Brick Triplex With
For Sale
$249,800
1023 S Pennsylvania Avenue, Lansing, MI 48912
Fully occupied three-unit property with off-street parking and a garage.
Property Size2,305 SF
Price / SF$108.37
Days on Market34
Property Features for 1023 S Pennsylvania Avenue
General Information
Standard status
Active
Size
2,305 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
3
Amenities
off-street parking
garage
Building Details
Year Built
1928
Buildings
1
Construction
brick-and-frame
Listing Agency:
White Pine Sotheby's International Realty
(517) 300-3637
Listed By:
Rob Buffington
(517) 300-3637
Source:
Exprealty
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 29 at 1:23PM
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 White Pine Sotheby's International Realty
Investment Insights
Based on property information with market context.
Built in 1928, this brick-and-frame triplex contains three residential units totaling approximately 2,305 square feet. The property is fully occupied and includes off-street parking plus a garage, providing additional functional space for the building.
The property is located at 1023 S Pennsylvania Avenue in Lansing, near Sparrow Hospital, Frandor, and downtown. Its central setting places the building within reach of established employment, retail, and civic destinations.
The property is located at 1023 S Pennsylvania Avenue in Lansing, near Sparrow Hospital, Frandor, and downtown. Its central setting places the building within reach of established employment, retail, and civic destinations.
Key Highlights
- Three‑unit multifamily property totaling approximately 2,305 SF
- Built in 1928 with brick‑and‑frame construction
- Fully occupied across all three units
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
$20,819
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
8.33%
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%
$416,380
$416.4K
Cap Rate 7%
$297,414
$297.4K
Cap Rate 9%
$231,322
$231.3K
Market Conditions
NOI Build-Up for 2,305 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
$31.8K $13.80/SF
− Vacancy
−$2.1K −$0.90/SF
EGI
$29.7K $12.90/SF
− OpEx
−$8.9K −$3.87/SF
NOI
$20.8K $9.03/SF
Area
Lansing, MI
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$416,380
Cap Rate 7%
$297,414
Cap Rate 9%
$231,322
Alternative Uses
Best Use
Multifamily LT 5
$297.4K
$260.2K – $347.0K
NOI $20,819 @ 7.0% cap · market cap 8.33%
Second Best
Apartment 5plus
$267.0K
$233.7K – $311.6K
NOI $18,693 @ 7.0% cap · market cap 7.48%
Theoretical Best
Office A
$474.5K
$415.2K – $553.6K
NOI $33,213 @ 7.0% cap · market cap 13.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
549
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?
Triplex - Fully occupied three-unit property with off-street parking and a garage.
Where is this triplex located?
The property is located at 1023 S Pennsylvania Avenue Lansing, MI.
What is the asking price?
The asking price for this property is $249,800.
What are key features of this property?
This property features: Three‑unit multifamily property totaling approximately 2,305 SF; Built in 1928 with brick‑and‑frame construction; Fully occupied across all three units
