Side-by-Side Duplex with
For Sale
$299,000
Pending
309 Elmwood Road, Lansing, MI 48917
Multi Family, Lansing, MI
Property Size2,516 SF
Lot Size0.28 Acres
Days on Market50
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
Bathroom 1, Bedroom 3, Bedroom 6, Bedroom 5, Bathroom 4, Basement, Bathroom 3, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4
Parking
2
Basement
Full, Daylight
Lot features
Corner Lot
Elementary school district
Waverly
Middle school district
Waverly
High school district
Waverly
Standard status
Pending
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
Changed: Sep 16
Last Checked: Oct 5 at 10:06PM
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 1968 side-by-side duplex contains two three-bedroom, 1.5-bath residences with approximately 2,516 square feet above grade. Each unit includes a living room, eat-in kitchen, main-level half bath, family room, three upstairs bedrooms, a full bath, private basement, and attached one-car garage. Flooring has been updated through much of the property, and major mechanical systems in the vacant unit have been updated in recent years.
The property sits on a 0.28-acre lot at 309 Elmwood Road in Lansing, within the Eaton County market. Shopping, restaurants, highways, and everyday amenities are accessible from the Lansing-area location. Public sewer serves the property, with forced-air heating, central air, and cable availability.
The property sits on a 0.28-acre lot at 309 Elmwood Road in Lansing, within the Eaton County market. Shopping, restaurants, highways, and everyday amenities are accessible from the Lansing-area location. Public sewer serves the property, with forced-air heating, central air, and cable availability.
Key Highlights
- Side‑by‑side duplex with two 3‑bedroom, 1.5‑bath units
- Approximately 2,516 square feet above grade
- Each unit has an attached one‑car garage and private basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,725
Cap Rate
7.60%
Suggested Prices Based on Cap Rates
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
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 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
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom units include private basements, attached 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: Side‑by‑side duplex with two 3‑bedroom, 1.5‑bath units; Approximately 2,516 square feet above grade; Each unit has an attached one‑car garage and private basement
