1690 Watertower Pl $995,000


    1690 Watertower Pl East Lansing, MI 48823

    • 8,406 sq.ft.
    • Commercial Sale
    • MLS# 30463490
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    Views: 308 Days On Market: 176

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    Property Details

    Located in the popular Watertower Office Park in East Lansing, this fully leased investment property consisting of 2 units comprising 66% of the total building. The units are leased to a international insurance service provider and a regional home health care provider. The property has long term relationships with both tenants and the health care tenant has recently renewed. The insurance tenant lease comes due in July of 2020 and is expected to renew at a rate several dollars per foot lower, as noted in the proforma cash flow. The property is priced based on the projected new rent amounts with the current rents producing a large excess return until the renewal period. The property is well maintained and both units have premium build outs and features throughout. The new owner could also choose to not renew the existing 5,895 Sq. Ft lease and occupy this space themselves on August 1st, 2020. Full offering memorandum available upon request.

    • General Features
      • Rental Space Available 8406
      • Property subtypes Office Building
      • Sale terms Cash to Seller
      • Use types Investment
    • Building Features
      • Air conditioning types Engineered System
      • Building status Under Renovation
      • building stories 1
      • Heat sources Central
      • Roof type Gable
      • total buildings 1
      • visibility Excellent
    • Property Features
      • highway access Just off US 127 at Lake Lansing


    Faith Steller


    RE/MAX Real Estate Professionals

    Office Phone: 517-388-0025


    48823 (East Lansing) Demographics

    24 Median Age
    2,254 Population Density (per sq. mile)
    73% College Educated
    $40,772 Estimated Median Income
    8,104 Estimated Total Home Owners
    11,764 Estimated Total Renters
    41% / 59% Estimated Owner / Renter Divide
    3 Estimated Average Household Size
    50,531 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days

    $226,900 Median Sales Price
    20 Homes Sold
    28 New On Market

    Average Days on Market

      Properties for Sale

        Property History

        Date Event Price Percent Change
        -- Current Price Source New Value: $995,000
        7/25/2019 4:30:00 AM New in Database Source

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