Rented Triplex with
For Sale
$169,000
Pending
200 Lathrop St, Lansing, MI 48912
Unit mix includes two one-bedroom apartments and one two-bedroom apartment, with porch, balcony, and private side-entry features.
Property Size1,679 SF
Days on Market29
Property Features for 200 Lathrop St
General Information
Standard status
Pending
Size
1,679 SF
Property subtype
Residential Income
Listing Agency:
Keller Williams Realty Lansing
(517) 853-1200
Listed By:
Leticia Santibanez · License #6501448021
(517) 703-7037
Source:
Exprealty
Added: Aug 6
Changed: Aug 30
Last Checked: Sep 1 at 8:36PM
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.
This triplex at 200 Lathrop St in Lansing contains three rented units with annual rental arrangements. The configuration includes two 1BR/1BA apartments and one 2BR/1BA apartment, providing a defined mix of smaller and larger residential layouts.
The first two units feature front porches, while the third has a private side entrance and balcony. Attached storage provides space for the owner’s tools. The property is near Sparrow, Frandor, Old Town, and MSU4, offering a multifamily setting with access to several established Lansing destinations.
The first two units feature front porches, while the third has a private side entrance and balcony. Attached storage provides space for the owner’s tools. The property is near Sparrow, Frandor, Old Town, and MSU4, offering a multifamily setting with access to several established Lansing destinations.
Key Highlights
- Three‑unit triplex with all units rented under annual arrangements
- Unit mix includes two 1BR/1BA units and one 2BR/1BA unit
- Front porches serve Units 1 and 2
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
$15,165
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
8.97%
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%
$303,300
$303.3K
Cap Rate 7%
$216,643
$216.6K
Cap Rate 9%
$168,500
$168.5K
Market Conditions
NOI Build-Up for 1,679 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
$23.2K $13.80/SF
− Vacancy
−$1.5K −$0.90/SF
EGI
$21.7K $12.90/SF
− OpEx
−$6.5K −$3.87/SF
NOI
$15.2K $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%
$303,300
Cap Rate 7%
$216,643
Cap Rate 9%
$168,500
Alternative Uses
Best Use
Multifamily LT 5
$216.6K
$189.6K – $252.8K
NOI $15,165 @ 7.0% cap · market cap 8.97%
Second Best
Apartment 5plus
$194.5K
$170.2K – $227.0K
NOI $13,617 @ 7.0% cap · market cap 8.06%
Theoretical Best
Office A
$345.6K
$302.4K – $403.2K
NOI $24,193 @ 7.0% cap · market cap 14.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,733
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Unit mix includes two one-bedroom apartments and one two-bedroom apartment, with porch, balcony, and private side-entry features.
Where is this triplex located?
The property is located at 200 Lathrop St Lansing, MI.
What is the asking price?
The asking price for this property is $169,000.
What are key features of this property?
This property features: Three‑unit triplex with all units rented under annual arrangements; Unit mix includes two 1BR/1BA units and one 2BR/1BA unit; Front porches serve Units 1 and 2
