Contiguous Multifamily
829 E Shiawassee Street Unit 829 Lansing, MI 48912
For Sale
$1,250,000
Two adjacent multifamily properties offer a total of 21 units with newer high-efficiency boilers and landlord-paid heat, water, and trash.
Property Size6,790 SF
Price / SF$184.09
Days on Market304
Property Features for 829 E Shiawassee Street Unit 829
General Information
- Standard status
- Active
- Size
- 6,790 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1967
Listing Agency:
Apex Appraisal Company LLC
(517) 290-5100
Listed By:
Benjamin Parker
(517) 290-5100
Source:
Xome
Added: Sep 23, 2025
Changed: Jul 22
Last Checked: Jul 23 at 4:14AM
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.
Two contiguous small multifamily properties are offered for sale, comprising 821 E Shiawassee St (8 units) and 829 E Shiawassee St (13 units), for a total of 21 units. Both properties have newer high-efficiency boilers.
The buildings are located contiguously along the north side of E Shiawassee St and are near University of Michigan Health-Sparrow Hospital, Neogen, and the Stadium District.
Per the provided information, the landlord pays heat, water, and trash for the properties.
The buildings are located contiguously along the north side of E Shiawassee St and are near University of Michigan Health-Sparrow Hospital, Neogen, and the Stadium District.
Per the provided information, the landlord pays heat, water, and trash for the properties.
Key Highlights
- Two adjacent multifamily properties on the north side of E Shiawassee St totaling 21 units
- 821 E Shiawassee St: 8 units with a new high‑efficiency boiler; landlord pays heat, water, and trash
- 829 E Shiawassee St: 13 units with a new high‑efficiency boiler; landlord pays heat, water, and trash
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $106.7k | $15.72 |
| − Vacancy | −$6.6k | −$0.97 |
| EGI | $100.1k | $14.75 |
| − OpEx | −$45.1k | −$6.64 |
| NOI | $55.1k | $8.11 |
6,790 SF · lease $15.72/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$786.7K
$688.3K – $917.8K
NOI $55,067 @ 7.0% cap · market cap 4.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,837 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Two adjacent multifamily properties offer a total of 21 units with newer high-efficiency boilers and landlord-paid heat, water, and trash.
Where is this apartment building located?
The property is located at 829 E Shiawassee Street Unit 829 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 adjacent multifamily properties on the north side of E Shiawassee St totaling 21 units; 821 E Shiawassee St: 8 units with a new high‑efficiency boiler; landlord pays heat, water, and trash; 829 E Shiawassee St: 13 units with a new high‑efficiency boiler; landlord pays heat, water, and trash
