Side-by-Side Duplex with
New
For Sale
$299,000
309 Elmwood Road, Lansing, MI 48917
MULTI_FAMILY - Lansing, MI
Property Size2,516 SF
Lot Size0.28 Acres
Price / SF$118.84
Days on Market5
Property Features for 309 Elmwood Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Half bathrooms
2
Rooms
Basement, Bathroom 2, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 4, Bedroom 2, Bedroom 6, Bedroom 3, Bathroom 3, Bedroom 4
Parking
2
Basement
Daylight, Full
Lot features
Corner Lot
Elementary school district
Waverly
Middle school district
Waverly
High school district
Waverly
Standard status
Active
APN
040-047-300-590-00
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 59. DORNET VILLAGE NO.1, T4N,R3W, DELTA TWP
Tax Annual Amount
6346
Legal Description
LOT 59. DORNET VILLAGE NO.1, T4N,R3W, DELTA TWP
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1968
Number of units
2
Building materials
Aluminum Siding, Brick
Listing Agency:
The Local Element
(616) 202-6551
Listed By:
Bradley W Kidder
(269) 945-7323
Added: Aug 17
Last Checked: Aug 21 at 2:06AM
MLS# 26043172
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This side-by-side duplex contains two 3-bedroom, 1.5-bath residences, with approximately 2,516 square feet above grade. Each unit includes an attached one-car garage and private basement. Main-level layouts feature a living room, eat-in kitchen, half bath, and family room, while the upper levels contain three bedrooms and a full bath. Flooring has been updated through much of the property, and major mechanical systems in the vacant unit have been improved in recent years. Forced-air heat and central air serve the building, which was constructed in 1968.
One residence is leased, while the other is vacant and available for an owner-occupant or new tenant. The property sits on 0.28 acres in Delta Township, with access to shopping, restaurants, highways, and everyday services in the Lansing area. Public sewer and cable availability are also reported.
One residence is leased, while the other is vacant and available for an owner-occupant or new tenant. The property sits on 0.28 acres in Delta Township, with access to shopping, restaurants, highways, and everyday services in the Lansing area. Public sewer and cable availability are also reported.
Key Highlights
- Two 3‑bedroom, 1.5‑bath units in a side‑by‑side duplex configuration
- Approximately 2,516 square feet above grade
- Each unit includes an attached one‑car garage and private basement
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
$22,725
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
7.60%
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%
$454,500
$454.5K
Cap Rate 7%
$324,643
$324.6K
Cap Rate 9%
$252,500
$252.5K
Market Conditions
NOI Build-Up for 2,516 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
$34.7K $13.80/SF
− Vacancy
−$2.3K −$0.90/SF
EGI
$32.5K $12.90/SF
− OpEx
−$9.7K −$3.87/SF
NOI
$22.7K $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%
$454,500
Cap Rate 7%
$324,643
Cap Rate 9%
$252,500
Alternative Uses
Best Use
Multifamily LT 5
$324.6K
$284.1K – $378.8K
NOI $22,725 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$291.5K
$255.1K – $340.1K
NOI $20,405 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$517.9K
$453.2K – $604.2K
NOI $36,253 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
732
Businesses Nearby
Explore this area
Business Placement
Demographics for 48917, MI
32,679
Population
15,975
Households
2
Avg Household Size
41
Median Age
40%
College-Educated
94%
High-School Grad
24.0 sq mi
ZIP Area
1,362
Density / Sq Mi
$73,259
Median Household Income
$47,739
Median Earnings
$1,085
Median Rent
$211,300
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 residential units provide separate basements, private garages, and central air conditioning.
Where is this duplex located?
The property is located at 309 Elmwood Road Lansing, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two 3‑bedroom, 1.5‑bath units in a side‑by‑side duplex configuration; Approximately 2,516 square feet above grade; Each unit includes an attached one‑car garage and private basement
