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    4221 Grand River Ave Lansing, MI 48906
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    Property profile & analytics

    4221 Grand River Ave, Lansing, MI 48906

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    • Commercial real estate
    • 7,760 SF
    Off-Market
    Property ID
    US43-4672601
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Skyline Aparments / Apartment Building
    • Skyline Apartments / Real Estate Agency

    Property Details for 4221 Grand River Ave

    Year built
    1965
    Property type
    Commercial real estate
    APN
    33-01-01-06-252-241

    Description

    This exceptional investment opportunity presents the Skyline Apartments, a 12-unit apartment building located at 4221 N Grand River Ave, Lansing, MI 48906. This Class B property boasts 7,760 square feet on a 12,750 square foot lot, with a net rentable area of 10,500 square feet. Built in 1965 and extensively renovated in 2023, the three-story building features a low-maintenance exterior and benefits from recent capital improvements including a new boiler and windows. The property is currently 100% occupied as of June 1st, 2024, offering immediate cash flow. With 21 parking spaces available, this property provides ample parking for residents. The asking price is $1,140,000, or $95,000 per unit, representing a price per square foot of $146.91. The property is zoned D-1 PRO and is offered free and clear of debt, allowing for immediate access to new financing opportunities. Its prime location on Grand River Avenue provides easy access to major thoroughfares including I-96, US 127, I-69, and I-496, and its proximity to the Capital Region International Airport (LAN) offers significant advantages. The strong rental market in Ingham County, with over 30,000 market-rate apartments and nearly 95% occupancy in Q2, further enhances the investment potential. Residents enjoy convenient access to the amenities of both Downtown Lansing and East Lansing. This is a rare opportunity to acquire a well-maintained, high-occupancy multifamily property in a desirable location. The APN is 33-01-01-06-252-241.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.589030432188
    Latitude
    42.765987738621

    Comparable in this City

    • $285,000

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    • $278,000

      Multifamily Property with Seven Units

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      Mixed-Use Building in Old Town

      Historic mixed-use property with office and residential units.
      1031 N Washington Ave, Lansing, MI 48906
      View Details
    • Contact for pricing
      2,727 SF

      Mixed-Use Building in Old Town

      2,727 SF mixed-use property in Old Town Lansing.
      1031 N Washington Ave, Lansing, MI 48906
      View Details
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      Lansing Vacant Land Parcels

      Two adjacent vacant land parcels in Lansing, ready for development.
      5 Bell St, Lansing, MI 48906
      View Details

    Similar Nearby for Sale

    • $285,000

      Mixed-Use Building in Old Town

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      1031 N Washington Ave, Lansing, MI 48906
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      Multifamily Property with Seven Units

      Seven units, renovated in 2023, excellent investment opportunity.
      1216 N Chestnut St, Lansing, MI 48906
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      Mixed-Use Building in Old Town

      Historic mixed-use property with office and residential units.
      1031 N Washington Ave, Lansing, MI 48906
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      2,727 SF

      Mixed-Use Building in Old Town

      2,727 SF mixed-use property in Old Town Lansing.
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      Lansing Vacant Land Parcels

      Two adjacent vacant land parcels in Lansing, ready for development.
      5 Bell St, Lansing, MI 48906
      View Details

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    Lansing, MI 48906
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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