NOT LISTED FOR SALE

314 S Martin Luther King jr Blvd Lansing, MI 48915

Westside Neighborhood

Estimated Value: $244,000 - $325,000

-- Bed
-- Bath
4,128 Sq Ft
$66/Sq Ft Est. Value

Last Sold September 04, 2019

Last sale price $189,900 $46 Per Sq Ft

Est. 43% increase in value since last sale

Current estimated payment $2,029/month

9 Days on Market

About This Home

As of September 2019

Looking for some extra income? This great 4 unit income property located in Lansing features 4 nice size units with two bedrooms, a dining area and living room. Each unit is a little over 1,000 sq feet. The building has a coin washer and coin dryer on each side that is fully serviced by a laundry company. Centrally located near downtown with LCC, Cooley Law School and minutes away from MSU. Parking is behind the property with 12 spots. The Landlord pays for water/sewer, lawn/snow & trash. Each unit has their own electric and gas meter (for the water heater and furnace.) Currently 2 units are occupied, 2 are vacant however a new lease will start the week of 7/15/19. The property is a licensed rental and the registration is already paid with inspection early August 2019.

Last Agent to Sell the Property

Jason VanSickle

Coldwell Banker Professionals-Delta Listed on: 07/08/2019

Last Buyer's Agent

Eli Abdalla

EXP Realty, LLC License #6501415335

EXP Realty, LLC

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1910

Lot Details

  • 8,712 Sq Ft Lot
  • Lot Dimensions are 132x66

Parking

  • 12 Parking Spaces

Home Design

  • Flat Roof Shape
  • Vinyl Siding

Interior Spaces

  • 4,128 Sq Ft Home
  • 2-Story Property
  • Basement Fills Entire Space Under The House
  • Fire and Smoke Detector

Utilities

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

Listing and Financial Details

  • Total Actual Rent $31,800

Community Details

Overview

  • 4 Units
  • Abbott Park Subdivision

Building Details

  • Electric Expense $2,760
  • Insurance Expense $1,000
  • Other Expense $2,000
  • New Taxes Expense $5,799
  • Net Operating Income $11,559

Property Details

Home Type

Multi-Family

Year Built

Built in 1910

Lot Details

0

Listing Details

  • Gross Rent: 31800.0
  • Miscellaneous: 2000.0
  • Net Income: 11559.0
  • Tax Year: 2019
  • Unit Information License Register Exp: 2022-08-05
  • Levels: Two
  • Year Built: 1910
  • Lot Size Acres: 0.2
  • Lot Size: 132X66
  • Subdivision Name: Abbott Park
  • Above Grade Finished Sq Ft: 4128.0
  • General Property Info:Lot Size Dimensions: 132X66
  • General Property Info:Above Grade Finished Area: 4128.0
  • Levels:Two2: Yes
  • Sewer:Public Sewer: Yes
  • Security Features:Smoke Detector(s): Yes
  • Exterior:Vinyl Siding: Yes
  • Roof:Flat: Yes
  • Tax Info:Taxes2: 5799.1
  • Tax Info:Zoning3: Residential
  • Water Heater:Gas Water Heater2: Yes
  • General Property Info:Building 1 Description: QUAD
  • General Property Info:_pound_ of Units: 4
  • Annual Inc Expense:Insurance4: 1000.0
  • Annual Inc Expense:Tax Expense2: 5799.0
  • Annual Inc Expense:Electricity5: 2760.0
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

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

Exterior Features

  • Roof: Flat
  • Construction Type: Vinyl Siding

Garage/Parking

  • Parking Features: Asphalt
  • Attached Garage: No
  • Parking Features:Asphalt2: Yes
  • Misc Business Info:_pound_ Parking: 12
  • General Property Info:Parking Total: 12

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: 8712.0
  • ResoLotSizeUnits: Acres

Tax Info

  • Tax Carrier Route: 2550

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jul 8, 2019
Closed on
Aug 27, 2019
Sold by
Buchholz Adam E and Buchholz Brittany A
Bought by
Schram Troy
Seller's Agent
Jason VanSickle
Coldwell Banker Professionals-Delta
Buyer's Agent
Eli Abdalla
EXP Realty, LLC
List Price
$189,900
Sold Price
$189,900
Current Estimated Value
$272,354

