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909 E Jolly Rd
Lansing, MI 48910
Atlantic Flatz Apartments · Multifamily Property For Sale
·
16 Units
Investment Highlights
- High cap rate multifamily under $1M - 16-unit Apartment Building
- Centrally located near I-96 and US-127/I-496 for convenient regional connectivity.
- Upside potential through strategic rental rate adjustments over time.
- Recent renovation in 2021 enhances property appeal and operational efficiency.
- Established neighborhood near retail, grocery (Meijer), restaurants, and services.
- 100% occupancy with strong rental history and proven income performance.
Executive Summary
This fully occupied 16-unit apartment building offers an exceptional investment opportunity in South Lansing, Michigan. Located at 909 E Jolly Road, the property is strategically positioned near Pennsylvania Avenue with easy access to I-96 and US-127/I-496, making it highly accessible to surrounding employment centers and retail amenities. Major conveniences such as Meijer, dining options, banks, and neighborhood services are all nearby, enhancing tenant appeal and long-term occupancy stability.
Constructed in 1963 and thoughtfully renovated in 2021, the building spans 11,215 SF and features attractive layouts that cater to today’s rental market. With 100% occupancy, strong rental history, and upside potential for rent growth, this property delivers reliable cash flow for multifamily investors. Offering gross income stability and opportunity for value enhancement, the asset stands out as a well-maintained and income-producing property within a robust rental market.
This investment aligns well with both seasoned investors seeking portfolio expansion and first-time entrants to the multifamily sector looking for a solid, income-generating property in a desirable location.
Constructed in 1963 and thoughtfully renovated in 2021, the building spans 11,215 SF and features attractive layouts that cater to today’s rental market. With 100% occupancy, strong rental history, and upside potential for rent growth, this property delivers reliable cash flow for multifamily investors. Offering gross income stability and opportunity for value enhancement, the asset stands out as a well-maintained and income-producing property within a robust rental market.
This investment aligns well with both seasoned investors seeking portfolio expansion and first-time entrants to the multifamily sector looking for a solid, income-generating property in a desirable location.
Property Facts
| Price Per Unit | $62,481 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.60 AC |
| Cap Rate | 9.24% | Building Size | 11,200 SF |
| Gross Rent Multiplier | 6.07 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1963/2021 |
| Property Subtype | Apartment | Parking Ratio | 1.79/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | Commercial - Commercial Zoned District | ||
| Price Per Unit | $62,481 |
| Sale Type | Investment |
| Cap Rate | 9.24% |
| Gross Rent Multiplier | 6.07 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.60 AC |
| Building Size | 11,200 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2021 |
| Parking Ratio | 1.79/1,000 SF |
| Zoning | Commercial - Commercial Zoned District |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | $851.00 | 700 |
Property Taxes
| Parcel Number | 01-01-34-355-131 | Improvements Assessment | $261,400 |
| Land Assessment | $64,000 | Total Assessment | $325,400 |
Property Taxes
Parcel Number
01-01-34-355-131
Land Assessment
$64,000
Improvements Assessment
$261,400
Total Assessment
$325,400
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