Automotive Dealership with Garage
For Sale
$350,000
5351 S Pennsylvania Avenue, Lansing, MI 48911
Commercial Sale, Lansing, MI
Property Size1,281 SF
Lot Size0.41 Acres
Price / SF$273.22
Days on Market30
Property Features for 5351 S Pennsylvania Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Zoning
Parking features
Parking Lot
Lot features
Back Yard, Open Lot, Corner Lot
Directions
Pennsylvania
Standard status
Active
APN
33-01-05-03-176-011
Size
1,281 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 51 & 52 BATTENFIELD SUB NO 2
Tax Annual Amount
5204
Legal Description
LOTS 51 & 52 BATTENFIELD SUB NO 2
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
Office space
Large lot
Building Details
Year built
1956
Floors in Building
1
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Home Towne Real Estate
(517) 372-2273
Listed By:
Rose Gedeon · License #6501401379
(517) 803-7573
Added: Jul 23
Changed: Aug 19
Last Checked: Aug 21 at 9:06AM
MLS# 297816
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 automotive dealership property includes office space and two garage spaces, with one lift for vehicle service. The building sits on a 0.41-acre lot and features a very large lot behind the building that can provide additional area for operations or storage.
The property is located at 5351 S Pennsylvania Avenue in Lansing, Michigan (48911). It is described as a high-traffic dealership site and has been operating successfully for many years.
The property is located at 5351 S Pennsylvania Avenue in Lansing, Michigan (48911). It is described as a high-traffic dealership site and has been operating successfully for many years.
Key Highlights
- High‑traffic dealership currently operating successfully for many years
- Office space plus 2 garage spaces, including 1 garage lift
- Very large lot behind the building for additional 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
$11,594
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
3.31%
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%
$231,880
$231.9K
Cap Rate 7%
$165,629
$165.6K
Cap Rate 9%
$128,822
$128.8K
Market Conditions
NOI Build-Up for 1,281 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
$19.2K $15.00/SF
− Vacancy
−$2.7K −$2.07/SF
EGI
$16.6K $12.93/SF
− OpEx
−$5.0K −$3.88/SF
NOI
$11.6K $9.05/SF
Area
Lansing, MI
Vacancy
13.80%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$231,880
Cap Rate 7%
$165,629
Cap Rate 9%
$128,822
Alternative Uses
Best Use
Retail
$165.6K
$144.9K – $193.2K
NOI $11,594 @ 7.0% cap · market cap 3.31%
Second Best
Industrial
$118.9K
$104.0K – $138.7K
NOI $8,323 @ 7.0% cap · market cap 2.38%
Theoretical Best
Office A
$263.7K
$230.7K – $307.6K
NOI $18,458 @ 7.0% cap · market cap 5.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
841
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48911, MI
40,566
Population
18,069
Households
2.2
Avg Household Size
36
Median Age
26%
College-Educated
90%
High-School Grad
17.3 sq mi
ZIP Area
2,345
Density / Sq Mi
$54,882
Median Household Income
$36,245
Median Earnings
$933
Median Rent
$136,900
Median Home Value
Questions? Ask Rey
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Similar Off Market Nearby
- LaFontaine Chrysler Dodge Jeep Ram FIAT Lansing — 6131 S Pennsylvania Ave, Lansing, MI 48911
- Discount Mufflers & Brakes — 6026 S Cedar St, Lansing, MI 48911
- South Cedar Distributors — 124 E Miller Rd, Lansing, MI 48911
- Performance Used Tires — 6036 S Cedar St, Lansing, MI 48911
- Safeway Auto Service — 715 E Miller Rd, Lansing, MI 48911
Frequently Asked Questions
What type of property is this?
Auto shop - Includes office space and two garage bays, with one lift, plus additional lot space behind the building.
Where is this auto shop located?
The property is located at 5351 S Pennsylvania Avenue Lansing, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: High‑traffic dealership currently operating successfully for many years; Office space plus 2 garage spaces, including 1 garage lift; Very large lot behind the building for additional space
