Mixed-Use Building in Old
For Sale
$285,000
1031 N Washington Ave, Lansing, MI 48910
Historic mixed-use property with office and residential units.
Property Size2,727 SF
Price / SF$104.51
Days on Market250
Property Features for 1031 N Washington Ave
General Information
Standard status
Active
Size
2,727 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$4,763
Listing Agency:
EXP Realty Main
(888) 501-7085
Listed By:
Audrey Schultz · License #6501463146
(517) 745-0008
Source:
Exprealty
Added: Feb 12
Changed: Oct 6
Last Checked: Oct 19 at 9:13AM
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 EXP Realty Main
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Investment Insights
Based on property information with market context.
Located in the heart of Old Town Lansing, this mixed-use property offers 2,727 square feet of space. The property is zoned DT-1 (Downtown 1), supporting a variety of commercial, office, and residential uses. The ground floor features an office suite, while the upper level contains a residential unit; each has separate entrances. The lower level, currently occupied by an engineering firm, will soon be available, presenting an opportunity for an owner-occupant or investor. This space includes high ceilings, natural light, a half bathroom, and a kitchenette. Its flexible layout is suitable for professional services, a creative office, or residential conversion with improvements. The upper level features a six-bedroom apartment with a shared kitchen and full bath, previously leased by the room. 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/range on lower level), a live/work configuration, or conversion to a single-family residence. The property has frontage along N. Washington Avenue, providing visibility within a walkable and vibrant district. The location has a bike score of 76 and a transit score of 51.
Key Highlights
- Prime Old Town Lansing location with prominent frontage on N. Washington Avenue.
- Versatile DT‑1 zoning allows for a variety of commercial, office, and residential uses.
- Mixed‑use property with ground‑floor office suite and upper‑level six‑bedroom apartment.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,338
Cap Rate
8.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$486,760
$486.8K
Cap Rate 7%
$347,686
$347.7K
Cap Rate 9%
$270,422
$270.4K
Market Conditions
NOI Build-Up for 2,727 SF
Gross rent
$45.8K $16.80/SF
− Vacancy
−$6.9K −$2.52/SF
EGI
$38.9K $14.28/SF
− OpEx
−$14.6K −$5.35/SF
NOI
$24.3K $8.92/SF
Area
Lansing, MI
Vacancy
15.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$486,760
Cap Rate 7%
$347,686
Cap Rate 9%
$270,422
Alternative Uses
Best Use
Mixed Use
$347.7K
$304.2K – $405.6K
NOI $24,338 @ 7.0% cap · market cap 8.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$561.3K
$491.2K – $654.9K
NOI $39,293 @ 7.0% cap · market cap 13.79%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
731
Businesses Nearby
Explore this area
Business Placement
Demographics for 48910, MI
33,702
Population
17,119
Households
2
Avg Household Size
35
Median Age
32%
College-Educated
91%
High-School Grad
14.2 sq mi
ZIP Area
2,373
Density / Sq Mi
$52,154
Median Household Income
$36,643
Median Earnings
$1,003
Median Rent
$117,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic mixed-use property with office and residential units.
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 $285,000.
What are key features of this property?
This property features: Prime Old Town Lansing location with prominent frontage on N. Washington Avenue.; Versatile DT‑1 zoning allows for a variety of commercial, office, and residential uses.; Mixed‑use property with ground‑floor office suite and upper‑level six‑bedroom apartment.
