Marcus & Millichap is pleased to present the Element 903, a new-construction Class-A student housing property across the street from Michigan State University. Located in East Lansing, Michigan and built in 2015, the Element 903 offers eighteen two-bedroom/two-bath units ranging from 1,010 to 1,134 square feet. With its irreplaceable location immediately adjacent to campus, the Property has never had a single vacant bed since its delivery.
The Element 903 consists of a single building. The exterior of the first floor has cement-filled cinder block walls and consists of parking, common area with an elevator, and 1,570 square feet of commercial space zoned for office or retail use. The exterior of the top three floors is wood frame with brick & metal siding. These three floors house the eighteen residential units, and there is a wood deck on the second floor.
The units are spacious with every bedroom having a private bathroom and a walk-in closet. The unit-amenities include hard-surface flooring, granite countertops, a fully-equipped kitchen with stainless appliances, in-unit washers & dryers, central air & heat, lofty 10-foot ceilings, and furnishings for 14 of the units.
These luxury units currently charge the lowest rent per square foot of all luxury units in the East Lansing student housing market. New management has the opportunity to more aggressively pursue market-rate rents, increasing revenue and profitability.
