Old Town Office/Retail
For Sale
$1,800,000
1213 Center St, Lansing, MI 48906
Prime Old Town location with office and retail space available.
Property Size12,981 SF
Price / SF$138.66
Days on Market194
Property Features for 1213 Center St
General Information
Standard status
Active
Size
12,981 SF
Property subtype
Office/Retail
Building Details
Year Built
1912
Listing Agency:
(517) 599-6846
Listed By:
Dave Robinson
(517) 599-6846
Source:
Naiglobal
Added: Jan 27
Changed: Jul 6
Last Checked: Aug 9 at 5:25AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
Location Intelligence
Trade Area within ½ mile
756
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
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Frequently Asked Questions
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.
