Two-Unit Duplex with
For Sale
$170,000
529 Cherry Street, Lansing, MI 48933
Fully leased duplex with separate metering, off-street parking, and distinct one-bedroom layouts.
Property Size1,280 SF
Price / SF$132.81
Days on Market162
Property Features for 529 Cherry Street
General Information
Standard status
Active
Size
1,280 SF
Total Parking Spaces
4
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 1BR, 1 x 1BR+loft
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
fireplace
laundry
Listing Agency:
Five Star Real Estate - Lansing
(517) 614-2254
Listed By:
Cindy Beckwith
(517) 614-2254
Source:
Exprealty
Added: Mar 23
Changed: Aug 29
Last Checked: Aug 30 at 11:09PM
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 Five Star Real Estate - Lansing
Investment Insights
Based on property information with market context.
This 1,280-square-foot duplex contains two one-bedroom units with separate entrances and distinct floor plans. The main-level residence includes a living room with fireplace, kitchen appliances, in-unit laundry, and a sizable bedroom. The upper residence occupies the second and third floors and adds a loft, living area, kitchen, 1.5 bathrooms, and basement laundry access.
Each unit is separately metered, with occupants paying gas, electric, water, and sewer. The property includes a parking pad for up to four vehicles, while ownership handles lawn care, snow removal, and trash service. The building is located within Lansing’s historic district and is currently fully leased.
Each unit is separately metered, with occupants paying gas, electric, water, and sewer. The property includes a parking pad for up to four vehicles, while ownership handles lawn care, snow removal, and trash service. The building is located within Lansing’s historic district and is currently fully leased.
Key Highlights
- Two‑unit duplex with 1,280 square feet
- Both residences feature one‑bedroom layouts
- Upper unit spans the second and third floors with a loft
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
$11,561
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
6.80%
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%
$231,220
$231.2K
Cap Rate 7%
$165,157
$165.2K
Cap Rate 9%
$128,456
$128.5K
Market Conditions
NOI Build-Up for 1,280 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
$17.7K $13.80/SF
− Vacancy
−$1.1K −$0.90/SF
EGI
$16.5K $12.90/SF
− OpEx
−$5.0K −$3.87/SF
NOI
$11.6K $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%
$231,220
Cap Rate 7%
$165,157
Cap Rate 9%
$128,456
Alternative Uses
Best Use
Multifamily LT 5
$165.2K
$144.5K – $192.7K
NOI $11,561 @ 7.0% cap · market cap 6.80%
Second Best
Apartment 5plus
$148.3K
$129.8K – $173.0K
NOI $10,381 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$263.5K
$230.5K – $307.4K
NOI $18,443 @ 7.0% cap · market cap 10.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,028
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
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Frequently Asked Questions
What type of property is this?
Duplex - Fully leased duplex with separate metering, off-street parking, and distinct one-bedroom layouts.
Where is this duplex located?
The property is located at 529 Cherry Street Lansing, MI.
What is the asking price?
The asking price for this property is $170,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,280 square feet; Both residences feature one‑bedroom layouts; Upper unit spans the second and third floors with a loft
