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    1031 N Washington Ave Lansing, MI 48906

    Sponsored
    For Sale
    $295,000

    Colonial,Duplex,Historic,Upper/Lower Apartment - Lansing, MI

    Property size:
    2,727 SF
    Lot size:
    0.25 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 26 at 11:06 pm

    Property Features for 1031 N Washington Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Commercial,Multi-Family,Office
    Rooms
    Basement, Bathroom 1, Bathroom 2
    Bathrooms
    2
    APN
    010109334141
    Parking
    6
    Parking features
    On Street
    Interior features
    Entrance Foyer, High Spd Internet Avail, Programmable Thermostat, Exterior Video Surveillance
    Exterior features
    Private Entry
    Basement Y/N
    1
    Size
    2,727 SF
    Lot size
    0.25 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1860
    Floors in Building
    2
    Architectural style
    Colonial

    We can help!

    Listing Contact
    Audrey Schultz

    eXp Realty (888) 501-7085

    Listing agent Audrey Schultz (888) 501-7085

    Listing date Feb 25, 2026

    MLS# 20261009034 Listing URL

    Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Historic Mixed-Use Building in Lansing

    Located in the heart of Old Town Lansing, this historic mixed-use property offers 2,727 square feet of space. The building is zoned DT-1 (Downtown 1), supporting a variety of commercial, office, and residential uses. It features a ground-floor office suite and an upper-level residential unit, each with separate entrances. The lower level, currently occupied by an engineering firm relocating its ownership, offers near-term availability for an owner-occupant or investor. This space includes high ceilings, strong natural light, a half bathroom, a kitchenette, and a flexible layout suitable for professional services, creative office, or potential residential conversion with improvements. The upper level features a six-bedroom apartment with a shared kitchen and full bath, previously leased by the room at approximately $375 per bedroom. One bedroom is currently leased through August. Separate meters, rear access, and parking enhance rental flexibility and tenant appeal. Potential configurations include a single large office, two office suites, two residential units (with added shower and range on the lower level), a live/work configuration, or conversion to a single-family residence. The property has prominent frontage along N. Washington Avenue, providing visibility within one of Lansing’s most walkable and vibrant districts. It is ideal for owner-users, investors, or buyers seeking adaptive reuse in a strong mixed-use corridor. The lot size is 0.25 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Eaton
    State
    Michigan
    Longitude
    -84.551856
    Latitude
    42.722922

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    FAQs

    What type of property is this?
    Mixed-use property - Versatile property with office suite and residential unit in Old Town.
    Where is this mixed-use property located?
    The property is located at 1031 N Washington Ave Lansing, MI.
    What is the asking price?
    The asking price for this property is $295,000.
    What are key features of this property?
    This property features: - Prime Old Town Lansing location with high visibility on N. Washington Avenue.; - Versatile DT-1 zoning allows for a variety of commercial, office, and residential uses.; - Mixed-use property with a ground-floor office suite and an upper-level six-bedroom apartment, each with separate entrances.
    (517) 745-0008
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    1031 N Washington Ave Lansing, MI 48906
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    Lansing, MI 48906
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1031 N Washington Ave Lansing, MI 48906
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    Listing Contact
    Audrey Schultz
    (517) 745-0008 (888) 501-7085
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