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$82,454
Avg. Annual Appreciation
5.93%
Original Mortgage
$185,459
Outstanding Balance
$162,780
Interest Rate
3.7%
Mortgage Type
FHA
Estimated Equity
$109,574

Purchase Details

Listed on
Feb 26, 2018
Closed on
Apr 20, 2018
Sold by
The Greater Lansing Housing Coalition
Bought by
Buchholz Adam E and Buchholz Brittany
Seller's Agent
Diane Sanborn
Coldwell Banker Realty -Stadium
Buyer's Agent
Jason VanSickle
RE/MAX Real Estate Professionals
List Price
$134,900
Sold Price
$140,000
Premium/Discount to List
$5,100
3.78%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
24.72%
Original Mortgage
$105,000
Interest Rate
4.44%
Mortgage Type
New Conventional

Purchase Details

Closed on
May 10, 2001
Sold by
City Of Lansing
Bought by
Greater Lansing Housing Coalition

Purchase Details

Closed on
Oct 31, 2000
Sold by
Miller Larry and Miller Dorothy
Bought by
Greater Lansing Housing Coalition

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$85,000
Interest Rate
6%

Purchase Details

Closed on
Jan 25, 2000
Sold by
Joy Bobby and Joy Patricia A
Bought by
Miller Larry and Miller Dorothy

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$65,000
Interest Rate
7.98%

Purchase Details

Closed on
Aug 21, 1999
Sold by
Bauer John C
Bought by
Joy Bobby

Purchase Details

Closed on
Mar 19, 1998
Sold by
Ho Tong and Ho Denice
Bought by
Joy Bobby and Bauer John
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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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
Schram Troy $189,900 Transnation Title Agency
Buchholz Adam E $140,000 Tri County Title Agency Llc
Greater Lansing Housing Coalition -- --
Greater Lansing Housing Coalition $87,000 Midstate Title Company
Miller Larry $87,000 Title Office
Joy Bobby -- --
Joy Bobby $30,000 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Schram Troy $185,459
Previous Owner Buchholz Adam E $105,000
Previous Owner Greater Lansing Housing Coalition $85,000
Previous Owner Miller Larry $65,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
09/04/2019 09/04/19 Sold $189,900 0.0% $46 / Sq Ft
07/17/2019 07/17/19 Pending -- -- --
07/08/2019 07/08/19 For Sale $189,900 +35.6% $46 / Sq Ft
04/20/2018 04/20/18 Sold $140,000 +3.8% $34 / Sq Ft View Prior Sale
03/07/2018 03/07/18 Pending -- -- --
02/23/2018 02/23/18 For Sale $134,900 -- $33 / 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 $7,214 $130,500 $7,400 $123,100
2024 $58 $123,800 $7,400 $116,400
2023 $6,720 $100,900 $7,400 $93,500
2022 $6,208 $92,600 $5,800 $86,800
2021 $5,995 $81,800 $8,300 $73,500
2020 $5,952 $75,200 $8,300 $66,900
2019 $5,799 $72,300 $8,300 $64,000
2018 $4,533 $63,800 $8,300 $55,500
2017 $4,357 $63,800 $8,300 $55,500
2016 $4,184 $57,700 $8,300 $49,400
2015 $4,184 $55,100 $16,663 $38,437
2014 $4,184 $52,900 $17,500 $35,400
Source: Public Records

Agents Affiliated with this Home

  • J

    Seller's Agent in 2019

    Jason VanSickle

    Coldwell Banker Professionals-Delta

  • E

    Buyer's Agent in 2019

    Eli Abdalla

    EXP Realty, LLC

    Section Image

  • D

    Seller's Agent in 2018

    Diane Sanborn

    Coldwell Banker Realty -Stadium

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Map

Source: Greater Lansing Association of Realtors®

MLS Number: 238347

Greater Lansing Association of Realtors®

APN: 01-01-17-404-231

Michigan Ingham County Lansing 48915 Westside

314 S Martin Luther King jr Blvd, Lansing, MI

Not Listed for Sale

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