Duplex with New
For Sale
$114,900
1017 N Martin Luther King Jr Blvd, Lansing, MI 48915
Two-unit residential property with one vacant unit and tenant-paid gas and electric.
Property Size1,280 SF
Price / SF$89.77
Days on Market11
Property Features for 1017 N Martin Luther King Jr Blvd
General Information
Standard status
Active
Size
1,280 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Listing Agency:
Trubrook, LLC
(517) 974-1291
Listed By:
Jamie Fox · License #6501426849
(517) 231-1093
Source:
Exprealty
Added: Aug 28
Changed: Sep 5
Last Checked: Sep 7 at 2:56PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Trubrook, LLC
Investment Insights
Based on property information with market context.
This 1,280-square-foot duplex at 1017 N Martin Luther King Jr Blvd in Lansing, MI features a new roof and gutters. The upper unit is vacant and move-in ready, while the lower unit is occupied. A rental certification remains in effect through 6/1/2028.
Gas and electric service are separately metered and paid by the tenants. The landlord is responsible for water and sewer service. The property offers a two-unit layout with one unit available for occupancy and the other currently rented.
Gas and electric service are separately metered and paid by the tenants. The landlord is responsible for water and sewer service. The property offers a two-unit layout with one unit available for occupancy and the other currently rented.
Key Highlights
- 1,280‑square‑foot duplex in Lansing, MI
- New roof and gutters
- Rental certification valid through 6/1/2028
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$10,381
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.03%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$207,620
$207.6K
Cap Rate 7%
$148,300
$148.3K
Cap Rate 9%
$115,344
$115.3K
Market Conditions
NOI Build-Up for 1,280 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$20.1K $15.72/SF
− Vacancy
−$1.2K −$0.97/SF
EGI
$18.9K $14.75/SF
− OpEx
−$8.5K −$6.64/SF
NOI
$10.4K $8.11/SF
Area
Lansing, MI
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$207,620
Cap Rate 7%
$148,300
Cap Rate 9%
$115,344
Alternative Uses
Best Use
Multifamily LT 5
$165.2K
$144.5K – $192.7K
NOI $11,561 @ 7.0% cap · market cap 10.06%
Second Best
Apartment 5plus
$148.3K
$129.8K – $173.0K
NOI $10,381 @ 7.0% cap · market cap 9.03%
Theoretical Best
Office A
$263.5K
$230.5K – $307.4K
NOI $18,443 @ 7.0% cap · market cap 16.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
494
Businesses Nearby
Explore this area
Business Placement
Demographics for 48915, MI
9,176
Population
4,768
Households
1.9
Avg Household Size
35
Median Age
36%
College-Educated
90%
High-School Grad
1.8 sq mi
ZIP Area
5,098
Density / Sq Mi
$51,653
Median Household Income
$34,460
Median Earnings
$1,087
Median Rent
$112,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with one vacant unit and tenant-paid gas and electric.
Where is this duplex located?
The property is located at 1017 N Martin Luther King Jr Blvd Lansing, MI.
What is the asking price?
The asking price for this property is $114,900.
What are key features of this property?
This property features: 1,280‑square‑foot duplex in Lansing, MI; New roof and gutters; Rental certification valid through 6/1/2028
