $2,269
Tax Year 2025
Lot Size 4,356 Sqft
Acres 0.1
Lot Dimensions 36.83x114.2
Property Sub-Type Multi Family
Source Greater Lansing Association of REALTORS®
Property Description
$300,000 Below Appraised Value | 19-Unit Residential Income Portfolio | Offered at $1,300,000 An independently appraised portfolio valued at $1,600,000 — available today at $1,300,000. That's $300,000 in immediate equity at closing, before a single negotiation. This stabilized residential income portfolio comprises 13 single-family residences and 2 triplexes spanning 19 total units across 15 properties. Running at 99% occupancy under continuous professional management, the portfolio generates $18,743 in gross monthly rents — $224,916 annually. At a standard 40% expense ratio, estimated NOI lands at approximately $134,950, placing this offering at a 10.4% cap rate on the ask price. To put that in perspective: you're buying a sub-9-cap asset for a 10-cap price. The seller is executing a 1031 exchange. The timeline is the buyer's advantage. Since acquisition, the seller has made targeted capital investments across the portfolio — not cosmetic upgrades, but high-ticket mechanical items that have been fully resolved. Three water heaters have been replaced across multiple properties. One furnace was rebuilt and a second was fully replaced. The unit at 2028 Reo received a complete $5,500 renovation and is rent-ready at $1,000/month. The capital has been spent. The savings transfer to you at closing. One unit at 1023 S Penn is currently vacant at a market rate of $700/month — representing immediate upside for an incoming owner on day one. This is not a distressed asset. This is a performing, cash-flowing portfolio offered below appraised value because the seller needs a clean, timely close. For a buyer ready to move, the math is straightforward: $300,000 in built-in equity, double-digit cap rate, 19 doors, professionally managed, nearly fully occupied, with the heavy capital work already done. Gross Monthly Rents: $18,743 | Gross Annual Rents: $224,916 | Est. NOI: ~$134,950 | Cap Rate: ~10.4% | Appraised Value: $1,600,000 | List Price: $1,300,000
Location
State MI
County Ingham
Community Cedaracre
Direction GPS
Rooms
Basement Full
Interior
Heating Forced Air, Natural Gas
Cooling Central Air
Laundry In Basement
Exterior
Parking Features Garage
View Y/N No
Total Parking Spaces 2
Building
Lot Size Range 0.1
Sewer Public Sewer
Schools
High Schools Lansing
School District Lansing
Others
Tax ID 33-01-01-28-251-011
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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