Contiguous Multifamily
For Sale
$1,250,000
829 Shiawassee Street, Lansing, MI 48912
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 Market434
Property Features for 829 Shiawassee Street
General Information
Standard status
Active
Size
6,790 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
21
Taxes and HOA fees
Annual Taxes
$24,605
Amenities
Window Air Conditioning
Parking.
Lot.
49.5' x 167' & 82.5' x 16
Building Details
Year Built
1967
Stories
2
Listing Agency:
Apex Appraisal Company LLC
(517) 290-5100
Listed By:
Benjamin Parker
(517) 290-5100
Source:
Xome
Added: Jun 6, 2025
Changed: Aug 12
Last Checked: Aug 13 at 3:23AM
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
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
$55,067
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
4.41%
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%
$1,101,340
$1.1M
Cap Rate 7%
$786,671
$786.7K
Cap Rate 9%
$611,856
$611.9K
Market Conditions
NOI Build-Up for 6,790 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
$106.7K $15.72/SF
− Vacancy
−$6.6K −$0.97/SF
EGI
$100.1K $14.75/SF
− OpEx
−$45.1K −$6.64/SF
NOI
$55.1K $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%
$1,101,340
Cap Rate 7%
$786,671
Cap Rate 9%
$611,856
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Location Intelligence
Trade Area within ½ mile
3,015
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 - 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 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 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
