Mixed-Use Building in Old
1031 N Washington Ave Lansing, MI 48906
For Sale
$285,000
Historic mixed-use property with office and residential units.
Property Size2,727 SF
Price / SF$104.51
Days on Market91
Property Features for 1031 N Washington Ave
General Information
- Standard status
- Active
- Size
- 2,727 SF
- Property subtype
- Investment
Building Details
- Year Built
- 1860
Listing Agency:
EXP Realty Main
(888) 501-7085
Listed By:
Audrey Schultz
(888) 501-7085
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 23 at 4:53AM
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 EXP Realty Main
Investment Insights
Based on property information with market context.
Located in the heart of Old Town Lansing, this mixed-use property offers 2,727 square feet of space. The property is zoned DT-1 (Downtown 1), supporting a variety of commercial, office, and residential uses. The ground floor features an office suite, while the upper level contains a residential unit; each has separate entrances. The lower level, currently occupied by an engineering firm, will soon be available, presenting an opportunity for an owner-occupant or investor. This space includes high ceilings, natural light, a half bathroom, and a kitchenette. Its flexible layout is suitable for professional services, a creative office, or residential conversion with improvements. The upper level features a six-bedroom apartment with a shared kitchen and full bath, previously leased by the room. One bedroom is currently leased through August. Separate meters, rear access, and parking enhance rental flexibility and tenant appeal. Potential configurations include a single large office, two office suites, two residential units (with added shower/range on lower level), a live/work configuration, or conversion to a single-family residence. The property has frontage along N. Washington Avenue, providing visibility within a walkable and vibrant district. The location has a bike score of 76 and a transit score of 51.
Key Highlights
- Prime Old Town Lansing location with prominent frontage on N. Washington Avenue.
- Versatile DT‑1 zoning allows for a variety of commercial, office, and residential uses.
- Mixed‑use property with ground‑floor office suite and upper‑level six‑bedroom apartment.
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $45.8k | $16.80 |
| − Vacancy | −$6.9k | −$2.52 |
| EGI | $38.9k | $14.28 |
| − OpEx | −$14.6k | −$5.35 |
| NOI | $24.3k | $8.92 |
2,727 SF · lease $16.80/SF/yr · vacancy 15.00% · expense 37.50%
Alternative Uses
Best Use
Office B
$375.9K
$328.9K – $438.5K
NOI $26,310 @ 7.0% cap · market cap 9.23%
Second Best
Mixed Use
$347.7K
$304.2K – $405.6K
NOI $24,338 @ 7.0% cap · market cap 8.54%
Theoretical Best
Office A
$561.3K
$491.2K – $654.9K
NOI $39,293 @ 7.0% cap · market cap 13.79%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Office Units
FAQs
What type of property is this?
Mixed-use property - Historic mixed-use property with office and residential units.
Where is this mixed-use property located?
The property is located at 1031 N Washington Ave Lansing, MI.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Prime Old Town Lansing location with prominent frontage on N. Washington Avenue.; Versatile DT‑1 zoning allows for a variety of commercial, office, and residential uses.; Mixed‑use property with ground‑floor office suite and upper‑level six‑bedroom apartment.
