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 Market288
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%
Site & Location
Neighborhood
Old Everett Neighborhood Organization
Additional Details
Cap Rate
8.66%
Multifamily Units
18
Building Details
Building Size
11,042 SF
Year Built
1969
Stories
2
Tenancy
Multi-Tenant
Construction
brick
Listing Agency:
Martin Commercial Properties
Listed By:
Christopher T. Miller
(517) 242-7561
Source:
Cpix.resimplifi
Added: Jan 8
Changed: Oct 12
Last Checked: Oct 23 at 3:36AM
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
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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 / Yr
$89,550
Cap Rate
7.46%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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
