Cannabis Cultivation
For Sale
$493,900
2305 N High Street, Lansing, MI 48906
Commercial Sale, Lansing, MI
Property Size4,416 SF
Lot Size0.31 Acres
Price / SF$111.84
Days on Market48
Property Features for 2305 N High Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Zoning
Parking features
Open
Exterior features
Lighting, Private Yard, Rain Gutters
Lot features
Back Yard, City Lot, Near Public Transit, Sloped
Elementary school district
Lansing
Middle school district
Lansing
High school district
Lansing
Directions
Business 27 - Lake Lansing - N High
Standard status
Active
APN
33-01-01-03-354-082
Size
4,416 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 21, 22 & 23 REPLAT OF LOTS 1 TO 34 INCL OF PARK MANOR HEIGHTS
Tax Annual Amount
7400
Legal Description
LOTS 21, 22 & 23 REPLAT OF LOTS 1 TO 34 INCL OF PARK MANOR HEIGHTS
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Multi Units, Central Air
Water source
Public
Building Details
Year built
1951
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
Block
Roof type
Shingle
Listing Agency:
Keller Williams Realty Lansing
(517) 853-1200
Listed By:
Kenneth Burton · License #6501414220
(517) 242-2000
Added: Jul 22
Changed: Sep 2
Last Checked: Sep 7 at 1:06PM
MLS# 297789
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 4,416-square-foot block industrial building was constructed in 1951 and remains configured for cultivation operations. The property includes concrete flooring, forced-air natural gas heating, central air with multiple units, open parking, and a private yard. Lighting, rain gutters, and a shingle roof are also in place.
Located at 2305 N High Street in Lansing, the property is served by public water and public sewer. Industrial zoning supports a range of permitted uses, while the existing buildout may accommodate continued cultivation or conversion to another industrial application. The 0.31-acre site combines an established building footprint with outdoor area and practical utility infrastructure.
Located at 2305 N High Street in Lansing, the property is served by public water and public sewer. Industrial zoning supports a range of permitted uses, while the existing buildout may accommodate continued cultivation or conversion to another industrial application. The 0.31-acre site combines an established building footprint with outdoor area and practical utility infrastructure.
Key Highlights
- 4,416‑square‑foot industrial building on a 0.31‑acre site
- Existing cultivation buildout remains in place
- Industrial zoning supports a range of permitted uses
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
$34,100
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
6.90%
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%
$682,000
$682.0K
Cap Rate 7%
$487,143
$487.1K
Cap Rate 9%
$378,889
$378.9K
Market Conditions
NOI Build-Up for 4,416 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
$58.3K $13.20/SF
− Vacancy
−$5.8K −$1.32/SF
EGI
$52.5K $11.88/SF
− OpEx
−$18.4K −$4.16/SF
NOI
$34.1K $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%
$682,000
Cap Rate 7%
$487,143
Cap Rate 9%
$378,889
Alternative Uses
Best Use
Flex RnD
$487.1K
$426.3K – $568.3K
NOI $34,100 @ 7.0% cap · market cap 6.90%
Second Best
Industrial
$409.9K
$358.7K – $478.2K
NOI $28,693 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$909.0K
$795.4K – $1.06M
NOI $63,630 @ 7.0% cap · market cap 12.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
500
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Cannabis property - Industrial building with cultivation infrastructure, public utilities, and flexible redevelopment potential.
Where is this cannabis property located?
The property is located at 2305 N High Street Lansing, MI.
What is the asking price?
The asking price for this property is $493,900.
What are key features of this property?
This property features: 4,416‑square‑foot industrial building on a 0.31‑acre site; Existing cultivation buildout remains in place; Industrial zoning supports a range of permitted uses
