Downtown Mixed-Use
For Sale
$1,891,900
329-337 S Washington Square, Lansing, MI 48933
Mixed-use property with nine loft-style apartments and ground-floor retail, plus 11 on-site parking spaces.
Property Size13,757 SF
Days on Market26
Property Features for 329-337 S Washington Square
General Information
Standard status
Active
Size
13,757 SF
Property subtype
Mixed-Use
Occupancy
100%
Amenities
Mixed-Use Asset Featuring Nine Loft-Style Apartments with In-Unit Washer/Dryers and Ground-Floor Retail in the Heart of Downtown Lansing
Immediate Proximity to the Michigan State Capitol Supports Strong Daytime Traffic and Stable Government-Driven Economic Activity
Prime Washington Square Location with Exceptional Walkability to Restaurants, Nightlife, Retail, Government Offices, and Entertainment
Walking Distance to Lansing Community College, Serving Over 10,000 Students Annually
Convenient Access to Michigan State University, University of Michigan Health-Sparrow, Davenport University, and GM's Lansing Grand River Assembly Facility
Diversified Residential and Retail Income with Loft-Style Units Featuring Exposed Brick, Oversized Windows, High Ceilings, and Open Layouts
Located Within a 59.9M Square Foot Commercial Market Supporting Long-Term Demand, Business Activity, and Downtown Foot Traffic Strong Commitment to Site – Early Renewal by Strange Matter, Including Expansion into Three Units and Personal Guarantee. Serves as the Central Baking Hub for All Strange Matter Locations
All Rooftop HVAC Units Replaced and Roof Coated in 2022 with a 10-Year Warranty, Reducing Near-Term Capital Needs Eleven On-Site Parking Spaces Supporting Tenant Convenience
Building Details
Building Size
13,757 SF
Units
12
Listing Agency:
Detroit Office
(248) 415-2634
Listed By:
Darin Gross · License #License(s): MI: 6501384871
(248) 415-2634
Source:
Marcusmillichap
Added: Jul 15
Changed: Aug 8
Last Checked: Aug 9 at 4:29AM
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 Detroit Office
Investment Insights
Based on property information with market context.
Downtown Lansing mixed-use property offering a combination of nine loft-style apartment units and ground-floor retail space within a single building. The residential component features open-concept layouts with exposed brick, high ceilings, oversized windows, and in-unit washer and dryer convenience. The retail space is currently leased to Strange Matter Coffee, which renewed its lease ahead of expiration and expanded into three units; the location also serves as a baking function for other Strange Matter Coffee locations. Ownership has completed capital improvements including replacement of all HVAC rooftop units and a roof coating completed in 2022 with a 10-year warranty.
The property is situated along Washington Square in downtown Lansing, benefiting from a walkable, entertainment-oriented corridor setting and proximity to major government, employer, dining, nightlife, and cultural amenities.
On-site parking is provided with 11 spaces, supporting access for residents and retail customers within the downtown environment.
The property is situated along Washington Square in downtown Lansing, benefiting from a walkable, entertainment-oriented corridor setting and proximity to major government, employer, dining, nightlife, and cultural amenities.
On-site parking is provided with 11 spaces, supporting access for residents and retail customers within the downtown environment.
Key Highlights
- 13,757 SF mixed‑use building at 329–337 S Washington Square in downtown Lansing with nine loft‑style apartment units plus ground‑floor retail
- Ground‑floor retail is leased to established local businesses, including Strange Matter Coffee, which renewed early and expanded into three units with a personal guarantee
- Strange Matter Coffee serves as an operational anchor by baking for all Strange Matter Coffee locations
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
$147,090
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
7.77%
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%
$2,941,800
$2.9M
Cap Rate 7%
$2,101,286
$2.1M
Cap Rate 9%
$1,634,333
$1.6M
Market Conditions
NOI Build-Up for 13,757 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
$222.9K $16.20/SF
− Vacancy
−$26.7K −$1.94/SF
EGI
$196.1K $14.26/SF
− OpEx
−$49.0K −$3.56/SF
NOI
$147.1K $10.69/SF
Area
Lansing, MI
Vacancy
12.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
25.00%
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%
$2,941,800
Cap Rate 7%
$2,101,286
Cap Rate 9%
$1,634,333
Alternative Uses
Best Use
Specialty Retail
$2.10M
$1.84M – $2.45M
NOI $147,090 @ 7.0% cap · market cap 7.77%
Second Best
Mixed Use
$1.75M
$1.53M – $2.05M
NOI $122,781 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$2.83M
$2.48M – $3.30M
NOI $198,224 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,235
Businesses Nearby
Explore this area
Business Placement
Demographics for 48933, MI
2,467
Population
2,103
Households
1.2
Avg Household Size
33
Median Age
35%
College-Educated
88%
High-School Grad
1.0 sq mi
ZIP Area
2,467
Density / Sq Mi
$36,895
Median Household Income
$34,549
Median Earnings
$919
Median Rent
$130,200
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?
Apartment building - Mixed-use property with nine loft-style apartments and ground-floor retail, plus 11 on-site parking spaces.
Where is this apartment building located?
The property is located at 329-337 S Washington Square Lansing, MI.
What is the asking price?
The asking price for this property is $1,891,900.
What are key features of this property?
This property features: 13,757 SF mixed‑use building at 329–337 S Washington Square in downtown Lansing with nine loft‑style apartment units plus ground‑floor retail; Ground‑floor retail is leased to established local businesses, including Strange Matter Coffee, which renewed early and expanded into three units with a personal guarantee; Strange Matter Coffee serves as an operational anchor by baking for all Strange Matter Coffee locations
