Licensed Quadplex Rental
906 E Michigan Ave East Lansing, MI 48823
For Sale
$380,000
Class IV rental license licensed for four units with tenants in place through August 12, 2027.
Property Size2,160 SF
Price / SF$175.93
Days on Market77
Property Features for 906 E Michigan Ave
General Information
- Standard status
- Active
- Size
- 2,160 SF
- Property subtype
- Investment, Multifamily
Building Details
- Year Built
- 1922
Listing Agency:
BHHS - Michigan Real Estate | Grand Rapids - Cascade
(517) 712-5496
Listed By:
Kelly Miller · License #6501321932
(517) 712-5496
Source:
Cpix.resimplifi
Added: May 8
Changed: Jul 23
Last Checked: Jul 23 at 10:41AM
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 BHHS - Michigan Real Estate | Grand Rapids - Cascade
Investment Insights
Based on property information with market context.
This for-sale quadplex is offered with a City of East Lansing Class IV rental license that is licensed for four. The property is currently rented, with a new lease term beginning August 20, 2026 through August 12, 2027. The seller notes 100% occupancy through August 12, 2027.
The tenant agreement includes tenant responsibility for utilities, snow removal, and leaf removal. Tenants also pay a $200 carpet fee at the beginning of the lease and a $300 cleaning fee at the beginning of the lease. Washer/dryer rental is $20 per month. The owner is responsible for lawn care, as well as taxes and insurance.
Showings are by appointment only. The seller is related to the Realtor.
The tenant agreement includes tenant responsibility for utilities, snow removal, and leaf removal. Tenants also pay a $200 carpet fee at the beginning of the lease and a $300 cleaning fee at the beginning of the lease. Washer/dryer rental is $20 per month. The owner is responsible for lawn care, as well as taxes and insurance.
Showings are by appointment only. The seller is related to the Realtor.
Key Highlights
- Class IV rental license in the City of East Lansing, licensed for four units
- 100% leased through August 12, 2027
- New lease term begins August 20, 2026 and runs through August 12, 2027
Financial Insights For Multifamily LT 5
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 | $29.8k | $13.80 |
| − Vacancy | −$1.8k | −$0.85 |
| EGI | $28.0k | $12.95 |
| − OpEx | −$8.4k | −$3.88 |
| NOI | $19.6k | $9.06 |
2,160 SF · lease $13.80/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$279.7K
$244.7K – $326.3K
NOI $19,578 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$251.4K
$219.9K – $293.3K
NOI $17,595 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$347.0K
$303.7K – $404.9K
NOI $24,292 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Class IV rental license licensed for four units with tenants in place through August 12, 2027.
Where is this quadplex located?
The property is located at 906 E Michigan Ave East Lansing, MI.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Class IV rental license in the City of East Lansing, licensed for four units; 100% leased through August 12, 2027; New lease term begins August 20, 2026 and runs through August 12, 2027
