4-Unit
For Sale
$179,900
131 S 8th St, Lansing, MI 48912
The property sits at the 8th and Eureka corner, with access to CATA bus routes.
Property Size1,589 SF
Price / SF$113.22
Days on Market18
Property Features for 131 S 8th St
General Information
Standard status
Active
Size
1,589 SF
Property subtype
Residential Income
Site & Location
Neighborhood
Green Oaks Neighborhood Association
Public Transit
Yes
Additional Details
Multifamily Units
4
Listing Agency:
Achieve Real Estate LLC
(517) 258-0589
Listed By:
David Hall · License #6502433100
(517) 712-8329
Source:
Exprealty
Added: Oct 7
Changed: Oct 23
Last Checked: Oct 23 at 6:08PM
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 Achieve Real Estate LLC
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Investment Insights
Based on property information with market context.
This four-unit residential income property contains 1,589 square feet and is situated on a corner parcel at 8th and Eureka in Lansing. The property is being offered with the neighboring property at 913 Eureka St. as a package.
The location is minutes from the UM Health Sparrow Hospital campus and Lansing Community College, with CATA bus routes directly accessible. The four-unit configuration supports rental of the full property or owner occupancy in one unit alongside rentals in the others.
The location is minutes from the UM Health Sparrow Hospital campus and Lansing Community College, with CATA bus routes directly accessible. The four-unit configuration supports rental of the full property or owner occupancy in one unit alongside rentals in the others.
Key Highlights
- Four residential units in a 1,589‑square‑foot property
- Corner location at 8th and Eureka in Lansing
- Offered with neighboring property at 913 Eureka St.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,352
Cap Rate
7.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$287,040
$287.0K
Cap Rate 7%
$205,029
$205.0K
Cap Rate 9%
$159,467
$159.5K
Market Conditions
NOI Build-Up for 1,589 SF
Gross rent
$21.9K $13.80/SF
− Vacancy
−$1.4K −$0.90/SF
EGI
$20.5K $12.90/SF
− OpEx
−$6.2K −$3.87/SF
NOI
$14.4K $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%
$287,040
Cap Rate 7%
$205,029
Cap Rate 9%
$159,467
Alternative Uses
Best Use
Multifamily LT 5
$205.0K
$179.4K – $239.2K
NOI $14,352 @ 7.0% cap · market cap 7.98%
Second Best
Apartment 5plus
$184.1K
$161.1K – $214.8K
NOI $12,887 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$327.1K
$286.2K – $381.6K
NOI $22,896 @ 7.0% cap · market cap 12.73%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,893
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - The property sits at the 8th and Eureka corner, with access to CATA bus routes.
Where is this quadplex located?
The property is located at 131 S 8th St Lansing, MI.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Four residential units in a 1,589‑square‑foot property; Corner location at 8th and Eureka in Lansing; Offered with neighboring property at 913 Eureka St.
