Single-Tenant Office
120 E Jolly Rd, Lansing, MI 48910
For Sale
$8,450,000
A single-story federal office property with MX-2 zoning and a long record of government occupancy.
Property Size34,202 SF
Price / SF$247.06
Days on Market50
Property Features for 120 E Jolly Rd
General Information
Standard status
Size
Elevators
Property subtype
Zoning
Occupancy
Site & Location
Neighborhood
Additional Details
Office Units
Building Details
Building Size
Buildings
Stories
Tenancy
Parking Ratio
Abandoned
Listing Agency:
Colliers
Listed By:
Raymond Jonna
(248) 226-1611
Source:
Cpix.resimplifi
Added: Sep 21
Changed: Oct 31
Last Checked: Nov 8 at 2:27AM
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 Colliers
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Investment Insights
Based on property information with market context.
At 120 E Jolly Rd in Lansing, this 34,202-square-foot office building is configured for a single tenant and has a single-story layout. It was built to the occupying tenant’s specifications and has had nearly four decades of continuous federal occupancy. The property is identified as the only MEPS serving central and lower Michigan.
Parking is provided at a ratio of 4.09 spaces per 1,000 square feet. The site is zoned MX-2. Rent grows annually, and the remarks note no stated escalation clause.
Parking is provided at a ratio of 4.09 spaces per 1,000 square feet. The site is zoned MX-2. Rent grows annually, and the remarks note no stated escalation clause.
Key Highlights
- 34,202‑square‑foot, single‑tenant federal office building
- Nearly four decades of continuous federal occupancy
- Single‑story building designed to the tenant’s specifications
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$329,981
Cap Rate
3.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,599,620
$6.6M
Cap Rate 7%
$4,714,014
$4.7M
Cap Rate 9%
$3,666,456
$3.7M
Market Conditions
NOI Build-Up for 34,202 SF
Gross rent
$550.0K $16.08/SF
− Vacancy
−$110.0K −$3.22/SF
EGI
$440.0K $12.86/SF
− OpEx
−$110.0K −$3.22/SF
NOI
$330.0K $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 Rate 5%
$6,599,620
Cap Rate 7%
$4,714,014
Cap Rate 9%
$3,666,456
Alternative Uses
Best Use
Office B
$4.71M
$4.12M – $5.50M
NOI $329,981 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.04M
$6.16M – $8.21M
NOI $492,814 @ 7.0% cap · market cap 5.83%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
591
Businesses Nearby
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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
$117,600
Median Home Value
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Market
Average Price Trend$/SF for Office buildings in Lansing, MI
Properties on Market for Office buildings in Lansing
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - A single-story federal office property with MX-2 zoning and a long record of government occupancy.
Where is this office building located?
The property is located at 120 E Jolly Rd Lansing, MI.
What is the asking price?
The asking price for this property is $8,450,000.
What are key features of this property?
This property features: 34,202‑square‑foot, single‑tenant federal office building; Nearly four decades of continuous federal occupancy; Single‑story building designed to the tenant’s specifications
