Renovated Brick Ranch
For Sale
$299,800
1210 Blake Ave, Lansing, MI 48912
Two-unit residential property with separately metered utilities and substantial 2023 updates to both residences.
Property Size1,808 SF
Price / SF$165.82
Days on Market9
Property Features for 1210 Blake Ave
General Information
Standard status
Active
Size
1,808 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR, 1 x 4BR
Multifamily Units
2
Building Details
Year Renovated
2023
Buildings
1
Construction
brick ranch
Listing Agency:
White Pine Sotheby's International Realty
(517) 777-8224
Listed By:
Rob Buffington
(517) 300-3637
Source:
Exprealty
Added: Aug 31
Changed: Sep 7
Last Checked: Sep 7 at 3:14PM
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 White Pine Sotheby's International Realty
Investment Insights
Based on property information with market context.
This 1,808-square-foot brick ranch duplex contains two separate residences. The rear unit offers four bedrooms, including an additional bedroom in the partially finished lower level, along with a half bath. Its 2023 improvements include LVP flooring on the main level, kitchen cabinetry, countertops, appliances, lighting, and interior paint. The front residence has two bedrooms and received new LVP flooring, lighting, and paint during the same year.
Gas, electric, and water are individually metered for each unit, with tenants responsible for their own utilities. The property is located at 1210 Blake Ave in Lansing, Michigan, within the Groesbeck neighborhood.
Gas, electric, and water are individually metered for each unit, with tenants responsible for their own utilities. The property is located at 1210 Blake Ave in Lansing, Michigan, within the Groesbeck neighborhood.
Key Highlights
- 1,808‑square‑foot brick ranch duplex
- Two separate residential units with four‑bedroom and two‑bedroom layouts
- Rear unit includes a partially finished lower level with an additional bedroom and half bath
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
$16,330
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
5.45%
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%
$326,600
$326.6K
Cap Rate 7%
$233,286
$233.3K
Cap Rate 9%
$181,444
$181.4K
Market Conditions
NOI Build-Up for 1,808 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
$25.0K $13.80/SF
− Vacancy
−$1.6K −$0.90/SF
EGI
$23.3K $12.90/SF
− OpEx
−$7.0K −$3.87/SF
NOI
$16.3K $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%
$326,600
Cap Rate 7%
$233,286
Cap Rate 9%
$181,444
Alternative Uses
Best Use
Multifamily LT 5
$233.3K
$204.1K – $272.2K
NOI $16,330 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$209.5K
$183.3K – $244.4K
NOI $14,663 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$372.2K
$325.6K – $434.2K
NOI $26,051 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
705
Businesses Nearby
Explore this area
Business Placement
Demographics for 48912, MI
17,155
Population
9,064
Households
1.9
Avg Household Size
34
Median Age
40%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
3,299
Density / Sq Mi
$53,072
Median Household Income
$34,598
Median Earnings
$1,037
Median Rent
$139,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with separately metered utilities and substantial 2023 updates to both residences.
Where is this duplex located?
The property is located at 1210 Blake Ave Lansing, MI.
What is the asking price?
The asking price for this property is $299,800.
What are key features of this property?
This property features: 1,808‑square‑foot brick ranch duplex; Two separate residential units with four‑bedroom and two‑bedroom layouts; Rear unit includes a partially finished lower level with an additional bedroom and half bath
