Professionally Managed Five-Unit
For Sale
$349,900
916 Ottawa Street, Lansing, MI 48915
Five-unit apartment building in good overall condition with professionally managed, long-term tenant occupancy.
Property Size1,941 SF
Price / SF$180.27
Days on Market37
Property Features for 916 Ottawa Street
General Information
Standard status
Active
Size
1,941 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$7,394
Amenities
3
9 Parking Spaces. Driveway.
63x192
Building Details
Year Built
1897
Stories
2
Tenancy
Multi
Listing Agency:
DS Huber Real Estate Group LLC
(517) 215-6172
Listed By:
Dale Huber
(517) 215-6172
Source:
Xome
Added: Jul 5
Changed: Aug 8
Last Checked: Aug 10 at 3:19AM
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 DS Huber Real Estate Group LLC
Investment Insights
Based on property information with market context.
This professionally managed five-unit apartment building is reported to be in good overall condition. The property has a history of stable occupancy, with four tenants living at the building for more than three years, including two tenants with more than nine years of residency.
The building is located at 916 W Ottawa Street in Lansing, MI 48915 and is described as near downtown Lansing. The remarks note convenient access to public transportation, employment, shopping, dining, and other local amenities.
From an operational standpoint, the ownership narrative emphasizes established management and dependable tenancy, along with reduced near-term capital improvement needs as part of the investment profile.
The building is located at 916 W Ottawa Street in Lansing, MI 48915 and is described as near downtown Lansing. The remarks note convenient access to public transportation, employment, shopping, dining, and other local amenities.
From an operational standpoint, the ownership narrative emphasizes established management and dependable tenancy, along with reduced near-term capital improvement needs as part of the investment profile.
Key Highlights
- Professionally managed 5‑unit apartment building in good overall condition
- 9 on‑site parking spaces with driveway
- Lot dimensions are 63 x 192
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
$15,741
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
4.50%
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%
$314,820
$314.8K
Cap Rate 7%
$224,871
$224.9K
Cap Rate 9%
$174,900
$174.9K
Market Conditions
NOI Build-Up for 1,941 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
$30.5K $15.72/SF
− Vacancy
−$1.9K −$0.97/SF
EGI
$28.6K $14.75/SF
− OpEx
−$12.9K −$6.64/SF
NOI
$15.7K $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%
$314,820
Cap Rate 7%
$224,871
Cap Rate 9%
$174,900
Alternative Uses
Best Use
Apartment 5plus
$224.9K
$196.8K – $262.4K
NOI $15,741 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$399.5K
$349.6K – $466.1K
NOI $27,968 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,149
Businesses Nearby
Explore this area
Business Placement
Demographics for 48915, MI
9,176
Population
4,768
Households
1.9
Avg Household Size
35
Median Age
36%
College-Educated
90%
High-School Grad
1.8 sq mi
ZIP Area
5,098
Density / Sq Mi
$51,653
Median Household Income
$34,460
Median Earnings
$1,087
Median Rent
$112,600
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 - Five-unit apartment building in good overall condition with professionally managed, long-term tenant occupancy.
Where is this apartment building located?
The property is located at 916 Ottawa Street Lansing, MI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Professionally managed 5‑unit apartment building in good overall condition; 9 on‑site parking spaces with driveway; Lot dimensions are 63 x 192
