REO-Town Freestanding Building For
For Sale
Contact for pricing
1102 S Washington Ave, Lansing, MI 48910
Free-standing building suitable for restaurant/bar/coffee shop in REO-Town.
Property Size1,812 SF
Price / SF$109.82
Days on Market2100
Property Features for 1102 S Washington Ave
General Information
Standard status
Active
Size
1,812 SF
Property subtype
Retail
Lease Type
NNN
Building Details
Year Built
1925
Year Renovated
2018
Buildings
1
Stories
1
Listing Agency:
Woodworth Commercial Okemos
Listed By:
Todd Kosta · License #MI 6501346341
(517) 679-8633
Source:
Crexi
Added: Jan 5, 2021
Changed: Sep 28
Last Checked: Oct 5 at 3:08PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Woodworth Commercial Okemos
Investment Insights
Based on property information with market context.
This free-standing building is located in REO-Town, at the corner of South Washington Avenue and West Elm Street. The property offers a suitable location for a restaurant, bar, or coffee shop. Architectural features include large garage door style windows. A large parking lot is available. The property benefits from excellent visibility and is situated close to the Grand River, near the West Elm entrance to the Lansing River Trail. The building has a size of 1812 square feet.
Key Highlights
- Excellent visibility due to corner lot location.
- Large parking lot for your customers and staff.
- Great location for restaurant/bar/coffee shop.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,400
Cap Rate
8.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$328,000
$328.0K
Cap Rate 7%
$234,286
$234.3K
Cap Rate 9%
$182,222
$182.2K
Market Conditions
NOI Build-Up for 1,812 SF
Gross rent
$27.2K $15.00/SF
− Vacancy
−$3.8K −$2.07/SF
EGI
$23.4K $12.93/SF
− OpEx
−$7.0K −$3.88/SF
NOI
$16.4K $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 Rate 5%
$328,000
Cap Rate 7%
$234,286
Cap Rate 9%
$182,222
Alternative Uses
Best Use
Retail
$234.3K
$205.0K – $273.3K
NOI $16,400 @ 7.0% cap · market cap 8.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$373.0K
$326.4K – $435.2K
NOI $26,109 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
731
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
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Retail space - Free-standing building suitable for restaurant/bar/coffee shop in REO-Town.
Where is this retail space located?
The property is located at 1102 S Washington Ave Lansing, MI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Excellent visibility due to corner lot location.; Large parking lot for your customers and staff.; Great location for restaurant/bar/coffee shop.
