Duplex With Attached
For Sale
$215,000
4400 Chadburne Dr, Lansing, MI 48911
Two-unit property with updated exterior roofing, separate utility responsibility, basements, and varied bedroom layouts.
Property Size2,173 SF
Price / SF$98.94
Days on Market113
Property Features for 4400 Chadburne Dr
General Information
Standard status
Active
Size
2,173 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 3BR/1.5BA
Multifamily Units
2
Listing Agency:
Keller Williams Realty Lansing
(517) 853-1200
Listed By:
Morgan Meredith · License #6501422310
(517) 505-1422
Source:
Exprealty
Added: May 19
Changed: Sep 7
Last Checked: Sep 7 at 2:41PM
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 Keller Williams Realty Lansing
Investment Insights
Based on property information with market context.
This duplex at 4400 Chadburne Dr in Lansing, MI contains 2,173 square feet across two residential units. The 4400 unit offers 2 bedrooms, 1.5 bathrooms, a full basement, and an attached 2-car garage. The 4402 unit includes 3 bedrooms, 1.5 bathrooms, new carpet, and a full basement.
A new roof and gutters serve all units. Tenants are responsible for gas, electric, water, sewer, and trash. The lease term for each unit runs through 8/30/26.
A new roof and gutters serve all units. Tenants are responsible for gas, electric, water, sewer, and trash. The lease term for each unit runs through 8/30/26.
Key Highlights
- 2,173‑square‑foot duplex at 4400 Chadburne Dr, Lansing, MI
- New roof and gutters installed across all units
- 4400 unit includes 2 bedrooms, 1.5 bathrooms, full basement, and attached 2‑car garage
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
$19,627
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
9.13%
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%
$392,540
$392.5K
Cap Rate 7%
$280,386
$280.4K
Cap Rate 9%
$218,078
$218.1K
Market Conditions
NOI Build-Up for 2,173 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
$30.0K $13.80/SF
− Vacancy
−$1.9K −$0.90/SF
EGI
$28.0K $12.90/SF
− OpEx
−$8.4K −$3.87/SF
NOI
$19.6K $9.03/SF
Area
Lansing, MI
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$392,540
Cap Rate 7%
$280,386
Cap Rate 9%
$218,078
Alternative Uses
Best Use
Multifamily LT 5
$280.4K
$245.3K – $327.1K
NOI $19,627 @ 7.0% cap · market cap 9.13%
Second Best
Apartment 5plus
$251.8K
$220.3K – $293.7K
NOI $17,623 @ 7.0% cap · market cap 8.20%
Theoretical Best
Office A
$447.3K
$391.4K – $521.9K
NOI $31,311 @ 7.0% cap · market cap 14.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
147
Businesses Nearby
Explore this area
Business Placement
Demographics for 48911, MI
40,566
Population
18,069
Households
2.2
Avg Household Size
36
Median Age
26%
College-Educated
90%
High-School Grad
17.3 sq mi
ZIP Area
2,345
Density / Sq Mi
$54,882
Median Household Income
$36,245
Median Earnings
$933
Median Rent
$136,900
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?
Duplex - Two-unit property with updated exterior roofing, separate utility responsibility, basements, and varied bedroom layouts.
Where is this duplex located?
The property is located at 4400 Chadburne Dr Lansing, MI.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: 2,173‑square‑foot duplex at 4400 Chadburne Dr, Lansing, MI; New roof and gutters installed across all units; 4400 unit includes 2 bedrooms, 1.5 bathrooms, full basement, and attached 2‑car garage
