5723 Richwood St, Lansing, MI 48911 - multi-family property

Detailed information about multi-family property which situated in Lansing (48911) city, Michigan state on 5723 Richwood St.
Close to I-96, I-127, restaurants, shopping and transportation.

Additional Information: Park Place Manor is a 80 unit apartment community consisting of 10, 8 unit buildings in a neighborhood setting. Located just off Pennsylvania Ave in Lansing, the apartments offer easy access to Interstate 96 and Interstate 127 and shopping within walking distance while still remaining in a quiet setting. One of the apartments has been converted to use as the management office, bringing the total number of rentable units to 79. Units are 850 sq ft with 32 units having gas forced air heat at the tenants expense and 48 with gas hot water heat at the landlord expense The property is currently renting at just below market but has enjoyed consistently low vacancy rates. The units have had improvements completed to the decks, parking surfaces and many kitchens in the past 3 years. A 30 year assumable note maturing in 2036 for 1.8 MM is available as part of the financing package. Bid deadline is October 6th at 5pm.