Refinished-Floor
For Sale
$225,000
312 N Butler Blvd, Lansing, MI 48915
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 Market16
Property Features for 312 N Butler Blvd
General Information
Standard status
Active
Size
2,440 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Amenities
laundry facilities
Listing Agency:
Berkshire Hathaway HomeServices
(517) 351-3617
Listed By:
Wanda Bloomquist
(517) 204-7378
Source:
Exprealty
Added: Sep 9
Changed: Sep 21
Last Checked: Sep 22 at 7:26PM
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
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 = 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
$19,788
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
8.79%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,094
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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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?
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
