Current Use by Public Records
- Retail properties & Spaces
Property Details for 506 Washington Sq
- Year built
- 1928
- Lot size
- 0.08 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Mixed-use properties
Description
This exceptional mixed-use property in downtown Lansing, MI, offers a compelling investment opportunity. The ground floor is fully occupied by a high-performing Cottage Inn Pizza, boasting a corporate guarantee and a lease with over eight years remaining, including three five-year options with a 10% rent increase each period. The second floor comprises three loft apartments: one two-bedroom, one-bathroom unit and two one-bedroom, one-bathroom units, ensuring 100% occupancy. The building, constructed in 1928 and renovated in 2006, features 6,000 square feet on a 0.077-acre lot. The property benefits from a prime location, less than 500 feet from the Michigan State Capital building, with high daily traffic (2,071 vehicles) and a dense population (12,154 within one mile and 129,868 within three miles). This Class A, NNN-leased property offers a strong NOI of $61,490, a 7.23% cap rate, and an asking price of $850,000 ($145/sq ft). The permitted zoning is TBD, Neighborhood Business. This is a rare opportunity to acquire a high-performing, mixed-use asset in a thriving downtown location.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lansing
- County
- Ingham
- State
- Michigan
- Longitude
- -84.5523
- Latitude
- 42.7323
