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    231 M. A. C. Avenue unit 2Nd Flr East Lansing, MI 48823

    View on Map
    For Lease
    $10 SF/Yr

    COMMERCIAL - East Lansing, MI

    Lot size:
    0.15 Acres
    Added:
    Jun 30, 2025
    Days on Market:
    276
    Last Refresh:
    Apr 1 at 2:06 am

    Property Features for 231 M. A. C. Avenue unit 2Nd Flr

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Bathrooms
    1
    Rooms
    Bathroom 1
    Parking features
    Garage
    Appliances
    Gas Water Heater
    Standard status
    Active
    APN
    33-20-02-18-162-003
    Lot size
    0.15 Acres

    Taxes and HOA fees

    TaxYear
    25
    TaxDescription
    Lot 14 Excluding South 53ft 3inches College Grove

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1962
    Floors in Building
    2
    Number of units
    1
    Building materials
    Brick
    Roof type
    Flat

    We can help!

    Listing Contact
    David Ledebuhr
    David Ledebuhr

    Listing agent David Ledebuhr License #6502109685

    Listing office Musselman Realty Company 322 Abbot Road, East Lansing, MI

    Listing date Jun 30, 2025

    MLS# 289351

    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.

    Overview

    East Lansing Office Space Available

    Located in the heart of downtown East Lansing, this commercial space is zoned B-3 City Center. The available space comprises the entire second floor, offering 5000 square feet. Previously used as office space, it presents potential as a call center or general office. Features include ample windows. The property is situated across from Michigan State University (MSU). Please note that there is no elevator and no parking included. Rent covers utilities and taxes.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Map

    City
    East Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.481474
    Latitude
    42.735402

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    FAQs

    What type of property is this?
    Office units - Office space in the heart of downtown East Lansing.
    Where is this office units located?
    The property is located at 231 M. A. C. Avenue unit 2Nd Flr East Lansing, MI.
    What is the lease rate?
    The lease rate is $10 SF/Yr.
    What are key features of this property?
    This property features: Prime Location: Heart of Downtown East Lansing, across from MSU.; B‑3 City Center Zoning: Suitable for various commercial uses.; Large Space: 5000 sq ft available, ideal for a call center or general office.
    (517) 256-8700
    We can help!
    Listing Contact
    David Ledebuhr
    David Ledebuhr
    Real Estate License ID: 6502109685
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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