Three-Unit Multifamily
For Sale
$144,900
1219 N Washington, Lansing, MI 48906
Residential income property with two one-bedroom apartments and a studio layout.
Property Size1,236 SF
Price / SF$117.23
Days on Market72
Property Features for 1219 N Washington
General Information
Standard status
Active
Size
1,236 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 1BR/1BA, 1 x studio
Multifamily Units
3
Listing Agency:
RE/MAX Real Estate Professionals
(517) 410-8307
Listed By:
Gary R. Newton · License #6506045750
(517) 410-8307
Source:
Exprealty
Added: Jun 22
Changed: Aug 30
Last Checked: Aug 31 at 8:07PM
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 RE/MAX Real Estate Professionals
Investment Insights
Based on property information with market context.
This 1,236-square-foot triplex in Lansing, Michigan, contains three residential units: two one-bedroom, one-bath apartments and one studio. The configuration provides a compact mix of apartment layouts within a single multifamily property.
One of the one-bedroom apartments is rented, while the second one-bedroom unit and the studio are vacant. The property is located at 1219 N Washington near shopping, area amenities, and transportation routes. Showings require 48 hours’ notice.
The property may be purchased individually or together with 1223 N Washington, offering flexibility for an acquisition involving both Washington Street properties.
One of the one-bedroom apartments is rented, while the second one-bedroom unit and the studio are vacant. The property is located at 1219 N Washington near shopping, area amenities, and transportation routes. Showings require 48 hours’ notice.
The property may be purchased individually or together with 1223 N Washington, offering flexibility for an acquisition involving both Washington Street properties.
Key Highlights
- 1,236‑square‑foot triplex in Lansing, Michigan
- Three total units: two 1‑bedroom, 1‑bath apartments and one studio
- One 1‑bedroom apartment is rented; the other 1‑bedroom unit and studio are vacant
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
$11,164
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
7.70%
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%
$223,280
$223.3K
Cap Rate 7%
$159,486
$159.5K
Cap Rate 9%
$124,044
$124.0K
Market Conditions
NOI Build-Up for 1,236 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
$17.1K $13.80/SF
− Vacancy
−$1.1K −$0.90/SF
EGI
$15.9K $12.90/SF
− OpEx
−$4.8K −$3.87/SF
NOI
$11.2K $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%
$223,280
Cap Rate 7%
$159,486
Cap Rate 9%
$124,044
Alternative Uses
Best Use
Multifamily LT 5
$159.5K
$139.6K – $186.1K
NOI $11,164 @ 7.0% cap · market cap 7.70%
Second Best
Apartment 5plus
$143.2K
$125.3K – $167.1K
NOI $10,024 @ 7.0% cap · market cap 6.92%
Theoretical Best
Office A
$254.4K
$222.6K – $296.8K
NOI $17,809 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
827
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Residential income property with two one-bedroom apartments and a studio layout.
Where is this triplex located?
The property is located at 1219 N Washington Lansing, MI.
What is the asking price?
The asking price for this property is $144,900.
What are key features of this property?
This property features: 1,236‑square‑foot triplex in Lansing, Michigan; Three total units: two 1‑bedroom, 1‑bath apartments and one studio; One 1‑bedroom apartment is rented; the other 1‑bedroom unit and studio are vacant
