Refinished-Floor
312 N Butler Blvd, Lansing, MI 48915
For Sale
$225,000
Three-unit property with separate utility responsibility, laundry facilities, fresh paint, and renewed hardwood flooring.
Property Size2,440 SF
Price / SF$92.21
Days on Market62
Property Features for 312 N Butler Blvd
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Amenities
laundry facilities
Listing Agency:
Berkshire Hathaway HomeServices
(517) 351-3617
Listed By:
Wanda Bloomquist
(517) 204-7378
Source:
Exprealty
Added: Sep 9
Changed: Nov 8
Last Checked: Nov 8 at 7:01AM
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 Berkshire Hathaway HomeServices
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Investment Insights
Based on property information with market context.
This 3-unit triplex contains 2440 square feet and has been refreshed with new paint and refinished hardwood floors. Each unit includes laundry facilities, while occupants are responsible for their own utilities.
The property is in downtown Lansing near Lansing Community College and the State Capital Complex. Its three-unit configuration and recent interior improvements provide a straightforward multifamily layout for continued residential use.
The property is in downtown Lansing near Lansing Community College and the State Capital Complex. Its three-unit configuration and recent interior improvements provide a straightforward multifamily layout for continued residential use.
Key Highlights
- 3‑unit triplex with 2440 square feet
- Freshly painted interiors
- Refinished hardwood floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,788
Cap Rate
8.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$395,760
$395.8K
Cap Rate 7%
$282,686
$282.7K
Cap Rate 9%
$219,867
$219.9K
Market Conditions
NOI Build-Up for 2,440 SF
Gross rent
$38.4K $15.72/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$36.0K $14.75/SF
− OpEx
−$16.2K −$6.64/SF
NOI
$19.8K $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%
$395,760
Cap Rate 7%
$282,686
Cap Rate 9%
$219,867
Alternative Uses
Best Use
Multifamily LT 5
$314.8K
$275.5K – $367.3K
NOI $22,038 @ 7.0% cap · market cap 9.79%
Second Best
Apartment 5plus
$282.7K
$247.4K – $329.8K
NOI $19,788 @ 7.0% cap · market cap 8.79%
Theoretical Best
Office A
$502.3K
$439.5K – $586.0K
NOI $35,158 @ 7.0% cap · market cap 15.63%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,094
Businesses Nearby
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Business Placement
Demographics for 48915, MI
9,176
Population
4,768
Households
1.9
Avg Household Size
35
Median Age
36%
College-Educated
90%
High-School Grad
1.8 sq mi
ZIP Area
5,098
Density / Sq Mi
$51,653
Median Household Income
$34,460
Median Earnings
$1,087
Median Rent
$112,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with separate utility responsibility, laundry facilities, fresh paint, and renewed hardwood flooring.
Where is this triplex located?
The property is located at 312 N Butler Blvd Lansing, MI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 3‑unit triplex with 2440 square feet; Freshly painted interiors; Refinished hardwood floors
