NOT LISTED FOR SALE

313 W César E Chávez Ave Lansing, MI 48906

Old Forest Neighborhood

Estimated Value: $87,000 - $136,000

-- Bed
2 Baths
1,556 Sq Ft
$72/Sq Ft Est. Value

Last Sold April 23, 2020

Last sale price $50,000 $32 Per Sq Ft

Est. 123% increase in value since last sale

Current estimated payment $696/month

Highlights

  • Covered Patio or Porch
  • Forced Air Heating System
  • 4-minute walk to Edmore Park
  • 8 Car Attached Garage
  • Wood Siding

About This Home

As of April 2020

3 Unit Multi-Family home, great investment opportunity with 18% cap rate. Near shopping, LCC, Cooley Law school great for students while collecting income! Live in 1 unit and practically live for free with 2 units bringing in income. The 1st floor unit has been completely renovated as well as Unit 3. Don't miss out on this Great opportunity. Land contract available 25% down

Last Agent to Sell the Property

James Davis

DeLong and Co. License #6501406622 Listed on: 09/12/2019

Last Buyer's Agent

Charles Astleford

ERA Reardon Realty Lansing License #6501414932

ERA Reardon Realty Lansing

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1875

Lot Details

  • 4,356 Sq Ft Lot
  • Lot Dimensions are 33x132

Parking

  • 8 Car Attached Garage

Home Design

  • Wood Siding

Interior Spaces

  • 1,556 Sq Ft Home
  • 2.5-Story Property
  • Michigan Basement

Outdoor Features

  • Covered Patio or Porch

Utilities

  • Forced Air Heating System
  • Heating System Uses Natural Gas
  • Gas Water Heater

Listing and Financial Details

  • Total Actual Rent $19,200

Community Details

Overview

  • 3 Units

Building Details

  • Electric Expense $250
  • Insurance Expense $1,500
  • Maintenance Expense $1,500
  • Water Sewer Expense $250
  • New Taxes Expense $2,506
  • Operating Expense $6,006
  • Net Operating Income $13,194

Property Details

Home Type

Multi-Family

Year Built

Built in 1875

Lot Details

0

Listing Details

  • Gross Rent: 19200.0
  • Net Income: 13194.0
  • Total Expense: 6006.0
  • Water Sewer Expenses: 250.0
  • Tax Year: 2017
  • Registered Licenses for Unrelated Occupants: City of Lansing
  • Levels: Two and One Half
  • Year Built: 1875
  • Lot Size Acres: 0.1
  • Lot Size: 33x132
  • Subdivision Name: None
  • Above Grade Finished Sq Ft: 1556.0
  • General Property Info:Lot Size Dimensions: 33x132
  • General Property Info:Above Grade Finished Area: 1556.0
  • Sewer:Public Sewer: Yes
  • General Property Info:ECO Friendly Features: No
  • Exterior:Wood Siding: Yes
  • Levels:Two and One Half: Yes
  • Tax Info:Taxes2: 2217.0
  • Tax Info:Zoning3: Multi-Family
  • Water Heater:Gas Water Heater2: Yes
  • General Property Info:Building 1 Description: Multi-Family
  • General Property Info:_pound_ of Units: 3
  • Annual Inc Expense:Insurance4: 1500.0
  • Annual Inc Expense:Tax Expense2: 2506.0
  • Annual Inc Expense:Maintenance3: 1500.0
  • Annual Inc Expense:Electricity5: 250.0
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: Michigan
  • Heating: Forced Air, Natural Gas
  • Property Type: Resid/Multi-Family
  • Basement:Michigan: Yes

Exterior Features

  • Patio And Porch Features: Covered
  • Construction Type: Wood Siding
  • Patio Porch Features:Covered: Yes

Garage/Parking

  • Parking Features: Attached
  • Attached Garage: Yes
  • Parking Features:Attached: Yes
  • General Property Info:Parking Total: 8

Utilities

  • Sewer: Public Sewer
  • Water Source: Public
  • Heating Yn: Yes
  • Heating:Forced Air: Yes
  • Heating:Natural Gas: Yes

Schools

  • Junior High Dist: Lansing

Lot Info

  • Lot Size Sq Ft: 4356.0
  • ResoLotSizeUnits: Acres

Tax Info

  • Tax Carrier Route: 6703

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Sep 12, 2019
Closed on
Apr 23, 2020
Sold by
R Fanko Property Llc
Bought by
Walling Randy
Seller's Agent
James Davis
DeLong and Co.
Buyer's Agent
Charles Astleford
ERA Reardon Realty Lansing
List Price
$69,900
Sold Price
$50,000
Premium/Discount to List
-$19,900
-28.47%
Current Estimated Value
$111,271

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$61,271
Avg. Annual Appreciation
15.50%

Purchase Details

Closed on
Jun 13, 2019
Sold by
Romario S Property Llc
Bought by
R Franko Property Llc

Purchase Details

Closed on
May 3, 2013
Sold by
Donovan Shaun and Secretary Of Hud Of Washington
Bought by
Romarios Property Llc

Purchase Details

Closed on
Jul 9, 2012
Sold by
Wells Fargo Bank Na
Bought by
Secretary Of Hud

Purchase Details

Closed on
Dec 1, 2011
Sold by
Sorrells Nancy
Bought by
Wells Fargo Home Mortgage Inc

Purchase Details

Closed on
May 23, 2003
Sold by
Franklin Street Community Housing Coop
Bought by
Sorrells Nancy

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$65,873
Interest Rate
5.71%
Source: Public Records

Range of Values:

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Average Value
Not Available
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
Walling Randy $50,000 Bell Title Agency Of Okemos
R Franko Property Llc -- None Available
Romarios Property Llc $11,850 None Available
Secretary Of Hud -- None Available
Wells Fargo Home Mortgage Inc $20,400 None Available
Sorrells Nancy $66,401 Transnation
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Sorrells Nancy $65,873
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
04/23/2020 04/23/20 Sold $50,000 -28.5% $32 / Sq Ft
09/12/2019 09/12/19 For Sale $69,900 -- $45 / 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
2025 $3,423 $62,300 $3,000 $59,300
2024 $27 $56,500 $3,000 $53,500
2023 $3,225 $39,600 $3,000 $36,600
2022 $2,952 $35,600 $3,300 $32,300
2021 $2,964 $33,600 $5,200 $28,400
2020 $2,518 $33,600 $5,200 $28,400
2019 $2,427 $32,200 $5,200 $27,000
2018 $2,307 $28,800 $5,200 $23,600
2017 $2,217 $28,800 $5,200 $23,600
2016 $2,175 $28,300 $5,200 $23,100
2015 $2,175 $27,400 $10,331 $17,069
2014 $2,175 $27,600 $15,750 $11,850
Source: Public Records

Agents Affiliated with this Home

  • J

    Seller's Agent in 2020

    James Davis

    DeLong and Co.

    Section Image

  • C

    Buyer's Agent in 2020

    Charles Astleford

    ERA Reardon Realty Lansing

    Section Image
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Map

Source: Greater Lansing Association of Realtors®

MLS Number: 240749

Greater Lansing Association of Realtors®

APN: 01-01-09-329-221

Michigan Ingham County Lansing 48906 Old Forest

313 W César E Chávez Ave, Lansing, MI

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