Two-Unit Duplex with
For Sale
$170,000
Pending
2515 S Martin Luther King Jr Blvd, Lansing, MI 48910
Separate two-bedroom apartments are complemented by a fenced outdoor area, basement, and off-street parking.
Property Size1,888 SF
Days on Market27
Property Features for 2515 S Martin Luther King Jr Blvd
General Information
Standard status
Pending
Size
1,888 SF
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Listing Agency:
Keller Williams Realty Lansing
(517) 853-1200
Listed By:
Rachel Miller · License #6501390580
(517) 281-6982
Source:
Exprealty
Added: Oct 6
Changed: Oct 31
Last Checked: Oct 31 at 3:28AM
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
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Investment Insights
Based on property information with market context.
This 1,888-square-foot duplex contains two apartments, each with two bedrooms. One unit has 1.5 baths, a main-floor laundry hookup, backyard access, and a full basement; the other has one bath. The property also includes a fully fenced backyard, a two-car garage, and parking for 3+ vehicles. A valid rental license is in place.
The property is near highways, shopping, LCC, and a bus route. One occupant has lived in a unit for more than 20 years, and that tenancy is currently month to month.
The property is near highways, shopping, LCC, and a bus route. One occupant has lived in a unit for more than 20 years, and that tenancy is currently month to month.
Key Highlights
- Two apartments, each with 2 bedrooms
- 1,888 square feet total
- One unit has 1.5 baths, main‑floor laundry hookup, backyard access, and a full basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,312
Cap Rate
9.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$306,240
$306.2K
Cap Rate 7%
$218,743
$218.7K
Cap Rate 9%
$170,133
$170.1K
Market Conditions
NOI Build-Up for 1,888 SF
Gross rent
$29.7K $15.72/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$27.8K $14.75/SF
− OpEx
−$12.5K −$6.64/SF
NOI
$15.3K $8.11/SF
Area
Lansing, MI
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$306,240
Cap Rate 7%
$218,743
Cap Rate 9%
$170,133
Alternative Uses
Best Use
Multifamily LT 5
$243.6K
$213.2K – $284.2K
NOI $17,053 @ 7.0% cap · market cap 10.03%
Second Best
Apartment 5plus
$218.7K
$191.4K – $255.2K
NOI $15,312 @ 7.0% cap · market cap 9.01%
Theoretical Best
Office A
$388.6K
$340.1K – $453.4K
NOI $27,204 @ 7.0% cap · market cap 16.00%
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
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
346
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
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Separate two-bedroom apartments are complemented by a fenced outdoor area, basement, and off-street parking.
Where is this duplex located?
The property is located at 2515 S Martin Luther King Jr Blvd Lansing, MI.
What is the asking price?
The asking price for this property is $170,000.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms; 1,888 square feet total; One unit has 1.5 baths, main‑floor laundry hookup, backyard access, and a full basement
