This community boasts 23 spacious one-bedroom and one-bath apartment homes, each measuring 645 square feet. Pennsylvania Apartments was built in 1966 and has been well maintained over the years with mature trees and landscaping. Currently Pennsylvania is operating at 96% physical occupancy and for many years has maintained this level of performance. Perhaps even more impressive than this asset’s occupancy is the improved rents ownership is achieving on renewals and new leases. The property’s rents are significantly below market. The complex has maintained outstanding historical occupancy in recent years, requiring only minimal management oversight from ownership. Further, IPO has projected an NOI going forward of $105,714 based on approximate market rents and T12 expenses. Current average rent across the units is $742. However, when the complex is brought up to market, average rent increases to $876. Pennsylvania represents a well-located asset near downtown Lansing, poised for new ownership with a value-add mentality. Contact IPO to set up a confidential tour before it’s gone.