Two-Story Multifamily
401 E Willard Ave Lansing, MI 48910
For Sale
$1,200,000
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 Market197
Property Features for 401 E Willard Ave
General Information
- Standard status
- Active
- Size
- 11,042 SF
- Lot size
- 0.43 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1969
Listing Agency:
Martin Commercial Properties
(517) 242-7561
Listed By:
Christopher T. Miller
(517) 242-7561
Source:
Cpix.resimplifi
Added: Jan 8
Changed: Jul 23
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $173.6k | $15.72 |
| − Vacancy | −$10.8k | −$0.97 |
| EGI | $162.8k | $14.75 |
| − OpEx | −$73.3k | −$6.64 |
| NOI | $89.6k | $8.11 |
11,042 SF · lease $15.72/SF/yr · vacancy 6.20% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Willard Apartments
Apartment Complex
FAQs
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
