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3501 Simken Dr
Lansing, MI 48910
Simken Apartments · Multifamily Property For Sale
·
12 Units
EXECUTIVE SUMMARY
Introducing a well-maintained 12-unit multifamily investment property offering strong in-place performance and significant upside in one of the area’s most stable rental submarkets. This asset features a balanced mix of efficiently designed units, consistent occupancy history, and clean financials, making it an ideal opportunity for both seasoned investors and new entrants looking for predictable returns.
The property is professionally managed and has demonstrated reliable cash flow, supported by steady tenant demand and a historical occupancy rate near full capacity. Recent rent performance and market trends indicate clear potential for income growth, with achievable rents reaching $1,050 per unit across all 12 units. A stabilized 2026 pro forma reflects a healthy NOI and competitive cap rate at the property’s pricing, further reinforcing this asset’s investment strength.
Residents benefit from convenient access to local employment centers, retail corridors, and transit routes, contributing to low turnover and strong leasing velocity. The building structure and systems have been well cared for, providing low operational friction and efficient ongoing management.
This property is ideal for investors seeking:
• Turnkey multifamily income with strong in-place metrics
• Upside potential through rent alignment with current market levels
• Low vacancy risk supported by a tight local rental market
• Predictable long-term performance with manageable expenses
• An asset positioned for appreciation and stable cash flow
Whether added to an existing portfolio or acquired as a first multifamily investment, this 12-unit property provides a rare combination of stability, scalability, and value-add capability.
The property is professionally managed and has demonstrated reliable cash flow, supported by steady tenant demand and a historical occupancy rate near full capacity. Recent rent performance and market trends indicate clear potential for income growth, with achievable rents reaching $1,050 per unit across all 12 units. A stabilized 2026 pro forma reflects a healthy NOI and competitive cap rate at the property’s pricing, further reinforcing this asset’s investment strength.
Residents benefit from convenient access to local employment centers, retail corridors, and transit routes, contributing to low turnover and strong leasing velocity. The building structure and systems have been well cared for, providing low operational friction and efficient ongoing management.
This property is ideal for investors seeking:
• Turnkey multifamily income with strong in-place metrics
• Upside potential through rent alignment with current market levels
• Low vacancy risk supported by a tight local rental market
• Predictable long-term performance with manageable expenses
• An asset positioned for appreciation and stable cash flow
Whether added to an existing portfolio or acquired as a first multifamily investment, this 12-unit property provides a rare combination of stability, scalability, and value-add capability.
PROPERTY FACTS
| Price Per Unit | $92,480 CAD | Lot Size | 0.73 AC |
| Sale Type | Investment | Building Size | 7,732 SF |
| Cap Rate | 9.89% | Average Occupancy | 83% |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Parking Ratio | 1.95/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Building Class | C | ||
| Zoning | CM | ||
| Price Per Unit | $92,480 CAD |
| Sale Type | Investment |
| Cap Rate | 9.89% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.73 AC |
| Building Size | 7,732 SF |
| Average Occupancy | 83% |
| No. Stories | 3 |
| Year Built | 1966 |
| Parking Ratio | 1.95/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | CM |
AMENITIES
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | - | 700 |
| 2+1 | 11 | - | 850 |
PROPERTY TAXES
| Parcel Number | 01-01-32-101-391 | Improvements Assessment | $291,329 CAD |
| Land Assessment | $67,004 CAD | Total Assessment | $358,333 CAD |
PROPERTY TAXES
Parcel Number
01-01-32-101-391
Land Assessment
$67,004 CAD
Improvements Assessment
$291,329 CAD
Total Assessment
$358,333 CAD
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