Connected Office
For Sale
$1,800,000
1213 Center St, Lansing, MI 48906
Two connected office buildings offer flexible commercial space with MX-3 zoning and distinctive brick and exposed-wood interiors.
Property Size12,981 SF
Price / SF$138.66
Days on Market364
Property Features for 1213 Center St
General Information
Standard status
Active
Size
12,981 SF
Class
C
Total Parking Spaces
45
Property subtype
Office
Zoning
MX-3
Building Details
Building Size
12,981 SF
Year Built
1912
Year Renovated
2007
Buildings
2
Stories
1
Construction
brick
Tenancy
Single
Listing Agency:
NAI Mid-Michigan
(517) 599-6846
Listed By:
David Robinson · License #6502386052
(517) 599-6846
Source:
Cpix.resimplifi
Added: Sep 1, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:06AM
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 NAI Mid-Michigan
Investment Insights
Based on property information with market context.
This office property consists of two buildings linked by a short breezeway, with office and retail space arranged for current single-tenant occupancy. Interior details include brick surfaces and exposed wood, while the front building provides 1,200 SF of basement storage.
Located at 1213 Center St in Lansing’s Old Town area, the property includes 45 on-site parking spaces along with free street parking. MX-3 zoning adds a defined commercial land-use framework for the site.
Located at 1213 Center St in Lansing’s Old Town area, the property includes 45 on-site parking spaces along with free street parking. MX-3 zoning adds a defined commercial land-use framework for the site.
Key Highlights
- Two office buildings connected by a short breezeway
- Brick and exposed‑wood interior elements
- 1,200 SF of basement storage in the front building
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
$125,241
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
6.96%
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%
$2,504,820
$2.5M
Cap Rate 7%
$1,789,157
$1.8M
Cap Rate 9%
$1,391,567
$1.4M
Market Conditions
NOI Build-Up for 12,981 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
$208.7K $16.08/SF
− Vacancy
−$41.7K −$3.22/SF
EGI
$167.0K $12.86/SF
− OpEx
−$41.7K −$3.22/SF
NOI
$125.2K $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%
$2,504,820
Cap Rate 7%
$1,789,157
Cap Rate 9%
$1,391,567
Alternative Uses
Best Use
Office B
$1.79M
$1.57M – $2.09M
NOI $125,241 @ 7.0% cap · market cap 6.96%
Second Best
Retail
$1.68M
$1.47M – $1.96M
NOI $117,491 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$2.67M
$2.34M – $3.12M
NOI $187,042 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
844
Businesses Nearby
Explore this area
Business Placement
Demographics for 48906, MI
25,674
Population
12,180
Households
2.1
Avg Household Size
37
Median Age
29%
College-Educated
91%
High-School Grad
32.5 sq mi
ZIP Area
790
Density / Sq Mi
$61,533
Median Household Income
$38,551
Median Earnings
$1,033
Median Rent
$128,600
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 - Two connected office buildings offer flexible commercial space with MX-3 zoning and distinctive brick and exposed-wood interiors.
Where is this office building 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: Two office buildings connected by a short breezeway; Brick and exposed‑wood interior elements; 1,200 SF of basement storage in the front building
