Two-Unit Duplex
For Sale
$311,900
Pending
936 Vincent Court, Lansing, MI 48910
Two four-bedroom units provide a residential income configuration with separate living spaces.
Property Size2,648 SF
Days on Market42
Property Features for 936 Vincent Court
General Information
Standard status
Pending
Size
2,648 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 4BR
Multifamily Units
2
Building Details
Buildings
1
Listing Agency:
Century 21 Affiliated
(517) 887-0800
Listed By:
Senada Pargan
(517) 505-3296
Source:
Exprealty
Added: Jul 29
Changed: Sep 4
Last Checked: Sep 7 at 12:41PM
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 Century 21 Affiliated
Investment Insights
Based on property information with market context.
This duplex contains two four-bedroom units within approximately 2,648 square feet of property. The layout offers separate residential spaces and may accommodate an owner-occupant arrangement with one unit occupied and the other leased, subject to applicable licensing requirements.
The property is located at 936 Vincent Court in Lansing, Michigan. It is not currently licensed for rental and is being offered in as-is condition. Any future rental use will require attention to the applicable licensing process.
The property is located at 936 Vincent Court in Lansing, Michigan. It is not currently licensed for rental and is being offered in as-is condition. Any future rental use will require attention to the applicable licensing process.
Key Highlights
- Two‑unit duplex configuration
- Two 4‑bedroom residential units
- Approximately 2,648 square feet
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
$23,917
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
7.67%
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%
$478,340
$478.3K
Cap Rate 7%
$341,671
$341.7K
Cap Rate 9%
$265,744
$265.7K
Market Conditions
NOI Build-Up for 2,648 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
$36.5K $13.80/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$34.2K $12.90/SF
− OpEx
−$10.3K −$3.87/SF
NOI
$23.9K $9.03/SF
Area
Lansing, MI
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$478,340
Cap Rate 7%
$341,671
Cap Rate 9%
$265,744
Alternative Uses
Best Use
Multifamily LT 5
$341.7K
$299.0K – $398.6K
NOI $23,917 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$306.8K
$268.4K – $357.9K
NOI $21,475 @ 7.0% cap · market cap 6.89%
Theoretical Best
Office A
$545.1K
$476.9K – $635.9K
NOI $38,155 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
Explore this area
Business Placement
Demographics for 48910, MI
33,702
Population
17,119
Households
2
Avg Household Size
35
Median Age
32%
College-Educated
91%
High-School Grad
14.2 sq mi
ZIP Area
2,373
Density / Sq Mi
$52,154
Median Household Income
$36,643
Median Earnings
$1,003
Median Rent
$117,600
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?
Duplex - Two four-bedroom units provide a residential income configuration with separate living spaces.
Where is this duplex located?
The property is located at 936 Vincent Court Lansing, MI.
What is the asking price?
The asking price for this property is $311,900.
What are key features of this property?
This property features: Two‑unit duplex configuration; Two 4‑bedroom residential units; Approximately 2,648 square feet
