Two-Story Multifamily
For Sale
$1,200,000
401 E Willard Ave, Lansing, MI 48910
Two-story brick multifamily asset with garden-level units, 30 parking spaces, and 16 two-bed plus two one-bed apartments.
Property Size11,042 SF
Lot Size0.43 Acres
Price / SF$108.68
Days on Market242
Property Features for 401 E Willard Ave
General Information
Standard status
Active
Size
11,042 SF
Total Parking Spaces
30
Lot size
0.43 Acres
Property subtype
Multifamily
Zoning
R-
Occupancy
94%
Additional Details
Cap Rate
8.66%
Multifamily Units
18
Building Details
Building Size
11,042 SF
Year Built
1969
Stories
2
Tenancy
Multiple Tenants
Construction
brick
Listing Agency:
Martin Commercial Properties
Listed By:
Christopher T. Miller
(517) 242-7561
Source:
Cpix.resimplifi
Added: Jan 8
Changed: Aug 8
Last Checked: Jul 23 at 8:23AM
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 Martin Commercial Properties
Investment Insights
Based on property information with market context.
The offering consists of an 11,042-square-foot, two-story brick apartment building with garden-level units. Constructed in 1969 and situated on an approximately 0.43-acre site, the property includes 30 parking spaces and has a current occupancy of approximately 94%. The unit mix features 16 two-bedroom units and 2 one-bedroom units.
Recent ownership has completed capital improvements including a new roof, gutters, and downspouts, and has renovated five units. The remaining interiors present a continued renovation opportunity.
Tenants pay their own electricity, while the landlord covers remaining utilities. The property is described as an income-focused multifamily opportunity with ongoing stability supported by the current utility structure and high occupancy.
Recent ownership has completed capital improvements including a new roof, gutters, and downspouts, and has renovated five units. The remaining interiors present a continued renovation opportunity.
Tenants pay their own electricity, while the landlord covers remaining utilities. The property is described as an income-focused multifamily opportunity with ongoing stability supported by the current utility structure and high occupancy.
Key Highlights
- 11,042 SF, two‑story brick multifamily built in 1969 on an approximately 0.43‑acre site with garden‑level units
- Unit mix includes 16 two‑bedroom units and 2 one‑bedroom units
- Approximately 94% occupancy with 30 parking spaces on site
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
$89,550
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
7.46%
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%
$1,791,000
$1.8M
Cap Rate 7%
$1,279,286
$1.3M
Cap Rate 9%
$995,000
$995.0K
Market Conditions
NOI Build-Up for 11,042 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
$173.6K $15.72/SF
− Vacancy
−$10.8K −$0.97/SF
EGI
$162.8K $14.75/SF
− OpEx
−$73.3K −$6.64/SF
NOI
$89.6K $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%
$1,791,000
Cap Rate 7%
$1,279,286
Cap Rate 9%
$995,000
Alternative Uses
Best Use
Apartment 5plus
$1.28M
$1.12M – $1.49M
NOI $89,550 @ 7.0% cap · market cap 7.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $159,103 @ 7.0% cap · market cap 13.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
94%
Occupancy
Location Intelligence
Trade Area within ½ mile
993
Businesses Nearby
Explore this area
Business Placement
Demographics for 48910, MI
33,702
Population
17,119
Households
2
Avg Household Size
35
Median Age
32%
College-Educated
91%
High-School Grad
14.2 sq mi
ZIP Area
2,373
Density / Sq Mi
$52,154
Median Household Income
$36,643
Median Earnings
$1,003
Median Rent
$117,600
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?
Apartment building - Two-story brick multifamily asset with garden-level units, 30 parking spaces, and 16 two-bed plus two one-bed apartments.
Where is this apartment building located?
The property is located at 401 E Willard Ave Lansing, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 11,042 SF, two‑story brick multifamily built in 1969 on an approximately 0.43‑acre site with garden‑level units; Unit mix includes 16 two‑bedroom units and 2 one‑bedroom units; Approximately 94% occupancy with 30 parking spaces on site
