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Jolly Ridge Apartments 645 E Jolly Rd 16 Unit Apartment Building $1,000,000 ($62,500/Unit) 9.63% Cap Rate Lansing, MI 48910
Investment Highlights
- 13/16 Renovated units
- Located just off of Jolly/Cedar Intersection
- On-site laundry
Executive Summary
Prime multi-family investment opportunity in Lansing. This apartment complex features 13/16 newly renovated units with new kitchen appliances, new bathroom vanity and tubs. Units offer carpet throughout with vinyl plank flooring in the kitchen; air conditioning units in each apartment, laundry facilities on-site, surface parking.
Located just east of the high trafficked Jolly/Cedar intersection, convenient to community schools, south Lansing retail corridor, Holt, Okemos and more. Minutes from I-496 and I-96.
Located just east of the high trafficked Jolly/Cedar intersection, convenient to community schools, south Lansing retail corridor, Holt, Okemos and more. Minutes from I-496 and I-96.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$96,297
|
$11.93
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $96,297 |
| Annual Per SF | $11.93 |
Property Facts
| Price | $1,000,000 | Building Class | C |
| Price Per Unit | $62,500 | Lot Size | 0.46 AC |
| Sale Type | Investment | Building Size | 8,072 SF |
| Cap Rate | 9.63% | Average Occupancy | 88% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 2.48/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | Commercial - Commercial Zoned Property | ||
| Price | $1,000,000 |
| Price Per Unit | $62,500 |
| Sale Type | Investment |
| Cap Rate | 9.63% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.46 AC |
| Building Size | 8,072 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 2.48/1,000 SF |
| Zoning | Commercial - Commercial Zoned Property |
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Tub/Shower
- Carpet
- Linen Closet
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Smoke Free
- Private Bathroom
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | - | 700 |
| 2+1 | 7 | - | 850 |
1 1
Property Taxes
| Parcel Number | 01-01-33-484-001 | Improvements Assessment | $252,900 |
| Land Assessment | $64,000 | Total Assessment | $316,900 |
Property Taxes
Parcel Number
01-01-33-484-001
Land Assessment
$64,000
Improvements Assessment
$252,900
Total Assessment
$316,900
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Jolly Ridge Apartments | 645 E Jolly Rd
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