Lansing Multifamily Investment
For Sale
$999,700
909 E Jolly Rd, Lansing, MI 48910
South Lansing apartment building with upside rental increase potential.
Property Size11,215 SF
Price / SF$89.14
Days on Market261
Property Features for 909 E Jolly Rd
General Information
Standard status
Active
Size
11,215 SF
Property subtype
Multifamily
Building Details
Year Built
1963
Listing Agency:
(517) 599-6846
Listed By:
Dave Robinson
(517) 599-6846
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Jul 6
Last Checked: Aug 9 at 5:45AM
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 Dave Robinson
Investment Insights
Based on property information with market context.
Located in South Lansing near Jolly and Pennsylvania, this apartment building offers convenient access to I-96 and US-127/I-496. The property is situated near Meijer, retailers, restaurants, and banks. Constructed in 1963, this established property contains 16 units within its 11,215 square foot building. The property is currently 100% occupied, presenting an excellent investment opportunity for multifamily investors. The location is considered prime within the Lansing area, with an attractive unit layout and design. The property has a strong rental history and income potential, with upside rental increase potential. It is ideal for Multifamily / Low-Rise/Garden investors.
Key Highlights
- Prime location near Jolly and Pennsylvania with easy access to I‑96 and US‑127/I‑496, Mejier, retailers, restaurants and banks.
- Excellent investment opportunity with strong rental history and income potential.
- Fully occupied with 100% occupancy.
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
$90,953
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
9.10%
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%
$1,819,060
$1.8M
Cap Rate 7%
$1,299,329
$1.3M
Cap Rate 9%
$1,010,589
$1.0M
Market Conditions
NOI Build-Up for 11,215 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
$176.3K $15.72/SF
− Vacancy
−$10.9K −$0.97/SF
EGI
$165.4K $14.75/SF
− OpEx
−$74.4K −$6.64/SF
NOI
$91.0K $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%
$1,819,060
Cap Rate 7%
$1,299,329
Cap Rate 9%
$1,010,589
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $90,953 @ 7.0% cap · market cap 9.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.31M
$2.02M – $2.69M
NOI $161,596 @ 7.0% cap · market cap 16.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
768
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - South Lansing apartment building with upside rental increase potential.
Where is this apartment building located?
The property is located at 909 E Jolly Rd Lansing, MI.
What is the asking price?
The asking price for this property is $999,700.
What are key features of this property?
This property features: Prime location near Jolly and Pennsylvania with easy access to I‑96 and US‑127/I‑496, Mejier, retailers, restaurants and banks.; Excellent investment opportunity with strong rental history and income potential.; Fully occupied with 100% occupancy.
