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Skyline Apartments 4221 N Grand River Ave 12 Unit Apartment Building $1,465,716 CAD ($122,143 CAD/Unit) 7.33% Cap Rate Lansing, MI 48906
INVESTMENT HIGHLIGHTS
- Low Operating Complexity -Individually metered utilities and simplified building systems allow for lean management and lower overhead.
- Strong In-Place Income with upside
- Well-Maintained 12-Unit Property
EXECUTIVE SUMMARY
Skyline Apartments is a well-maintained 12-unit multifamily property located along Lansing’s northwest Grand River corridor. Built in 1965 and fully renovated in 2023, the property totals 7,760 SF across one two-story building with a garden-level layout. The unit mix consists of eleven 2-bed/1-bath apartments and one 1-bed/1-bath unit, averaging 783 SF. Current occupancy is 100%, generating over $13,000 in monthly rent with additional upside through continued rent growth and operational efficiencies. Priced at $1,100,000 ($91,667/unit), Skyline offers investors a multifamily investment opportunity, supported by Lansing’s strong employment base anchored by Michigan State University, Sparrow Health, and General Motors.
PROPERTY FACTS
| Price | $1,465,716 CAD | Building Class | C |
| Price Per Unit | $122,143 CAD | Lot Size | 0.29 AC |
| Sale Type | Investment | Building Size | 9,096 SF |
| Cap Rate | 7.33% | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1965/2023 |
| Property Subtype | Apartment | Parking Ratio | 2.31/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | D-1 PRO - Downtown Professional | ||
| Price | $1,465,716 CAD |
| Price Per Unit | $122,143 CAD |
| Sale Type | Investment |
| Cap Rate | 7.33% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 9,096 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1965/2023 |
| Parking Ratio | 2.31/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | D-1 PRO - Downtown Professional |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer Hookup
- Heating
- Kitchen
- High Speed Internet Access
- Ice Maker
- Refrigerator
- Oven
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Handrails
- Vinyl Flooring
- Warming Drawer
- Wheelchair Accessible (Rooms)
- Window Coverings
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Maintenance on site
- Online Services
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | - | 700 |
| 2+1 | 11 | - | 850 |
1 1
PROPERTY TAXES
| Parcel Number | 01-01-06-252-241 | Improvements Assessment | $334,228 CAD |
| Land Assessment | $63,194 CAD | Total Assessment | $397,423 CAD |
PROPERTY TAXES
Parcel Number
01-01-06-252-241
Land Assessment
$63,194 CAD
Improvements Assessment
$334,228 CAD
Total Assessment
$397,423 CAD
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Skyline Apartments | 4221 N Grand River Ave
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