2405 Forest Avenue, Lansing, MI 48910

• 1 bath |
• 980 sqft

Property Description

$300,000 Below Appraised Value | 19-Unit Residential Income Portfolio | Offered at $1,300,000 An independently appraised portfolio valued at $1,600,000 — available today at $1,300,000. That's $300,000 in immediate equity at closing, before a single negotiation. This stabilized residential income portfolio comprises 13 single-family residences and 2 triplexes spanning 19 total units across 15 properties. Running at 99% occupancy under continuous professional management, the portfolio generates $18,743 in gross monthly rents — $224,916 annually. At a standard 40% expense ratio, estimated NOI lands at approximately $134,950, placing this offering at a 10.4% cap rate on the ask price. To put that in perspective: you're buying a sub-9-cap asset for a 10-cap price. The seller is executing a 1031 exchange. The timeline is the buyer's advantage. Since acquisition, the seller has made targeted capital investments across the portfolio — not cosmetic upgrades, but high-ticket mechanical items that have been fully resolved. Three water heaters have been replaced across multiple properties. One furnace was rebuilt and a second was fully replaced. The unit at 2028 Reo received a complete $5,500 renovation and is rent-ready at $1,000/month. The capital has been spent. The savings transfer to you at closing. One unit at 1023 S Penn is currently vacant at a market rate of $700/month — representing immediate upside for an incoming owner on day one. This is not a distressed asset. This is a performing, cash-flowing portfolio offered below appraised value because the seller needs a clean, timely close. For a buyer ready to move, the math is straightforward: $300,000 in built-in equity, double-digit cap rate, 19 doors, professionally managed, nearly fully occupied, with the heavy capital work already done. Gross Monthly Rents: $18,743 | Gross Annual Rents: $224,916 | Est. NOI: ~$134,950 | Cap Rate: ~10.4% | Appraised Value: $1,600,000 | List Price: $1,300,000

Listing Status:

Active

Date Added:

May 1, 2026

Data Last Updated:

May 20, 2026 at 11:39PM

Listing Office:

White Pine Sotheby's International Realty : 517-777-8224

Listing Agent:

Rob Buffington : 517-300-3637

MLS ID:

295607

Interior

• Laundry: In Basement
• Basement: Full
• A/C: Central Air
• Heating: Forced AirNatural Gas

Construction

• General: Vinyl SidingTwo980.0

Location

• Originating MLS: Greater Lansing Association of REALTORS®
• School District: Lansing
• County: Ingham

Lot

• Zoning: LOT 41 CEDARACRE SUB33-01-01-28-251-011

Utilities

• Water: Public
• Sewer: Public Sewer

Financial

• Source: Greater Lansing Association of REALTORS®