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    Old Town Office/Retail Space Title is generated by Realmo AI

    1213 Center St, Lansing, MI 48906

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    For Sale
    $1,800,000

    Prime Old Town location with office and retail space available.

    Type:Office/Retail
    Property size:
    12,981 SF
    Price / SF:
    $138/SF
    Added:
    Jan 27, 2026
    Days on Market:
    114
    Last Refresh:
    Apr 5 at 10:54 pm

    Property Features for 1213 Center St

    General Information

    Standard status
    Active
    Size
    12,981 SF
    Property subtype
    Office/Retail

    Building Details

    Year Built
    1912

    We can help!

    Listing Contact
    Dave Robinson

    Listing agent Dave Robinson

    Listing office

    Listing date Jan 27, 2026

    Source Naiglobal

    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 Dave Robinson

    HighLights

    • Prime Old Town location, just north of Cesar Chavez.
    • Up to 12,891 total SF of office/retail space.
    • 45 on‑site parking spaces plus free street parking.
    • Two buildings connected by a short breezeway.
    • Features brick and exposed wood.
    • 1,200 SF of basement storage space.

    Overview

    This property offers up to 12,891 square feet of office and retail space in a prime Old Town location. It consists of two buildings connected by a short breezeway and is currently configured for single-tenant use. The space features brick and exposed wood elements. Constructed in 2007, the property includes 45 on-site parking spaces, with additional free street parking available. A 1,200-square-foot storage space is located in the basement of the front building. The property is located in Old Town, just north of Cesar Chavez.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $1.39M
    NOI $125,241 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.79M
    NOI $125,241 @ 7.00% cap · market / base-case scenario
    Aggressive
    $2.50M
    NOI $125,241 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $208.7k $16.08
    − Vacancy −$41.7k −$3.22
    EGI $167.0k $12.86
    − OpEx −$41.7k −$3.22
    NOI $125.2k $9.65
    12,981 SF · lease $16.08/SF/yr · vacancy 20.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $1.79M
    $1.57M – $2.09M (±1% cap)
    NOI $125,241 @ 7.0% cap · market cap 6.96%
    Second Best
    Retail
    $1.68M
    $1.47M – $1.96M (±1% cap)
    NOI $117,491 @ 7.0% cap · market cap 6.53%
    Theoretical Best
    Office A
    $2.67M
    $2.34M – $3.12M (±1% cap)
    NOI $187,042 @ 7.0% cap · market cap 10.39%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Michigan Fitness Foundation Charitable Organization The Autism Society of Michigan Charitable Organization Michigan Association for Health, ... Association / Organization

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Eaton
    State
    Michigan
    Longitude
    -84.5484
    Latitude
    42.748

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    FAQs

    What type of property is this?
    Office units - Prime Old Town location with office and retail space available.
    Where is this office units located?
    The property is located at 1213 Center St Lansing, MI.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: Prime Old Town location, just north of Cesar Chavez.; Up to 12,891 total SF of office/retail space.; 45 on‑site parking spaces plus free street parking.
    (517) 487-9222
    We can help!
    Listing Contact
    Dave Robinson
    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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