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 Market200
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
Basement, Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 6, Bedroom 4, Bedroom 5
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 · License #6501463146
(517) 745-0008
Added: Feb 19
Changed: Sep 3
Last Checked: Sep 7 at 10:06PM
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.
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 = 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
$24,338
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
8.54%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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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
