Office
For Sale
$229,900
2325 S Cedar Street, Lansing, MI 48910
Commercial Sale, Lansing, MI
Property Size2,148 SF
Lot Size0.29 Acres
Price / SF$107.03
Days on Market101
Property Features for 2325 S Cedar Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Multi Use
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Basement, Bathroom 1, Bathroom 2
Parking
15
Interior features
Broadband
Elementary school district
Lansing
Middle school district
Lansing
High school district
Lansing
Standard status
Active
APN
33-01-01-28-282-003
Size
2,148 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 21 & 22 EXC W 17 FT THEREOF DEEGS SUB
Tax Annual Amount
8457
Legal Description
LOTS 21 & 22 EXC W 17 FT THEREOF DEEGS SUB
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1907
Number of units
7
Building materials
Vinyl Siding, Stone
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 501-7085
Listed By:
Jennifer Worthington
(517) 798-4035
Added: May 17
Changed: Aug 24
Last Checked: Aug 25 at 6:06PM
MLS# 26031471
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.
This office building contains 2,148 square feet on a 0.29-acre parcel and was constructed in 1907. The property includes three bathrooms, a basement, broadband access, forced-air heating, and central air conditioning. Exterior materials include vinyl siding and stone, with a composition roof and cable availability.
Located at 2325 S Cedar Street in Lansing, the property offers access to I-96, I-496, downtown Lansing, and surrounding business districts. The site is positioned along South Cedar Street and includes on-site parking and signage opportunities. Its central Lansing location places the building near established businesses, retailers, restaurants, and residential neighborhoods.
Located at 2325 S Cedar Street in Lansing, the property offers access to I-96, I-496, downtown Lansing, and surrounding business districts. The site is positioned along South Cedar Street and includes on-site parking and signage opportunities. Its central Lansing location places the building near established businesses, retailers, restaurants, and residential neighborhoods.
Key Highlights
- 2,148‑square‑foot office building on a 0.29‑acre parcel
- Constructed in 1907
- Three bathrooms and basement space
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
$20,724
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
9.01%
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%
$414,480
$414.5K
Cap Rate 7%
$296,057
$296.1K
Cap Rate 9%
$230,267
$230.3K
Market Conditions
NOI Build-Up for 2,148 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
$34.5K $16.08/SF
− Vacancy
−$6.9K −$3.22/SF
EGI
$27.6K $12.86/SF
− OpEx
−$6.9K −$3.22/SF
NOI
$20.7K $9.65/SF
Area
Lansing, MI
Vacancy
20.00%
Lease Rate
$16.08 /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%
$414,480
Cap Rate 7%
$296,057
Cap Rate 9%
$230,267
Alternative Uses
Best Use
Office B
$296.1K
$259.1K – $345.4K
NOI $20,724 @ 7.0% cap · market cap 9.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$442.1K
$386.9K – $515.8K
NOI $30,950 @ 7.0% cap · market cap 13.46%
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
859
Businesses Nearby
Explore this area
Business Placement
Demographics for 48910, MI
33,702
Population
17,119
Households
2
Avg Household Size
35
Median Age
32%
College-Educated
91%
High-School Grad
14.2 sq mi
ZIP Area
2,373
Density / Sq Mi
$52,154
Median Household Income
$36,643
Median Earnings
$1,003
Median Rent
$117,600
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?
Office building - Office property includes basement space, broadband, and central air.
Where is this office building located?
The property is located at 2325 S Cedar Street Lansing, MI.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: 2,148‑square‑foot office building on a 0.29‑acre parcel; Constructed in 1907; Three bathrooms and basement space
