Fully Occupied
For Sale
$289,900
1800 Coolidge Rd, East Lansing, MI 48823
Both residences are leased, with campus, shopping, dining, and highway connections nearby.
Property Size1,607 SF
Price / SF$180.40
Days on Market41
Property Features for 1800 Coolidge Rd
General Information
Standard status
Active
Size
1,607 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Buildings
1
Listing Agency:
Keller Williams Realty Lansing
(269) 599-6513
Listed By:
Ryan Nichols · License #6501434199
(269) 599-6513
Source:
Exprealty
Added: Jul 22
Changed: Aug 30
Last Checked: Aug 30 at 1:44PM
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 Keller Williams Realty Lansing
Investment Insights
Based on property information with market context.
Located at 1800 Coolidge Rd in East Lansing, Michigan, this duplex includes two residential units, both of which are currently rented. The property is positioned near Michigan State University, supporting convenient access to campus for nearby residents.
Eastwood Towne Center is also nearby, along with shopping, dining, entertainment, and highway access. The combination of an occupied two-unit configuration and proximity to established amenities gives the property a straightforward rental-housing profile in the East Lansing market.
Eastwood Towne Center is also nearby, along with shopping, dining, entertainment, and highway access. The combination of an occupied two-unit configuration and proximity to established amenities gives the property a straightforward rental-housing profile in the East Lansing market.
Key Highlights
- Two‑unit duplex with both residences currently rented
- Fully occupied at the time of listing
- Located near Michigan State University
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
$14,566
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
5.02%
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%
$291,320
$291.3K
Cap Rate 7%
$208,086
$208.1K
Cap Rate 9%
$161,844
$161.8K
Market Conditions
NOI Build-Up for 1,607 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
$22.2K $13.80/SF
− Vacancy
−$1.4K −$0.85/SF
EGI
$20.8K $12.95/SF
− OpEx
−$6.2K −$3.88/SF
NOI
$14.6K $9.06/SF
Area
Ingham County, MI
Vacancy
6.17%
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%
$291,320
Cap Rate 7%
$208,086
Cap Rate 9%
$161,844
Alternative Uses
Best Use
Multifamily LT 5
$208.1K
$182.1K – $242.8K
NOI $14,566 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$187.0K
$163.6K – $218.2K
NOI $13,090 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$258.2K
$225.9K – $301.2K
NOI $18,073 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
693
Businesses Nearby
Explore this area
Business Placement
Demographics for 48823, MI
51,793
Population
23,757
Households
2.2
Avg Household Size
28
Median Age
64%
College-Educated
98%
High-School Grad
23.6 sq mi
ZIP Area
2,195
Density / Sq Mi
$50,837
Median Household Income
$19,837
Median Earnings
$1,127
Median Rent
$261,100
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 - Both residences are leased, with campus, shopping, dining, and highway connections nearby.
Where is this duplex located?
The property is located at 1800 Coolidge Rd East Lansing, MI.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Two‑unit duplex with both residences currently rented; Fully occupied at the time of listing; Located near Michigan State University
