Garage with Office and
For Sale
$99,000
16120 Old U.s 27, Lansing, MI 48906
Commercial Sale, Lansing, MI
Property Size800 SF
Lot Size0.33 Acres
Price / SF$123.75
Days on Market101
Property Features for 16120 Old U.s 27
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Zoning
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Parking Lot
Elementary school district
Lansing
Middle school district
Lansing
High school district
Lansing
Directions
Off of Old US 27
Standard status
Active
APN
19-050-470-000-049-18
Size
800 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BEG 41 RDS 12 1/2 FT S OF NE CORNER OF SEC 33 T5NR2W THEN W 12 RDS 6 FT N 70 FT E 12 RDS 6 FT S 70 FT TO BEG SUPERVISORS PLAT OF VALLEY FARMS NO 1
Tax Annual Amount
719
Legal Description
BEG 41 RDS 12 1/2 FT S OF NE CORNER OF SEC 33 T5NR2W THEN W 12 RDS 6 FT N 70 FT E 12 RDS 6 FT S 70 FT TO BEG SUPERVISORS PLAT OF VALLEY FARMS NO 1
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1925
Floors in Building
1
Building materials
Vinyl Siding
Listing Agency:
Home Towne Real Estate
(517) 372-2273
Listed By:
Rose Gedeon · License #6501401379
(517) 803-7573
Added: May 13
Changed: Aug 19
Last Checked: Aug 21 at 10:06AM
MLS# 295888
Copyright © 2026 Greater Lansing Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This for-sale property includes a garage with office space and a bathroom, supported by a lot size of approximately 0.33 acres. The building is listed at about 800 square feet, making it well suited for a small-scale work space, storage, or a setup that blends hands-on operations with an on-site office area.
Located at 16120 Old U.s. 27 in Lansing, Michigan 48906, the property is positioned within Clinton County. The offering includes a large lot alongside the garage and office improvements, which can be useful for tenants and buyers who need outdoor space to complement their day-to-day activities.
For buyers looking for a compact flex-style facility, this layout provides practical separation between a garage/work area and a dedicated office and bathroom. The combination can support a range of small business uses where on-site administration is helpful, while the lot provides additional space for the property’s intended operation. The listing is presented as an opportunity for a motivated seller, giving buyers the chance to evaluate the space and tailor it to their own requirements.
Located at 16120 Old U.s. 27 in Lansing, Michigan 48906, the property is positioned within Clinton County. The offering includes a large lot alongside the garage and office improvements, which can be useful for tenants and buyers who need outdoor space to complement their day-to-day activities.
For buyers looking for a compact flex-style facility, this layout provides practical separation between a garage/work area and a dedicated office and bathroom. The combination can support a range of small business uses where on-site administration is helpful, while the lot provides additional space for the property’s intended operation. The listing is presented as an opportunity for a motivated seller, giving buyers the chance to evaluate the space and tailor it to their own requirements.
Key Highlights
- Year built 1925 with vinyl siding exterior
- Natural gas heating
- Parking lot on site
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$6,178
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.24%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$123,560
$123.6K
Cap Rate 7%
$88,257
$88.3K
Cap Rate 9%
$68,644
$68.6K
Market Conditions
NOI Build-Up for 800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$10.6K $13.20/SF
− Vacancy
−$1.1K −$1.32/SF
EGI
$9.5K $11.88/SF
− OpEx
−$3.3K −$4.16/SF
NOI
$6.2K $7.72/SF
Area
Lansing, MI
Vacancy
10.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$123,560
Cap Rate 7%
$88,257
Cap Rate 9%
$68,644
Alternative Uses
Best Use
Flex RnD
$88.3K
$77.2K – $103.0K
NOI $6,178 @ 7.0% cap · market cap 6.24%
Second Best
Industrial
$74.3K
$65.0K – $86.6K
NOI $5,198 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$164.7K
$144.1K – $192.1K
NOI $11,527 @ 7.0% cap · market cap 11.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
214
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48906, MI
25,674
Population
12,180
Households
2.1
Avg Household Size
37
Median Age
29%
College-Educated
91%
High-School Grad
32.5 sq mi
ZIP Area
790
Density / Sq Mi
$61,533
Median Household Income
$38,551
Median Earnings
$1,033
Median Rent
$128,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Garage property with an attached office and bath on a sizable lot, offering a straightforward setup for owner-operators.
Where is this flex space located?
The property is located at 16120 Old U.s 27 Lansing, MI.
What is the asking price?
The asking price for this property is $99,000.
What are key features of this property?
This property features: Year built 1925 with vinyl siding exterior; Natural gas heating; Parking lot on site
