Updated Licensed
For Sale
$149,900
Pending
607 Shepard Street, Lansing, MI 48912
Upper and lower units share basement laundry access, separate driveways, and individually metered gas and electric service.
Property Size1,472 SF
Days on Market61
Property Features for 607 Shepard Street
General Information
Standard status
Pending
Size
1,472 SF
Property subtype
Residential Income
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,939
Amenities
Central Air, Ductless, Heat Pump, Varies By Unit
Ductless, Forced Air, Heat Pump, Natural Gas
Common, Full, Sump Pump
Carpet, Linoleum, Vinyl
Yes
Electric Dryer Hookup, In Basement, Washer Hookup
Building Details
Year Built
1896
Listing Agency:
Achieve Real Estate LLC
(517) 712-8329
Listed By:
David Hall · License #6502433100
(517) 712-8329
Source:
Compass
Added: Jun 10
Changed: Aug 2
Last Checked: Aug 2 at 2:24AM
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 Achieve Real Estate LLC
Investment Insights
Based on property information with market context.
This 1,472-square-foot duplex includes an upper residence and a lower residence connected by a common entry hallway. Both units have access to a shared basement with laundry hookups. Recent property work includes a lower-unit furnace and central air system, high-efficiency mini-splits upstairs, basement drainage improvements with a sump pump, glass block basement windows, a new deck and exterior staircase, and a crushed asphalt driveway. Interior and exterior refreshes include new light fixtures, fresh paint, landscaping updates, and tree trimming.
Two separate driveways provide off-street parking. Gas and electric service are separately metered for the units. The property carries an active City of Lansing rental license and was built in 1896.
Two separate driveways provide off-street parking. Gas and electric service are separately metered for the units. The property carries an active City of Lansing rental license and was built in 1896.
Key Highlights
- Active City of Lansing rental license
- 1,472 SF duplex with upper and lower units
- Separate gas and electric meters for the units
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
$13,295
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
8.87%
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%
$265,900
$265.9K
Cap Rate 7%
$189,929
$189.9K
Cap Rate 9%
$147,722
$147.7K
Market Conditions
NOI Build-Up for 1,472 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
$20.3K $13.80/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$19.0K $12.90/SF
− OpEx
−$5.7K −$3.87/SF
NOI
$13.3K $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%
$265,900
Cap Rate 7%
$189,929
Cap Rate 9%
$147,722
Alternative Uses
Best Use
Multifamily LT 5
$189.9K
$166.2K – $221.6K
NOI $13,295 @ 7.0% cap · market cap 8.87%
Second Best
Apartment 5plus
$170.5K
$149.2K – $199.0K
NOI $11,938 @ 7.0% cap · market cap 7.96%
Theoretical Best
Office A
$303.0K
$265.1K – $353.5K
NOI $21,210 @ 7.0% cap · market cap 14.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,721
Businesses Nearby
Explore this area
Business Placement
Demographics for 48912, MI
17,155
Population
9,064
Households
1.9
Avg Household Size
34
Median Age
40%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
3,299
Density / Sq Mi
$53,072
Median Household Income
$34,598
Median Earnings
$1,037
Median Rent
$139,900
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 - Upper and lower units share basement laundry access, separate driveways, and individually metered gas and electric service.
Where is this duplex located?
The property is located at 607 Shepard Street 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: Active City of Lansing rental license; 1,472 SF duplex with upper and lower units; Separate gas and electric meters for the units
