Renovated 4-Unit
For Sale
$214,900
118 W Barnes Ave, Lansing, MI 48910
Vacant multifamily property with four finished studios, updated interiors, and separate parking expansion potential.
Property Size1,868 SF
Price / SF$115.04
Days on Market8
Property Features for 118 W Barnes Ave
General Information
Standard status
Active
Size
1,868 SF
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x studio
Multifamily Units
4
Building Details
Buildings
1
Stories
2
Listing Agency:
Century 21 Affiliated
(517) 887-0800
Listed By:
Angela Averill · License #6501312624
(517) 712-5949
Source:
Exprealty
Added: Aug 27
Changed: Sep 3
Last Checked: Sep 2 at 6:52PM
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 Century 21 Affiliated
Investment Insights
Based on property information with market context.
This renovated quadplex contains four studio apartments arranged across two floors, with two units on each level. Each residence includes laminate flooring, a full bathroom, a kitchen, a stove, and a refrigerator. The two front apartments feature bay windows, while Unit 2 also connects to the basement. Recent improvements include new siding, a roof, most windows, kitchens, bathrooms, and fixtures. The building uses forced-air, natural-gas heat and is currently vacant.
A second lot provides room for additional parking. The property is near downtown, Reo Town, bus routes, highways, Moores Park, and the river. The seller pays all utilities.
A second lot provides room for additional parking. The property is near downtown, Reo Town, bus routes, highways, Moores Park, and the river. The seller pays all utilities.
Key Highlights
- Four studio apartments with two units on each floor
- Renovated with new siding, roof, most windows, kitchens, baths, and fixtures
- Each unit includes a full bath, kitchen, stove, refrigerator, and laminate flooring
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
$16,872
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
7.85%
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%
$337,440
$337.4K
Cap Rate 7%
$241,029
$241.0K
Cap Rate 9%
$187,467
$187.5K
Market Conditions
NOI Build-Up for 1,868 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
$25.8K $13.80/SF
− Vacancy
−$1.7K −$0.90/SF
EGI
$24.1K $12.90/SF
− OpEx
−$7.2K −$3.87/SF
NOI
$16.9K $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%
$337,440
Cap Rate 7%
$241,029
Cap Rate 9%
$187,467
Alternative Uses
Best Use
Multifamily LT 5
$241.0K
$210.9K – $281.2K
NOI $16,872 @ 7.0% cap · market cap 7.85%
Second Best
Apartment 5plus
$216.4K
$189.4K – $252.5K
NOI $15,149 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$384.5K
$336.5K – $448.6K
NOI $26,916 @ 7.0% cap · market cap 12.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
606
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?
Quadplex - Vacant multifamily property with four finished studios, updated interiors, and separate parking expansion potential.
Where is this quadplex located?
The property is located at 118 W Barnes Ave Lansing, MI.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: Four studio apartments with two units on each floor; Renovated with new siding, roof, most windows, kitchens, baths, and fixtures; Each unit includes a full bath, kitchen, stove, refrigerator, and laminate flooring
