NOT LISTED FOR SALE

304 S Pennsylvania Ave Lansing, MI 48912

The Stadium District Neighborhood

Estimated Value: $89,000 - $125,000

4 Beds
2 Baths
1,806 Sq Ft
$59/Sq Ft Est. Value

Last Sold September 08, 2023

Last sale price $67,500 $37 Per Sq Ft

Est. 59% increase in value since last sale

Current estimated payment $596/month

450 Days on Market

About This Home

As of September 2023

What a great investment opportunity. Consider this solid 2 unit, 2 bedroom home that's walking distance to Sparrow and close to downtown Lansing and East Lansing. The home is in good condition with a newer roof and windows. The home just passed a City of Lansing inspection and has had its rental license for 3 years now. There are two tenants that are month to month, the lease states that tenant or landlord has the right to break the lease with 30 days notice. This has been a long term moneymaker for my Seller and now it can be yours.

Last Agent to Sell the Property

Jeffrey Kelley

RE/MAX Real Estate Professionals License #6501377659 Listed on: 04/21/2022

RE/MAX Real Estate Professionals

Co-Listed By

Peter MacIntyre

RE/MAX Real Estate Professionals License #6506040989

Last Buyer's Agent

Nicole Dungey

RE/MAX Real Estate Professionals License #6501434816

RE/MAX Real Estate Professionals

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1906

Lot Details

  • 2,614 Sq Ft Lot
  • Lot Dimensions are 40x67.96

Home Design

  • Vinyl Siding

Interior Spaces

  • 1,806 Sq Ft Home
  • 2-Story Property
  • Block Basement Construction

Parking

  • 2 Parking Spaces
  • Additional Parking

Utilities

  • No Cooling
  • Forced Air Heating System

Listing and Financial Details

  • Total Actual Rent $12,600

Community Details

Overview

  • 2 Units
  • Green Oak Subdivision

Building Details

  • Insurance Expense $480
  • Maintenance Expense $4,700
  • Other Expense $300
  • New Taxes Expense $1,790
  • Operating Expense $6,790
  • Net Operating Income $5,330

Property Details

Home Type

Multi-Family

Year Built

Built in 1906

Lot Details

0

Listing Details

  • Gross Rent: 12600.0
  • Miscellaneous: 300.0
  • Net Income: 5330.0
  • Total Expense: 6790.0
  • Tax Year: 2020
  • Unit Information License Register Exp: 2021-12-01
  • Levels: Two
  • Year Built: 1906
  • Lot Size Acres: 0.06
  • Lot Size: 40x67.96
  • Co List Office Mls Id: 894
  • Co List Office Phone: 517-339-8255
  • Subdivision Name: Green Oak
  • Above Grade Finished Sq Ft: 1806.0
  • General Property Info:Lot Size Dimensions: 40x67.96
  • General Property Info:Above Grade Finished Area: 1806.0
  • Levels:Two2: Yes
  • Sewer:Public Sewer: Yes
  • Exterior:Vinyl Siding: Yes
  • Cooling:None8: Yes
  • Tax Info:Taxes2: 1791.44
  • Tax Info:Zoning3: Residential
  • General Property Info:Building 1 Description: Residential 2 Story
  • General Property Info:_pound_ of Units: 2
  • Annual Inc Expense:Insurance4: 480.0
  • Annual Inc Expense:Tax Expense2: 1790.0
  • Annual Inc Expense:Maintenance3: 4700.0
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: Block
  • Heating: Forced Air
  • Property Type: Resid/Multi-Family
  • Basement:Block2: Yes

Exterior Features

  • Construction Type: Vinyl Siding

Garage/Parking

  • Total Parking Spaces: 2.0
  • Parking Features: Additional Parking
  • Attached Garage: No
  • Parking Features:Additional Parking: Yes
  • General Property Info:Parking Total: 2

Utilities

  • Sewer: Public Sewer
  • Cooling: None
  • LaundryFeatures: None
  • Water Source: Public
  • Cooling Y N: No
  • Heating Yn: Yes
  • Heating:Forced Air: Yes

Schools

  • Junior High Dist: Lansing

Lot Info

  • Lot Size Sq Ft: 2613.6
  • ResoLotSizeUnits: Acres

Multi Family

  • Number Of Units Total: 2
  • Insurance Expense: 480.0
  • Maintenance Expense: 4700.0
  • Property Net Operating Income: 5330.0

