Two-Unit Duplex with Split Water
For Sale
$115,000
Pending
1021 Hickory St, Lansing, MI 48912
Upstairs and downstairs units feature separate water meters, a newer high-efficiency furnace, and documented system improvements.
Property Size1,223 SF
Days on Market46
Property Features for 1021 Hickory St
General Information
Standard status
Pending
Size
1,223 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
The gutters are sagging and need to be redone, and there is some facia missing.
Additional Details
Multifamily Units
2
Building Details
Year Built
1908
Buildings
1
Listing Agency:
Simple Fee Listings
(734) 223-8725
Listed By:
Randall Wolber
Source:
Vmrealestatemichigan
Added: Jul 16
Changed: Aug 28
Last Checked: Aug 29 at 10:31AM
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 Simple Fee Listings
Investment Insights
Based on property information with market context.
This two-unit duplex at 1021 Hickory St in Lansing, Michigan, has an upstairs/downstairs layout and was built in 1908. The property includes separate water meters for the units, while electrical service remains shared. A 96% efficient furnace serves the building, and a gas line was added for the laundry. The sewer line was repaired, an exterior cleanout was installed, and drainage work directs roof runoff through underground tile to a front rain garden.
Since 2019, the property has received two mechanical permits and two plumbing permits; roofing and electrical permits were obtained before that purchase. All six permits were inspected and passed, and the building passed two rental safety inspections. The next city reinspection is due in 2026. Interior finishes remain dated, including flooring, kitchen cabinetry, bathroom cabinetry, and countertops. Exterior maintenance items include sagging gutters, missing fascia, and potentially loose soffit.
Since 2019, the property has received two mechanical permits and two plumbing permits; roofing and electrical permits were obtained before that purchase. All six permits were inspected and passed, and the building passed two rental safety inspections. The next city reinspection is due in 2026. Interior finishes remain dated, including flooring, kitchen cabinetry, bathroom cabinetry, and countertops. Exterior maintenance items include sagging gutters, missing fascia, and potentially loose soffit.
Key Highlights
- Two‑unit upstairs/downstairs duplex at 1021 Hickory St, Lansing, MI 48912
- Built in 1908 with separate water meters for each unit
- 96% efficient furnace and added gas service for the laundry
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
$9,918
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
8.62%
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%
$198,360
$198.4K
Cap Rate 7%
$141,686
$141.7K
Cap Rate 9%
$110,200
$110.2K
Market Conditions
NOI Build-Up for 1,223 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
$19.2K $15.72/SF
− Vacancy
−$1.2K −$0.97/SF
EGI
$18.0K $14.75/SF
− OpEx
−$8.1K −$6.64/SF
NOI
$9.9K $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%
$198,360
Cap Rate 7%
$141,686
Cap Rate 9%
$110,200
Alternative Uses
Best Use
Multifamily LT 5
$157.8K
$138.1K – $184.1K
NOI $11,046 @ 7.0% cap · market cap 9.61%
Second Best
Apartment 5plus
$141.7K
$124.0K – $165.3K
NOI $9,918 @ 7.0% cap · market cap 8.62%
Theoretical Best
Office A
$251.7K
$220.3K – $293.7K
NOI $17,622 @ 7.0% cap · market cap 15.32%
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
1,861
Businesses Nearby
Explore this area
Business Placement
Demographics for 48912, MI
17,155
Population
9,064
Households
1.9
Avg Household Size
34
Median Age
40%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
3,299
Density / Sq Mi
$53,072
Median Household Income
$34,598
Median Earnings
$1,037
Median Rent
$139,900
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 - Upstairs and downstairs units feature separate water meters, a newer high-efficiency furnace, and documented system improvements.
Where is this duplex located?
The property is located at 1021 Hickory St Lansing, MI.
What is the asking price?
The asking price for this property is $115,000.
What are key features of this property?
This property features: Two‑unit upstairs/downstairs duplex at 1021 Hickory St, Lansing, MI 48912; Built in 1908 with separate water meters for each unit; 96% efficient furnace and added gas service for the laundry
