Side-by-Side Duplex with
For Sale
$418,900
29602964-2960 Briarwick Ct, East Lansing, MI 48823
Two three-bedroom units feature private outdoor areas, partially finished basements, and convenient access to local amenities.
Property Size2,748 SF
Price / SF$152.44
Days on Market28
Property Features for 29602964-2960 Briarwick Ct
General Information
Standard status
Active
Size
2,748 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Amenities
partially finished basements
private outdoor areas
garage parking
Listing Agency:
1st Choice Real Estate
(517) 410-6750
Listed By:
Brad Hillard
(517) 285-7294
Source:
Exprealty
Added: Aug 12
Changed: Sep 5
Last Checked: Sep 7 at 11:19AM
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 1st Choice Real Estate
Investment Insights
Based on property information with market context.
This side-by-side duplex includes two three-bedroom residences with comfortable living areas, partially finished basements, private outdoor spaces, and garage parking. The layout provides separate living environments within one multifamily property and supports either an investment or owner-occupant use, as described in the property information.
The property is situated in East Lansing near Lake Lansing and Hagadorn, with access to Michigan State University, shopping, dining, and major roadways. Its location combines residential surroundings with proximity to established educational, retail, dining, and transportation destinations. Each unit’s three-bedroom configuration, basement space, outdoor area, and garage parking add practical features for occupants and property operations.
The property is situated in East Lansing near Lake Lansing and Hagadorn, with access to Michigan State University, shopping, dining, and major roadways. Its location combines residential surroundings with proximity to established educational, retail, dining, and transportation destinations. Each unit’s three-bedroom configuration, basement space, outdoor area, and garage parking add practical features for occupants and property operations.
Key Highlights
- Two three‑bedroom units in a side‑by‑side duplex configuration
- Partially finished basements provide additional usable space
- Private outdoor areas for both units
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
$24,908
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
5.95%
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%
$498,160
$498.2K
Cap Rate 7%
$355,829
$355.8K
Cap Rate 9%
$276,756
$276.8K
Market Conditions
NOI Build-Up for 2,748 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
$37.9K $13.80/SF
− Vacancy
−$2.3K −$0.85/SF
EGI
$35.6K $12.95/SF
− OpEx
−$10.7K −$3.88/SF
NOI
$24.9K $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%
$498,160
Cap Rate 7%
$355,829
Cap Rate 9%
$276,756
Alternative Uses
Best Use
Multifamily LT 5
$355.8K
$311.4K – $415.1K
NOI $24,908 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$319.8K
$279.8K – $373.1K
NOI $22,384 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$441.5K
$386.3K – $515.1K
NOI $30,905 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
186
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 - Two three-bedroom units feature private outdoor areas, partially finished basements, and convenient access to local amenities.
Where is this duplex located?
The property is located at 29602964-2960 Briarwick Ct East Lansing, MI.
What is the asking price?
The asking price for this property is $418,900.
What are key features of this property?
This property features: Two three‑bedroom units in a side‑by‑side duplex configuration; Partially finished basements provide additional usable space; Private outdoor areas for both units
