506 Washington SqLansing, MI 48933

Property Details for 506 Washington Sq

Year built

1928

Lot size

0.08 AC

Property size (Sq ft)

6,000 SF

Property type

Retail properties

Property subtype

Other retail 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.

Location Insight

City

Lansing

County

Ingham

State

Michigan

Latitude

42.7323

Longitude

-84.5523

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