Two-Building Apartment
For Sale
$1,250,000
829 E Shiawassee Street, Lansing, MI 48912
Contiguous multifamily buildings feature new high-efficiency boilers with landlord-paid heat, water, and trash service.
Property Size13,580 SF
Price / SF$92.05
Days on Market236
Property Features for 829 E Shiawassee Street
General Information
Standard status
Active
Size
13,580 SF
Additional Details
Multifamily Units
21
Taxes and HOA fees
Annual Taxes
$24,605
Building Details
Buildings
2
Listing Agency:
Apex Appraisal Company LLC
(517) 290-5100
Listed By:
Benjamin Parker
(517) 290-5100
Source:
Exprealty
Added: Jan 8
Changed: Aug 29
Last Checked: Aug 30 at 9:51PM
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 Apex Appraisal Company LLC
Investment Insights
Based on property information with market context.
This multifamily offering includes two contiguous apartment buildings along the north side of E Shiawassee Street in Lansing. The property at 821 E Shiawassee Street contains 8 units, while 829 E Shiawassee Street contains 13 units. Each building has a new high-efficiency boiler, and the landlord pays for heat, water, and trash.
The buildings are positioned near University of Michigan Health-Sparrow Hospital, Neogen, and the Stadium District. The offering includes the properties addressed at 821 and 829 E Shiawassee Street, with the 829 building identified at 829 E Shiawassee Street, Lansing, MI 48912.
The buildings are positioned near University of Michigan Health-Sparrow Hospital, Neogen, and the Stadium District. The offering includes the properties addressed at 821 and 829 E Shiawassee Street, with the 829 building identified at 829 E Shiawassee Street, Lansing, MI 48912.
Key Highlights
- Two contiguous apartment buildings along the north side of E Shiawassee Street
- 821 E Shiawassee Street includes 8 units
- 829 E Shiawassee Street includes 13 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
$110,133
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
8.81%
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%
$2,202,660
$2.2M
Cap Rate 7%
$1,573,329
$1.6M
Cap Rate 9%
$1,223,700
$1.2M
Market Conditions
NOI Build-Up for 13,580 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
$213.5K $15.72/SF
− Vacancy
−$13.2K −$0.97/SF
EGI
$200.2K $14.75/SF
− OpEx
−$90.1K −$6.64/SF
NOI
$110.1K $8.11/SF
Area
Lansing, MI
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$2,202,660
Cap Rate 7%
$1,573,329
Cap Rate 9%
$1,223,700
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.38M – $1.84M
NOI $110,133 @ 7.0% cap · market cap 8.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.80M
$2.45M – $3.26M
NOI $195,673 @ 7.0% cap · market cap 15.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Location Intelligence
Trade Area within ½ mile
2,010
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?
Apartment building - Contiguous multifamily buildings feature new high-efficiency boilers with landlord-paid heat, water, and trash service.
Where is this apartment building located?
The property is located at 829 E Shiawassee Street Lansing, MI.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Two contiguous apartment buildings along the north side of E Shiawassee Street; 821 E Shiawassee Street includes 8 units; 829 E Shiawassee Street includes 13 units
