Professionally Managed Five-Unit
916 W Ottawa Street Lansing, MI 48915
For Sale
$349,900
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 Market14
Property Features for 916 W Ottawa Street
General Information
Standard status
Active
Size
1,941 SF
Property subtype
General Commercial
Building Details
Year Built
1897
Listing Agency:
DS Huber Real Estate Group LLC
(517) 215-6172
Listed By:
Dale Huber
(517) 215-6172
Source:
Xome
Added: Jul 14
Changed: Jul 24
Last Checked: Jul 27 at 2:29AM
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 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 | $30.5k | $15.72 |
| − Vacancy | −$1.9k | −$0.97 |
| EGI | $28.6k | $14.75 |
| − OpEx | −$12.9k | −$6.64 |
| NOI | $15.7k | $8.11 |
1,941 SF · lease $15.72/SF/yr · vacancy 6.20% · expense 45.00%
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
Location Intelligence
Current Use
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 W 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
