509 N Walnut St Unit 1 Lansing, MI 48933
Downtown Lansing NeighborhoodEstimated payment $530/month
Highlights
- 1 Fireplace
- Forced Air Heating System
- 2-minute walk to Ferris Park
About This Home
For sale ''As is'' knob and tube wiring needs to be replaced and price is a reflection of that needed upgrade. Discover a fantastic investment opportunity in Lansing, Michigan, just minutes from the state capital and downtown entertainment districts. This fully rented multi-family property offers immediate cash flow with stable tenants in place, making it an ideal addition to any real estate portfolio. The property's prime location provides convenient access to local amenities, government offices, and vibrant downtown attractions, ensuring continued demand from tenants. With a little TLC and strategic updates, there's significant potential to increase property value and rental income, making this a smart investment for both seasoned investors and newcomers alike. This multi-family asset presents a compelling chance to add value through cosmetic improvements, upgrades, or operational efficiencies. The existing layout offers flexible options for renovations to modernize units and boost rental rates. The strong occupancy rate combined with its proximity to key Lansing landmarks positions this property as a stable, income-generating investment with promising upside. Whether you're looking to expand your rental portfolio or capitalize on Lansing's growing market, this property offers a rare opportunity to maximize returns with minimal initial effort.
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1903
Lot Details
- 5,053 Sq Ft Lot
- Lot Dimensions are 38x66
Parking
- 4 Parking Spaces
Home Design
- Vinyl Siding
Interior Spaces
- 1 Fireplace
- Basement Fills Entire Space Under The House
Utilities
- No Cooling
- Forced Air Heating System
- Heating System Uses Natural Gas
- Natural Gas Connected
Community Details
- 2 Units
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $5,001 | $70,400 | $3,000 | $67,400 |
| 2024 | $41 | $66,700 | $3,000 | $63,700 |
| 2023 | $4,708 | $59,800 | $3,000 | $56,800 |
| 2022 | $4,451 | $53,300 | $3,300 | $50,000 |
| 2021 | $3,386 | $51,000 | $4,200 | $46,800 |
| 2020 | $3,361 | $47,300 | $4,200 | $43,100 |
| 2019 | $3,244 | $42,600 | $4,200 | $38,400 |
| 2018 | $3,079 | $39,300 | $4,200 | $35,100 |
| 2017 | $2,962 | $39,300 | $4,200 | $35,100 |
| 2016 | $2,851 | $38,600 | $4,200 | $34,400 |
| 2015 | $2,851 | $37,500 | $8,412 | $29,088 |
| 2014 | $2,851 | $37,000 | $14,500 | $22,500 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 07/31/2025 07/31/25 | Price Changed | $85,000 | 0.0% | -- |
| 07/31/2025 07/31/25 | For Sale | $85,000 | -22.7% | -- |
| 07/22/2025 07/22/25 | Pending | -- | -- | -- |
| 07/03/2025 07/03/25 | For Sale | $109,900 | -- | -- |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $62,000 | Transnation Title Agency | |
| Warranty Deed | $24,386 | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $48,000 | Purchase Money Mortgage |
Source: MichRIC
MLS Number: 25032568
APN: 01-01-16-108-151
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
Information is deemed reliable but not guaranteed.
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