Renovated Medical Office
New
For Sale
Contact for pricing
1219 East Saginaw Street, Lansing, MI 48906
Brick construction with exam rooms, accessible restrooms, storage, and on-site parking.
Property Size2,824 SF
Price / SF$116.86
Days on Market6
Property Features for 1219 East Saginaw Street
General Information
Standard status
Active
Size
2,824 SF
Class
B
Total Parking Spaces
15
Property subtype
Office, Mixed Use
Zoning
Commercial
Additional Details
Asking Price
$330,000
Highway Access
Yes
Building Details
Year Built
1977
Buildings
1
Units
1
Building Size
2,824 SF
Construction
brick
Listing Agency:
Berkshire Hathaway HomeServices Tomie Raines REALTORS
Listed By:
MINESH MODY · License #65-01262454
Source:
Crexi
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 11 at 2:29AM
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 Berkshire Hathaway HomeServices Tomie Raines REALTORS
Investment Insights
Based on property information with market context.
This 2,824-square-foot medical office building was constructed in 1977 and completely renovated. The all-brick property includes a reception and waiting area, separate check-in and check-out windows, six exam rooms with sinks, and two handicap-accessible restrooms. A secured storage room and additional storage areas support daily operations, while on-site parking serves the building.
The property is located less than one mile from UM-Sparrow Hospital, with access to Lansing Downtown, area freeways, and East Lansing. Commercial zoning supports the building’s office and medical-office configuration.
The property is located less than one mile from UM-Sparrow Hospital, with access to Lansing Downtown, area freeways, and East Lansing. Commercial zoning supports the building’s office and medical-office configuration.
Key Highlights
- 2,824‑square‑foot all‑brick medical office building
- Completely renovated; originally constructed in 1977
- Six exam rooms, each equipped with a sink
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
$29,930
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
9.07%
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%
$598,600
$598.6K
Cap Rate 7%
$427,571
$427.6K
Cap Rate 9%
$332,556
$332.6K
Market Conditions
NOI Build-Up for 2,824 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
$54.2K $19.20/SF
− Vacancy
−$4.3K −$1.54/SF
EGI
$49.9K $17.66/SF
− OpEx
−$20.0K −$7.07/SF
NOI
$29.9K $10.60/SF
Area
Lansing, MI
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
40.00%
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%
$598,600
Cap Rate 7%
$427,571
Cap Rate 9%
$332,556
Alternative Uses
Best Use
Healthcare Medical
$427.6K
$374.1K – $498.8K
NOI $29,930 @ 7.0% cap · market cap 9.07%
Second Best
Office B
$389.2K
$340.6K – $454.1K
NOI $27,246 @ 7.0% cap · market cap 8.26%
Theoretical Best
Office A
$581.3K
$508.6K – $678.2K
NOI $40,691 @ 7.0% cap · market cap 12.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,859
Businesses Nearby
Balanced
Demand for This Use
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Brick construction with exam rooms, accessible restrooms, storage, and on-site parking.
Where is this medical office space located?
The property is located at 1219 East Saginaw Street Lansing, MI.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: 2,824‑square‑foot all‑brick medical office building; Completely renovated; originally constructed in 1977; Six exam rooms, each equipped with a sink
