Duplex with Coin
For Sale
$140,000
1601 Bailey St, Lansing, MI 48910
Two-unit residential property includes a new rear stairway and an on-site coin-operated laundry facility.
Property Size1,156 SF
Price / SF$121.11
Days on Market185
Property Features for 1601 Bailey St
General Information
Standard status
Active
Size
1,156 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Amenities
coin-operated laundry facility
Listing Agency:
Home Towne Real Estate
(517) 775-9055
Listed By:
Tina Batterson · License #6501414494
(517) 775-9055
Source:
Exprealty
Added: Feb 27
Changed: Aug 29
Last Checked: Aug 30 at 6:30PM
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 Home Towne Real Estate
Investment Insights
Based on property information with market context.
This duplex contains two residential units within 1,156 square feet. A newly installed rear stairway provides access to the upper unit, while a coin-operated laundry facility serves the property. The upper unit is currently rented, and the lower unit is occupied, providing an established occupancy profile without relying on stated rental amounts.
Located at 1601 Bailey St in Lansing, Michigan, the property combines two-unit residential use with on-site laundry and separate access to the second unit. These features define the current configuration and support continued operation as a multifamily property.
Located at 1601 Bailey St in Lansing, Michigan, the property combines two-unit residential use with on-site laundry and separate access to the second unit. These features define the current configuration and support continued operation as a multifamily property.
Key Highlights
- Duplex configuration with two residential units
- 1,156 square feet of property size
- New rear stairway provides access to the upper unit
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
$10,441
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
7.46%
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%
$208,820
$208.8K
Cap Rate 7%
$149,157
$149.2K
Cap Rate 9%
$116,011
$116.0K
Market Conditions
NOI Build-Up for 1,156 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
$16.0K $13.80/SF
− Vacancy
−$1.0K −$0.90/SF
EGI
$14.9K $12.90/SF
− OpEx
−$4.5K −$3.87/SF
NOI
$10.4K $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 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%
$208,820
Cap Rate 7%
$149,157
Cap Rate 9%
$116,011
Alternative Uses
Best Use
Multifamily LT 5
$149.2K
$130.5K – $174.0K
NOI $10,441 @ 7.0% cap · market cap 7.46%
Second Best
Apartment 5plus
$133.9K
$117.2K – $156.3K
NOI $9,375 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$238.0K
$208.2K – $277.6K
NOI $16,657 @ 7.0% cap · market cap 11.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
664
Businesses Nearby
Explore this area
Business Placement
Demographics for 48910, MI
33,702
Population
17,119
Households
2
Avg Household Size
35
Median Age
32%
College-Educated
91%
High-School Grad
14.2 sq mi
ZIP Area
2,373
Density / Sq Mi
$52,154
Median Household Income
$36,643
Median Earnings
$1,003
Median Rent
$117,600
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?
Duplex - Two-unit residential property includes a new rear stairway and an on-site coin-operated laundry facility.
Where is this duplex located?
The property is located at 1601 Bailey St Lansing, MI.
What is the asking price?
The asking price for this property is $140,000.
What are key features of this property?
This property features: Duplex configuration with two residential units; 1,156 square feet of property size; New rear stairway provides access to the upper unit
