Historic Mixed-Use Office
For Sale
$285,000
1031 N Washington Avenue, Lansing, MI 48906
Multifamily, 2 Story, Lansing, MI
Property Size2,727 SF
Lot Size0.25 Acres
Price / SF$104.51
Days on Market247
Property Features for 1031 N Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Commercial,Multi-Family,O
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 1, Basement, Bedroom 2, Bedroom 5, Bathroom 2, Bedroom 6
Parking
6
Interior features
Entrance Foyer, High Spd Internet Avail, Programmable Thermostat, Exterior Video Surveillance
Exterior features
Private Entry
Subdivision
Original Of Lansing
Elementary school district
Lansing
Middle school district
Lansing
High school district
Lansing
Directions
From US-127 North, take the Saginaw Street exit toward Downtown Lansing. Turn left (west) onto E. Saginaw Street, then turn right (north) onto N. Washington Avenue. Property will be on the left in Old Town Lansing.
Standard status
Active
APN
010109334141
Size
2,727 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Description
E 100 FT OF S 21 FT LOT 1 & E 100 FT OF N 33 FT LOT 2 BLOCK 41 ORIG PLAT
Tax Annual Amount
4763
Legal Description
E 100 FT OF S 21 FT LOT 1 & E 100 FT OF N 33 FT LOT 2 BLOCK 41 ORIG PLAT
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
high ceilings
natural light
half bathroom
kitchenette
flexible layout
rear access
separate meters
prominent frontage
Building Details
Year built
1860
Floors in Building
2
Number of units
2
Building materials
Wood
Architectural style
Colonial
Listing Agency:
EXP Realty Main
(888) 501-7085
Listed By:
Audrey Schultz
(517) 745-0008
Added: Feb 19
Changed: Oct 17
Last Checked: Oct 24 at 12:06AM
MLS# 20261009034
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.
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Investment Insights
Based on property information with market context.
This 2,727-square-foot historic mixed-use building, constructed in 1860, contains office space across two levels. The ground-floor suite has its own entrance, high ceilings, natural light, a half bathroom, kitchenette, and adaptable interior arrangement. The upper suite includes six private offices, a shared kitchen, and a full bathroom, with separate access for each level.
The property occupies 0.25 acres along N. Washington Avenue in Lansing’s Old Town district. Separate utility meters, rear access, and on-site parking support independent occupancy and leasing arrangements. The building’s configuration can accommodate two office suites, a larger consolidated office, a live/work arrangement, or residential conversion with the stated improvements, including a shower and range on the lower level.
Additional features include forced-air heating, central air, wood construction, private entry, high-speed internet availability, programmable thermostat, and exterior video surveillance.
The property occupies 0.25 acres along N. Washington Avenue in Lansing’s Old Town district. Separate utility meters, rear access, and on-site parking support independent occupancy and leasing arrangements. The building’s configuration can accommodate two office suites, a larger consolidated office, a live/work arrangement, or residential conversion with the stated improvements, including a shower and range on the lower level.
Additional features include forced-air heating, central air, wood construction, private entry, high-speed internet availability, programmable thermostat, and exterior video surveillance.
Key Highlights
- 2,727 SF mixed‑use building on 0.25 acres
- Built in 1860 with Colonial architectural style
- Two office suites have separate entrances and utility meters
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
Office B
$375.9K
$328.9K – $438.5K
NOI $26,310 @ 7.0% cap · market cap 9.23%
Second Best
Mixed Use
$347.7K
$304.2K – $405.6K
NOI $24,338 @ 7.0% cap · market cap 8.54%
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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Property Analytics
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Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
885
Businesses Nearby
Explore this area
Business Placement
Demographics for 48906, MI
25,674
Population
12,180
Households
2.1
Avg Household Size
37
Median Age
29%
College-Educated
91%
High-School Grad
32.5 sq mi
ZIP Area
790
Density / Sq Mi
$61,533
Median Household Income
$38,551
Median Earnings
$1,033
Median Rent
$128,600
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two levels provide separate entrances, flexible layouts, and kitchen and bathroom facilities.
Where is this mixed-use property located?
The property is located at 1031 N Washington Avenue 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: 2,727 SF mixed‑use building on 0.25 acres; Built in 1860 with Colonial architectural style; Two office suites have separate entrances and utility meters
