Licensed Duplex with
For Sale
$149,900
429 N Pine St, Lansing, MI 48933
Two-unit residential property with individual gas furnaces, a new front porch, and a substantial rear parking area.
Property Size1,528 SF
Price / SF$98.10
Days on Market15
Property Features for 429 N Pine St
General Information
Standard status
Active
Size
1,528 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Achieve Real Estate LLC
(517) 258-0589
Listed By:
David Hall · License #6502433100
(517) 712-8329
Source:
Exprealty
Added: Aug 20
Changed: Sep 1
Last Checked: Sep 2 at 6:50PM
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 Achieve Real Estate LLC
Investment Insights
Based on property information with market context.
This licensed duplex contains 1,528 square feet and is configured as two separate residential units. Each apartment has its own gas furnace, providing independently controlled heating. The property also includes a recently installed front porch and a large rear parking lot with off-street spaces.
The building is situated in downtown Lansing, approximately ½ mile from the Michigan State Capitol. Both units are occupied under stated lease agreements, with terms extending through July 31, 2027, and September 30, 2027, respectively. The existing tenancy, separate heating systems, and on-site parking create a clearly defined operating profile for the property.
The building is situated in downtown Lansing, approximately ½ mile from the Michigan State Capitol. Both units are occupied under stated lease agreements, with terms extending through July 31, 2027, and September 30, 2027, respectively. The existing tenancy, separate heating systems, and on-site parking create a clearly defined operating profile for the property.
Key Highlights
- Licensed duplex with 1,528 square feet
- Both units are leased through July 31, 2027, and September 30, 2027
- Separate gas furnace serving each apartment
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
$12,392
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
8.27%
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%
$247,840
$247.8K
Cap Rate 7%
$177,029
$177.0K
Cap Rate 9%
$137,689
$137.7K
Market Conditions
NOI Build-Up for 1,528 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
$24.0K $15.72/SF
− Vacancy
−$1.5K −$0.97/SF
EGI
$22.5K $14.75/SF
− OpEx
−$10.1K −$6.64/SF
NOI
$12.4K $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%
$247,840
Cap Rate 7%
$177,029
Cap Rate 9%
$137,689
Alternative Uses
Best Use
Multifamily LT 5
$197.2K
$172.5K – $230.0K
NOI $13,801 @ 7.0% cap · market cap 9.21%
Second Best
Apartment 5plus
$177.0K
$154.9K – $206.5K
NOI $12,392 @ 7.0% cap · market cap 8.27%
Theoretical Best
Office A
$314.5K
$275.2K – $367.0K
NOI $22,017 @ 7.0% cap · market cap 14.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,122
Businesses Nearby
Explore this area
Business Placement
Demographics for 48933, MI
2,467
Population
2,103
Households
1.2
Avg Household Size
33
Median Age
35%
College-Educated
88%
High-School Grad
1.0 sq mi
ZIP Area
2,467
Density / Sq Mi
$36,895
Median Household Income
$34,549
Median Earnings
$919
Median Rent
$130,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with individual gas furnaces, a new front porch, and a substantial rear parking area.
Where is this duplex located?
The property is located at 429 N Pine St Lansing, MI.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: Licensed duplex with 1,528 square feet; Both units are leased through July 31, 2027, and September 30, 2027; Separate gas furnace serving each apartment
