Two-Building Apartment
For Sale
$1,950,000
906 Shiawassee Street, Lansing, MI 48912
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 Market418
Property Features for 906 Shiawassee Street
General Information
Standard status
Active
Size
8,259 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
30
Taxes and HOA fees
Annual Taxes
$16,850
Amenities
Window Air Conditioning
Parking.
Covered, Lot.
99' x 189.75' & 49.5' x 1
Building Details
Year Built
1966
Listing Agency:
Apex Appraisal Company LLC
(517) 290-5100
Listed By:
Benjamin Parker
(517) 290-5100
Source:
Xome
Added: Jun 18, 2025
Changed: Aug 8
Last Checked: Aug 9 at 5:00AM
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
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
$66,980
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
3.43%
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%
$1,339,600
$1.3M
Cap Rate 7%
$956,857
$956.9K
Cap Rate 9%
$744,222
$744.2K
Market Conditions
NOI Build-Up for 8,259 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
$129.8K $15.72/SF
− Vacancy
−$8.0K −$0.97/SF
EGI
$121.8K $14.75/SF
− OpEx
−$54.8K −$6.64/SF
NOI
$67.0K $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%
$1,339,600
Cap Rate 7%
$956,857
Cap Rate 9%
$744,222
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 authorities.
Property Analytics
Current Use
Lease Details
30
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 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 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: 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
