Updated Two-Unit
For Sale
$209,900
310 N Lansing St, Saint Johns, MI 48879
Each residence offers three bedrooms, in-unit laundry, and a range of recent interior improvements.
Property Size1,944 SF
Price / SF$107.97
Days on Market11
Property Features for 310 N Lansing St
General Information
Standard status
Active
Size
1,944 SF
Property subtype
Residential Income
Listing Agency:
Century 21 Affiliated
(517) 887-0800
Listed By:
Janell Dunham
(989) 236-1433
Source:
Exprealty
Added: Sep 14
Changed: Sep 21
Last Checked: Sep 22 at 8:08PM
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 Century 21 Affiliated
Investment Insights
Based on property information with market context.
This two-unit duplex includes three-bedroom residences with in-unit laundry and extensive recent improvements. Updates include a high-efficiency gas furnace, a 50-gallon gas water heater, stainless steel appliances, refreshed flooring, new paint, updated fixtures, cabinetry, and countertops. Exterior, safety, and maintenance work has also been completed.
The upper residence is tenant occupied, providing an existing income-producing component. The property is located at 310 N Lansing St in Saint Johns, directly across from the Fred Meijer Clinton-Ionia-Shiawassee Trail. Downtown Saint Johns is two blocks away, with shops, dining, services, and community amenities nearby.
The upper residence is tenant occupied, providing an existing income-producing component. The property is located at 310 N Lansing St in Saint Johns, directly across from the Fred Meijer Clinton-Ionia-Shiawassee Trail. Downtown Saint Johns is two blocks away, with shops, dining, services, and community amenities nearby.
Key Highlights
- Two‑unit duplex with three‑bedroom residences
- In‑unit laundry in both residences
- Recent high‑efficiency gas furnace and 50‑gallon gas water heater
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
$17,558
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
8.36%
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%
$351,160
$351.2K
Cap Rate 7%
$250,829
$250.8K
Cap Rate 9%
$195,089
$195.1K
Market Conditions
NOI Build-Up for 1,944 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
$26.8K $13.80/SF
− Vacancy
−$1.7K −$0.90/SF
EGI
$25.1K $12.90/SF
− OpEx
−$7.5K −$3.87/SF
NOI
$17.6K $9.03/SF
Area
Clinton County, 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%
$351,160
Cap Rate 7%
$250,829
Cap Rate 9%
$195,089
Alternative Uses
Best Use
Multifamily LT 5
$250.8K
$219.5K – $292.6K
NOI $17,558 @ 7.0% cap · market cap 8.36%
Second Best
Apartment 5plus
$225.2K
$197.1K – $262.8K
NOI $15,766 @ 7.0% cap · market cap 7.51%
Theoretical Best
Office A
$395.7K
$346.2K – $461.6K
NOI $27,698 @ 7.0% cap · market cap 13.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Explore this area
Business Placement
Demographics for 48879, MI
17,980
Population
7,521
Households
2.4
Avg Household Size
42
Median Age
23%
College-Educated
95%
High-School Grad
191.3 sq mi
ZIP Area
94
Density / Sq Mi
$78,845
Median Household Income
$46,934
Median Earnings
$884
Median Rent
$215,100
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 - Each residence offers three bedrooms, in-unit laundry, and a range of recent interior improvements.
Where is this duplex located?
The property is located at 310 N Lansing St Saint Johns, MI.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Two‑unit duplex with three‑bedroom residences; In‑unit laundry in both residences; Recent high‑efficiency gas furnace and 50‑gallon gas water heater
