Fully Occupied
For Sale
$359,900
5716 Hughes Rd, Lansing, MI 48911
Four two-bedroom residences provide separate access, parking, and outdoor space.
Property Size3,456 SF
Price / SF$104.14
Days on Market20
Property Features for 5716 Hughes Rd
General Information
Standard status
Active
Size
3,456 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Average Monthly Rent
$1,100
Amenities
off-street parking
outdoor space
separate entrances
Building Details
Buildings
1
Listing Agency:
EXP Realty, LLC
(517) 505-4915
Listed By:
Mohamed Abukar · License #6506049101
(517) 505-4915
Source:
Exprealty
Added: Aug 12
Changed: Aug 31
Last Checked: Aug 31 at 12:24AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 3,456-square-foot quadplex contains four leased residences, each arranged with two bedrooms and one full bathroom. Separate entrances serve the units, while off-street parking and outdoor space add practical property features. Tenants pay their own utilities; ownership handles landscaping and trash service.
Located on Hughes Rd in Lansing, MI, the property is configured for residential rental use with all four units currently occupied. The four-unit layout provides a clearly defined multifamily asset with an established tenant base.
Located on Hughes Rd in Lansing, MI, the property is configured for residential rental use with all four units currently occupied. The four-unit layout provides a clearly defined multifamily asset with an established tenant base.
Key Highlights
- Four units, each with 2 bedrooms and 1 full bathroom
- 3,456‑square‑foot quadplex on Hughes Rd in Lansing, MI
- All four units currently leased
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
$31,215
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
8.67%
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%
$624,300
$624.3K
Cap Rate 7%
$445,929
$445.9K
Cap Rate 9%
$346,833
$346.8K
Market Conditions
NOI Build-Up for 3,456 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
$47.7K $13.80/SF
− Vacancy
−$3.1K −$0.90/SF
EGI
$44.6K $12.90/SF
− OpEx
−$13.4K −$3.87/SF
NOI
$31.2K $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%
$624,300
Cap Rate 7%
$445,929
Cap Rate 9%
$346,833
Alternative Uses
Best Use
Multifamily LT 5
$445.9K
$390.2K – $520.3K
NOI $31,215 @ 7.0% cap · market cap 8.67%
Second Best
Apartment 5plus
$400.4K
$350.4K – $467.1K
NOI $28,028 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$711.4K
$622.5K – $830.0K
NOI $49,797 @ 7.0% cap · market cap 13.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
169
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?
Quadplex - Four two-bedroom residences provide separate access, parking, and outdoor space.
Where is this quadplex located?
The property is located at 5716 Hughes Rd Lansing, MI.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Four units, each with 2 bedrooms and 1 full bathroom; 3,456‑square‑foot quadplex on Hughes Rd in Lansing, MI; All four units currently leased
