For Sale
$169,900
901 E Shiawassee Street, Lansing, MI 48912
Each residence has its own utilities, and both are occupied by established renters.
Property Size1,493 SF
Price / SF$113.80
Days on Market9
Property Features for 901 E Shiawassee Street
General Information
Standard status
Active
Size
1,493 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Building Details
Buildings
1
Listing Agency:
Apex Appraisal Company LLC
(517) 487-0611
Listed By:
Benjamin Parker
(517) 290-5100
Source:
Exprealty
Added: Sep 28
Changed: Oct 3
Last Checked: Oct 5 at 7:10PM
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 1,493-square-foot duplex contains two apartments: one with three bedrooms and one bathroom, and another with one bedroom and one bathroom. Both are occupied by tenants, and utility service is separate for each unit.
At 901 E Shiawassee Street in Lansing, the property is one block from UM Sparrow Hospital and two blocks north of Michigan Avenue.
At 901 E Shiawassee Street in Lansing, the property is one block from UM Sparrow Hospital and two blocks north of Michigan Avenue.
Key Highlights
- Two apartments with a 3‑bedroom, 1‑bathroom and a 1‑bedroom, 1‑bathroom layout
- 1,493 square feet
- Tenants occupy both apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,485
Cap Rate
7.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$269,700
$269.7K
Cap Rate 7%
$192,643
$192.6K
Cap Rate 9%
$149,833
$149.8K
Market Conditions
NOI Build-Up for 1,493 SF
Gross rent
$20.6K $13.80/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$19.3K $12.90/SF
− OpEx
−$5.8K −$3.87/SF
NOI
$13.5K $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 Rate 5%
$269,700
Cap Rate 7%
$192,643
Cap Rate 9%
$149,833
Alternative Uses
Best Use
Multifamily LT 5
$192.6K
$168.6K – $224.8K
NOI $13,485 @ 7.0% cap · market cap 7.94%
Second Best
Apartment 5plus
$173.0K
$151.4K – $201.8K
NOI $12,108 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$307.3K
$268.9K – $358.6K
NOI $21,513 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,094
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence has its own utilities, and both are occupied by established renters.
Where is this duplex located?
The property is located at 901 E Shiawassee Street Lansing, MI.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Two apartments with a 3‑bedroom, 1‑bathroom and a 1‑bedroom, 1‑bathroom layout; 1,493 square feet; Tenants occupy both apartments
