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Harvest House & Juniper Square 5723-5811 Richwood St 260 Unit Apartment Building $20,854,050 CAD ($80,208 CAD/Unit) 8.07% Cap Rate Lansing, MI 48911
Investment Highlights
- The property has seen over $400k of capital improvements to include over $250k in unit renovations.
Executive Summary
This community boasts 260 spacious Studio, one-bedroom, and two-bedroom apartment homes, each measuring between 350-850 square feet. Harvest House & Juniper Square were built in 1967 and consists of 20 buildings. Over the past two years, the property has seen over $400k of capital improvements to include over $250k in unit renovations.
While the occupancy at Harvest House & Juniper Square had been low due to the extensive unit renovation plan, the improved rents ownership is achieving on renewals, and new leases prove it is worthwhile. The strong market fundamentals ensured this was only a temporary issue due to renovations.
Further, IPO has projected an NOI going forward of $1,209,857 in Year-One and an NOI of $1,330,498 in Year-Two based on approximate market rents and T12 expenses. Harvest House & Juniper Square represents a well-located Lansing poised for new ownership with a value-add mentality. Contact IPO to set up a confidential tour before it’s gone.
While the occupancy at Harvest House & Juniper Square had been low due to the extensive unit renovation plan, the improved rents ownership is achieving on renewals, and new leases prove it is worthwhile. The strong market fundamentals ensured this was only a temporary issue due to renovations.
Further, IPO has projected an NOI going forward of $1,209,857 in Year-One and an NOI of $1,330,498 in Year-Two based on approximate market rents and T12 expenses. Harvest House & Juniper Square represents a well-located Lansing poised for new ownership with a value-add mentality. Contact IPO to set up a confidential tour before it’s gone.
Financial Summary (Pro Forma - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $20,854,050 CAD | Apartment Style | Garden |
| Price Per Unit | $80,208 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 4.24 AC |
| Cap Rate | 8.07% | Building Size | 206,700 SF |
| Gross Rent Multiplier | 5.64 | Average Occupancy | 88% |
| No. Units | 260 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1967 |
| Property Subtype | Apartment | Parking Ratio | 2.57/1,000 SF |
| Zoning | C - Commercial | ||
| Price | $20,854,050 CAD |
| Price Per Unit | $80,208 CAD |
| Sale Type | Investment |
| Cap Rate | 8.07% |
| Gross Rent Multiplier | 5.64 |
| No. Units | 260 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 4.24 AC |
| Building Size | 206,700 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built | 1967 |
| Parking Ratio | 2.57/1,000 SF |
| Zoning | C - Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Carpet
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Picnic Area
- Property Manager on Site
- Tenant Controlled HVAC
- Maintenance on site
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | $931.48 CAD | 500 - 600 |
| 1+1 | 72 | $1,043 CAD | 650 |
| 2+1 | 185 | $1,234 CAD | 850 |
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Total Assessment | $2,891,484 CAD | |
| Land Assessment | $525,383 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $2,366,101 CAD | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$525,383 CAD
Improvements Assessment
$2,366,101 CAD
Total Assessment
$2,891,484 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2025
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Harvest House & Juniper Square | 5723-5811 Richwood St
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