506 Washington SqLansing, MI 48933

For Sale
$850,000

Cottage Inn Pizza & Apartments

Overview

Added:
Dec 11, 2024
Days on market:
93
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.

Highlights

  • Mixed-use building in downtown Lansing, MI.
  • Ground floor occupied by a high-performing Cottage Inn Pizza with a corporate guarantee.
  • Lease features over eight years remaining, plus three five-year options with 10% rent increases.
  • Second floor contains three loft apartments: one 2-bedroom/1-bathroom and two 1-bedroom/1-bathroom units, all currently occupied.
  • Prime location less than 500 feet from the Michigan State Capitol building.
  • High traffic area with 2,071 vehicles per day and a dense population (12,154 within one mile, 129,868 within three miles).

Property Details for 506 Washington Sq

Property type
Other retail properties, Restaurants
Square Feet
6,000 SF
Class
A
Year Built/Renovated
1928/2006
Buildings
1
Stories
2
Lot Size (sq. ft)
3,354 SF
Units
4

Location Insight

City
Lansing
County
Ingham
State
Michigan
Latitude
42.73225167
Longitude
-84.55225595
506 Washington Sq, Lansing, Michigan

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506 Washington Sq
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