Tax Info

  • New Taxes Expense: 1790.0

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Apr 21, 2022
Closed on
Sep 8, 2023
Sold by
Web Property Management Llc
Bought by
Sims Roman L
Seller's Agent
Jeffrey Kelley
RE/MAX Real Estate Professionals
Buyer's Agent
Nicole Dungey
RE/MAX Real Estate Professionals
List Price
$99,000
Sold Price
$67,500
Premium/Discount to List
-$31,500
-31.82%
Views
546
Current Estimated Value
$107,255

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$39,755
Avg. Annual Appreciation
26.99%
Original Mortgage
$50,625
Outstanding Balance
$49,778
Interest Rate
6.9%
Mortgage Type
New Conventional
Estimated Equity
$57,016

Purchase Details

Closed on
Aug 7, 2006
Sold by
Wells Fargo Bank Na
Bought by
Wells Fargo Bank Na and Asset Backed Pass Through Certificates S

Purchase Details

Closed on
Apr 6, 2006
Sold by
Clinton Ivory L
Bought by
Wells Fargo Bank Na
Source: Public Records

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Sims Roman L $67,500 Diversified National Title
Wells Fargo Bank Na -- None Available
Wells Fargo Bank Na $87,624 None Available
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Sims Roman L $50,625
Previous Owner Web Property Mgt Llc $41,400
Previous Owner Clinton Ivory L $82,450
Previous Owner Clinton Ivory $63,000
Previous Owner Clinton Ivory L $53,600
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
09/08/2023 09/08/23 Sold $67,500 -9.9% $37 / Sq Ft
04/20/2023 04/20/23 Price Changed $74,900 -6.3% $41 / Sq Ft
11/15/2022 11/15/22 Price Changed $79,900 -5.9% $44 / Sq Ft
10/21/2022 10/21/22 Price Changed $84,900 -5.6% $47 / Sq Ft
08/15/2022 08/15/22 Price Changed $89,900 -5.3% $50 / Sq Ft
06/02/2022 06/02/22 Price Changed $94,900 -4.1% $53 / Sq Ft
04/21/2022 04/21/22 For Sale $99,000 -- $55 / Sq Ft
Source: Greater Lansing Association of Realtors®

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $34 $49,200 $2,700 $46,500
2023 $2,012 $39,800 $2,700 $37,100
2022 $1,847 $34,800 $2,300 $32,500
2021 $1,806 $30,700 $2,700 $28,000
2020 $1,791 $27,500 $2,700 $24,800
2019 $1,723 $26,300 $2,700 $23,600
2018 $1,641 $19,500 $2,700 $16,800
2017 $1,576 $19,500 $2,700 $16,800
2016 $1,549 $19,200 $2,700 $16,500
2015 $1,549 $18,700 $5,418 $13,282
2014 $1,549 $18,900 $5,719 $13,181
Source: Public Records

Agents Affiliated with this Home

  • Jeffrey Kelley

    Seller's Agent in 2023

    Jeffrey Kelley

    RE/MAX Michigan

    (517) 999-2675

    4 in this area

    50 Total Sales

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  • Peter MacIntyre

    Seller Co-Listing Agent in 2023

    Peter MacIntyre

    RE/MAX Michigan

    (517) 256-6664

    7 in this area

    491 Total Sales

    Section Image
  • Nicole Dungey

    Buyer's Agent in 2023

    Nicole Dungey

    RE/MAX Michigan

    (517) 242-4115

    1 in this area

    83 Total Sales

    Section Image
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Map

Source: Greater Lansing Association of Realtors®

MLS Number: 264269

Greater Lansing Association of Realtors®

APN: 01-01-15-311-182

Michigan Ingham County Lansing 48912 The Stadium District

304 S Pennsylvania Ave, Lansing, MI

This home is located at 304 S Pennsylvania Ave, Lansing, MI 48912 since 21 April 2022 and is currently estimated at $107,255, approximately $59 per square foot. This property was built in 1906. 304 S Pennsylvania Ave is a home located in Ingham County with nearby schools including Pattengill Academy, Riddle Elementary School, and Eastern Lansing High School.

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