9
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$1,300,000
Est. payment /mo
5,760 SqFt
Active
408 Ann Street East Lansing, MI 48823
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 5,760 sqft
Price per Sqft $225
Municipality East Lansing
Subdivision East Lansing
MLS Listing ID 20261039024
Year Built 1940
Annual Tax Amount $20,385
Lot Size 6,098 Sqft
Acres 0.14
Lot Dimensions 44.2X134
Source Realcomp
Property Description
Rarely available opportunity to acquire a stabilized, income-producing student housing asset in one of Michigan's most resilient rental markets. This 11-unit apartment building — purpose-positioned for graduate student tenants — sits just three blocks from the Michigan State University campus, delivering the kind of location-driven demand that keeps vacancy risk virtually nonexistent.The Numbers Tell the Story: Eight consecutive school years of 100% occupancy. That's not a marketing claim — it's a track record that reflects the unrelenting demand for quality, proximate housing among MSU's graduate population. Currently operating at 11 beds with a stable, proven rent roll, the property holds a state-issued license for up to 22 beds, offering a clear, documented path to nearly double its income-generating capacity without a change-of-use hurdle.4,808 square feet of rentable space on 0.14 acres, efficiently configured to serve the discerning graduate student renter who prioritizes walkability, quiet, and proximity to academic resources over amenity-heavy complexes further from campus. The building's compact footprint keeps operating overhead lean, while the location commands premium rents driven by scarcity rather than seasonality.Beyond the bed-expansion opportunity, on-site parking represents an additional, largely untapped revenue stream in a neighborhood where on-campus parking access commands real dollars from students, faculty, and staff alike.
Location
State MI
County Ingham
Zoning Multi-Family
Direction Grand River to north on Charles, east on Ann
Rooms
Basement Basement
Exterior
View Y/N No
Roof Type Composition
Building
Foundation Block
Water Public
Structure Type Brick
Schools
School District East Lansing
Others
Tax ID 200218151003
Listed by Keller Williams Paint Creek
Nearby Locations
