30-Unit Apartment
For Sale
$1,950,000
906 E Shiawassee Street, Lansing, MI 48912
Two separate buildings offer covered parking, with water, sewer, and heat paid by the landlord.
Property Size17,058 SF
Price / SF$114.32
Days on Market233
Property Features for 906 E Shiawassee Street
General Information
Standard status
Active
Size
17,058 SF
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$16,850
Building Details
Buildings
2
Listing Agency:
Apex Appraisal Company LLC
(517) 290-5100
Listed By:
Benjamin Parker
(517) 290-5100
Source:
Exprealty
Added: Jan 9
Changed: Aug 29
Last Checked: Aug 30 at 8:02PM
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 property comprises two apartment buildings positioned across from one another on E Shiawassee Street. The 17,058-SF property contains 30 total units, including 23 one-bedroom, one-bath apartments and seven two-bedroom, one-bath apartments. Covered parking is provided at 906 E Shiawassee.
The 22-unit building at 906 E Shiawassee includes 16 one-bedroom apartments and six two-bedroom apartments. The 8-unit building at 911 E Shiawassee includes seven one-bedroom apartments and one two-bedroom apartment. The landlord pays water, sewer, and heat, while tenants pay electric. The property is located between the UM/Sparrow Campus and Neogen.
The 22-unit building at 906 E Shiawassee includes 16 one-bedroom apartments and six two-bedroom apartments. The 8-unit building at 911 E Shiawassee includes seven one-bedroom apartments and one two-bedroom apartment. The landlord pays water, sewer, and heat, while tenants pay electric. The property is located between the UM/Sparrow Campus and Neogen.
Key Highlights
- 30 total apartment units across two buildings
- 17,058 SF property with buildings at 906 E Shiawassee and 911 E Shiawassee
- Unit mix includes 23 one‑bedroom, one‑bath apartments and seven two‑bedroom, one‑bath apartments
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
$138,339
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
7.09%
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%
$2,766,780
$2.8M
Cap Rate 7%
$1,976,271
$2.0M
Cap Rate 9%
$1,537,100
$1.5M
Market Conditions
NOI Build-Up for 17,058 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
$268.2K $15.72/SF
− Vacancy
−$16.6K −$0.97/SF
EGI
$251.5K $14.75/SF
− OpEx
−$113.2K −$6.64/SF
NOI
$138.3K $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%
$2,766,780
Cap Rate 7%
$1,976,271
Cap Rate 9%
$1,537,100
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,339 @ 7.0% cap · market cap 7.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.51M
$3.07M – $4.10M
NOI $245,787 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
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 - Two separate buildings offer covered parking, with water, sewer, and heat paid by the landlord.
Where is this apartment building located?
The property is located at 906 E Shiawassee Street Lansing, MI.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 30 total apartment units across two buildings; 17,058 SF property with buildings at 906 E Shiawassee and 911 E Shiawassee; Unit mix includes 23 one‑bedroom, one‑bath apartments and seven two‑bedroom, one‑bath apartments
