Freestanding Retail with
For Sale
$950,000
223 N Clippert Street, Lansing, MI 48912
COMMERCIAL - Lansing, MI
Property Size4,054 SF
Lot Size1.11 Acres
Price / SF$234.34
Days on Market82
Property Features for 223 N Clippert Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
MX-2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Interior features
Broadband
Elementary school district
Lansing
Middle school district
Lansing
High school district
Lansing
Standard status
Active
APN
33-01-01-14-256-022
Size
4,054 SF
Lot size
1.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 47 THRU 51 AND 79 THRU 81 INCL, ALSO VACATED ALLEY COM NW COR LOT 47, TH S 180 FT, W 18.9 FT, N 144 FT, E 9.45 FT,
Tax Annual Amount
22739
Legal Description
LOTS 47 THRU 51 AND 79 THRU 81 INCL, ALSO VACATED ALLEY COM NW COR LOT 47, TH S 180 FT, W 18.9 FT, N 144 FT, E 9.45 FT,
Utilities
Utilities
Phone Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1969
Floors in Building
1
Number of units
1
Building materials
Brick
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Jodi K Milks · License #6506044331
(269) 353-0311
Added: Jun 2
Changed: Aug 4
Last Checked: Aug 22 at 3:06PM
MLS# 26026446
Copyright © 2026 Michigan Regional Information Center, LLC. 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.
For sale: a freestanding 4,054 SF retail building with an additional 2,000 SF drive-thru, situated on 1.11 acres in the City of Lansing. The property was formerly operated as a bank branch and includes existing drive-thru infrastructure, offering flexibility for professional office, medical, or service-oriented uses.
The site is located at 223 N Clippert Street near Michigan Avenue, within a high-traffic commercial corridor surrounded by established retail, dining, and service-oriented businesses. The property provides visibility and signage exposure to US-127 and offers convenient access throughout the Lansing market.
The property is zoned MX-2 Mixed-Use Community Center. Availability is listed for September 2026. Please do not contact bank employees during business operations. For additional information or to schedule a tour, contact Jodi Milks, CCIM, NAI Wisinski of West Michigan, or via email.
The site is located at 223 N Clippert Street near Michigan Avenue, within a high-traffic commercial corridor surrounded by established retail, dining, and service-oriented businesses. The property provides visibility and signage exposure to US-127 and offers convenient access throughout the Lansing market.
The property is zoned MX-2 Mixed-Use Community Center. Availability is listed for September 2026. Please do not contact bank employees during business operations. For additional information or to schedule a tour, contact Jodi Milks, CCIM, NAI Wisinski of West Michigan, or via email.
Key Highlights
- Freestanding 4,054 SF retail building plus 2,000 SF drive‑thru on 1.11 acres in the City of Lansing
- Drive‑thru infrastructure included; formerly operated as a bank branch
- Zoned MX‑2 Mixed‑Use Community Center
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
$43,345
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
4.56%
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%
$866,900
$866.9K
Cap Rate 7%
$619,214
$619.2K
Cap Rate 9%
$481,611
$481.6K
Market Conditions
NOI Build-Up for 4,054 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
$65.7K $16.20/SF
− Vacancy
−$7.9K −$1.94/SF
EGI
$57.8K $14.26/SF
− OpEx
−$14.4K −$3.56/SF
NOI
$43.3K $10.69/SF
Area
Lansing, MI
Vacancy
12.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
25.00%
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%
$866,900
Cap Rate 7%
$619,214
Cap Rate 9%
$481,611
Alternative Uses
Best Use
Specialty Retail
$619.2K
$541.8K – $722.4K
NOI $43,345 @ 7.0% cap · market cap 4.56%
Second Best
Office B
$558.8K
$488.9K – $651.9K
NOI $39,113 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$834.5K
$730.2K – $973.6K
NOI $58,414 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,151
Businesses Nearby
Explore this area
Business Placement
Demographics for 48912, MI
17,155
Population
9,064
Households
1.9
Avg Household Size
34
Median Age
40%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
3,299
Density / Sq Mi
$53,072
Median Household Income
$34,598
Median Earnings
$1,037
Median Rent
$139,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Bank - Freestanding retail building with additional drive-thru space on a 1.11-acre site in Lansing’s MX-2 zone.
Where is this bank located?
The property is located at 223 N Clippert Street Lansing, MI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Freestanding 4,054 SF retail building plus 2,000 SF drive‑thru on 1.11 acres in the City of Lansing; Drive‑thru infrastructure included; formerly operated as a bank branch; Zoned MX‑2 Mixed‑Use Community Center
