Building Details

Buildings 1

Stories 2

Listing Agency: Century 21 Affiliated a***@c21affiliated.com Show Phone

Listed By: Angela Averill · License #6501312624 Show Phone

Source: Exprealty

Added: Aug 27 Changed: Oct 8 Last Checked: Oct 16 at 10:13AM

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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.

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 / Yr

$16,872

Cap Rate

8.44%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$337,440 $337.4K

Cap Rate 7%

$241,029 $241.0K

Cap Rate 9%

$187,467 $187.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,868 SF

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 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 (±1% cap)

NOI $16,872 @ 7.0% cap · market cap 8.44%

Second Best

Apartment 5plus

$216.4K

$189.4K – $252.5K (±1% cap)

NOI $15,149 @ 7.0% cap · market cap 7.58%

Theoretical Best

Office A

$384.5K

$336.5K – $448.6K (±1% cap)

NOI $26,916 @ 7.0% cap · market cap 13.46%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Bakery Skin Care Clinic (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom Electrical Service Daycare Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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 $199,900.

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