Lease-Up Upside | The Lansing Apartments
- Roof, windows, structural, and mechanical upgrades are complete, cutting near-term capex needs.
- The offering includes an adjacent parcel with potential to create 25-plus new parking spaces.
- The property is only 53 percent occupied today, leaving 47 percent of units to stabilize.
- Located minutes from the new Riverside Park and Detroit Riverfront expansion project.
Property Description
Brokered by Marcus & Millichap and powered by RealINSIGHT Marketplace, 2199 Lansing St is a 54-unit value-add multifamily community strategically located in Detroit’s Southwest submarket, offering investors a compelling combination of immediate in-place cash flow and significant upside through the renovation and lease-up of remaining vacant units. The property has benefited from substantial recent capital improvements, including a new roof, windows, and structural and mechanical upgrades, significantly reducing near-term capital expenditure requirements for a new owner. The offering also includes an adjacent parcel with the potential to accommodate 25+ additional parking spaces, further enhancing the property’s functionality and tenant appeal.
The unit mix consists of 12 studios, 40 two-bedroom units, and 2 three-bedroom units, providing a diverse mix well suited to the surrounding rental market. The property is located minutes from Riverside Park, the Detroit Riverfront expansion, the new Gordie Howe International Bridge, and the new Ford Motor Company campus, positioning 2199 Lansing St to benefit from continued investment and neighborhood growth across Detroit’s Southwest submarket. With existing cash flow, completed capital improvements, substantial lease-up potential, and additional parking upside, 2199 Lansing St presents an attractive opportunity to acquire and reposition a well-located multifamily asset in an improving Detroit market.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Auction |
| Property Types: | Apartment Buildings |
| Price: | $650,000 |
| No. of Units: | 54 |
| Average Occupancy: | 53 |
| Year Built: | 1925 |
| Building Size: | 36,184 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $12,037 |
| Property Website | Click Here |
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