Two-Unit Duplex
For Sale
$285,000
Pending
5508 W St Joe Highway, Lansing, MI 48917
Each residence includes three bedrooms, a full bath, central air, and a wood-burning fireplace.
Property Size2,112 SF
Days on Market25
Property Features for 5508 W St Joe Highway
General Information
Standard status
Pending
Size
2,112 SF
Property subtype
Residential Income
Listing Agency:
RE/MAX Real Estate Professionals
(517) 321-8255
Listed By:
Gary R. Newton · License #6506045750
(517) 410-8307
Source:
Exprealty
Added: Aug 10
Changed: Sep 1
Last Checked: Sep 2 at 6:44PM
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 RE/MAX Real Estate Professionals
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each offering 1,056 square feet of finished living space with three bedrooms, one full bathroom, central air, and a wood-burning fireplace. Combined property size is 2,112 square feet. A full basement adds laundry space along with storage and utility areas.
Outdoor space includes a 28' x 12' backyard deck. The property is currently vacant with no tenants in place and is located at 5508 W St Joe Highway in Lansing, Michigan 48917.
Outdoor space includes a 28' x 12' backyard deck. The property is currently vacant with no tenants in place and is located at 5508 W St Joe Highway in Lansing, Michigan 48917.
Key Highlights
- Two residential units, each with 1,056 SF of finished living space
- Each unit includes 3 bedrooms and 1 full bathroom
- Wood‑burning fireplace and central air in each unit
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
$19,076
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
6.69%
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%
$381,520
$381.5K
Cap Rate 7%
$272,514
$272.5K
Cap Rate 9%
$211,956
$212.0K
Market Conditions
NOI Build-Up for 2,112 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
$29.1K $13.80/SF
− Vacancy
−$1.9K −$0.90/SF
EGI
$27.3K $12.90/SF
− OpEx
−$8.2K −$3.87/SF
NOI
$19.1K $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%
$381,520
Cap Rate 7%
$272,514
Cap Rate 9%
$211,956
Alternative Uses
Best Use
Multifamily LT 5
$272.5K
$238.5K – $317.9K
NOI $19,076 @ 7.0% cap · market cap 6.69%
Second Best
Apartment 5plus
$244.7K
$214.1K – $285.5K
NOI $17,128 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$434.7K
$380.4K – $507.2K
NOI $30,432 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
232
Businesses Nearby
Explore this area
Business Placement
Demographics for 48917, MI
32,679
Population
15,975
Households
2
Avg Household Size
41
Median Age
40%
College-Educated
94%
High-School Grad
24.0 sq mi
ZIP Area
1,362
Density / Sq Mi
$73,259
Median Household Income
$47,739
Median Earnings
$1,085
Median Rent
$211,300
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 - Each residence includes three bedrooms, a full bath, central air, and a wood-burning fireplace.
Where is this duplex located?
The property is located at 5508 W St Joe Highway Lansing, MI.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Two residential units, each with 1,056 SF of finished living space; Each unit includes 3 bedrooms and 1 full bathroom; Wood‑burning fireplace and central air in each unit
