Two-Building Apartment
906 E Shiawassee Street Unit 906 Lansing, MI 48912
906 E Shiawassee Street Unit 906, Lansing, MI, 48912
$1,950,000
For Sale
$1,950,000
Two apartment buildings offer 30 total units, with covered parking at the 22-unit property.
Property Size8,259 SF
Price / SF$236.11
Days on Market300
Property Features for 906 E Shiawassee Street Unit 906
General Information
- Standard status
- Active
- Size
- 8,259 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1966
Listing agency
Apex Appraisal Company LLC
(517) 290-5100
Listed by
Benjamin Parker
(517) 290-5100
Source
Xome
Added: Sep 25, 2025 Updated: Jul 20 at 5:03PM Checked: Jul 21 at 3:13AM
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 for-sale apartment portfolio includes two buildings across the street from each other, with unit mix at each address. At 906 E Shiawassee, there are 22 units consisting of 16 one-bedroom, one-bath apartments and six two-bedroom, one-bath apartments, along with covered parking. 911 E Shiawassee includes eight units: seven one-bedroom, one-bath apartments and one two-bedroom, one-bath apartment.
The properties are situated between the UM/Sparrow Campus and Neogen, both of which have planned multi-million-dollar expansions.
From an operating expense standpoint, the landlord pays water, sewer, and heat, while tenants are responsible for electricity.
The properties are situated between the UM/Sparrow Campus and Neogen, both of which have planned multi-million-dollar expansions.
From an operating expense standpoint, the landlord pays water, sewer, and heat, while tenants are responsible for electricity.
Key Highlights
- Two apartment buildings across the street from each other with a total of 30 units
- 906 E Shiawassee: 22 units including 16 one‑bedroom, one‑bath and six two‑bedroom, one‑bath apartments
- 911 E Shiawassee: eight units including seven one‑bedroom, one‑bath and one two‑bedroom, one‑bath apartment
Local 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 | $129.8k | $15.72 |
| − Vacancy | −$8.0k | −$0.97 |
| EGI | $121.8k | $14.75 |
| − OpEx | −$54.8k | −$6.64 |
| NOI | $67.0k | $8.11 |
8,259 SF · lease $15.72/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$956.9K
$837.3K – $1.12M
NOI $66,980 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $119,003 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Two apartment buildings offer 30 total units, with covered parking at the 22-unit property.
Where is this apartment building located?
The property is located at 906 E Shiawassee Street Unit 906 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: Two apartment buildings across the street from each other with a total of 30 units; 906 E Shiawassee: 22 units including 16 one‑bedroom, one‑bath and six two‑bedroom, one‑bath apartments; 911 E Shiawassee: eight units including seven one‑bedroom, one‑bath and one two‑bedroom, one‑bath apartment
