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 Market107
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) 321-8255
Listed By:
Gary R. Newton · License #6506045750
(517) 410-8307
Source:
Exprealty
Added: Jun 22
Changed: Sep 16
Last Checked: Oct 5 at 7:32PM
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 / Yr
$11,164
Cap Rate
7.70%
Suggested Prices Based on Cap Rates
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
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 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
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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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
