Freestanding Office and
For Sale
$1,200,000
5510 W Saginaw Hwy, Lansing, MI 48917
Freestanding former bank building with drive-thru infrastructure, suited for professional, medical, retail, or service uses.
Property Size4,258 SF
Lot Size0.85 Acres
Price / SF$281.82
Days on Market81
Property Features for 5510 W Saginaw Hwy
General Information
Standard status
Active
Size
4,258 SF
Lot size
0.85 Acres
Property subtype
Commercial
Zoning
C Commercial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$21,600
Building Details
Year Built
1969
Units
1
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Jodi K Milks · License #6506044331
Source:
Elliman
Added: Jun 3
Changed: Aug 14
Last Checked: Aug 21 at 10:11AM
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 Wisinski of West Michigan
Investment Insights
Based on property information with market context.
This freestanding building totals 4,258 SF and was formerly used as a bank. The offering also includes an additional 1,500 SF four-lane drive-thru, providing an existing circulation and service setup that many service-driven and customer-facing concepts can use as-is. The property sits on 0.851 acres.
The site is positioned as an outlot along Saginaw Highway within the Lansing Mall retail corridor. It is described as having strong visibility and access along one of the area’s primary commercial corridors, and the surrounding area is characterized by a mix of national retailers, restaurants, entertainment venues, and service providers.
The current zoning is C Commercial in Delta Charter Township, which supports a range of professional and customer-oriented uses. The building and drive-thru configuration can fit professional office, medical office, retail, or service-oriented users looking for an improved site that already includes drive-thru infrastructure. The property is available September 2026.
The site is positioned as an outlot along Saginaw Highway within the Lansing Mall retail corridor. It is described as having strong visibility and access along one of the area’s primary commercial corridors, and the surrounding area is characterized by a mix of national retailers, restaurants, entertainment venues, and service providers.
The current zoning is C Commercial in Delta Charter Township, which supports a range of professional and customer-oriented uses. The building and drive-thru configuration can fit professional office, medical office, retail, or service-oriented users looking for an improved site that already includes drive-thru infrastructure. The property is available September 2026.
Key Highlights
- Freestanding former bank building with 4,258 SF on 0.851 acres (built 1969)
- Includes an additional 1,500 SF four‑lane drive‑thru with existing drive‑thru infrastructure
- Zoned C Commercial in Delta Charter Township
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
$45,128
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
3.76%
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%
$902,560
$902.6K
Cap Rate 7%
$644,686
$644.7K
Cap Rate 9%
$501,422
$501.4K
Market Conditions
NOI Build-Up for 4,258 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
$81.8K $19.20/SF
− Vacancy
−$6.5K −$1.54/SF
EGI
$75.2K $17.66/SF
− OpEx
−$30.1K −$7.07/SF
NOI
$45.1K $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%
$902,560
Cap Rate 7%
$644,686
Cap Rate 9%
$501,422
Alternative Uses
Best Use
Healthcare Medical
$644.7K
$564.1K – $752.1K
NOI $45,128 @ 7.0% cap · market cap 3.76%
Second Best
Office B
$586.9K
$513.5K – $684.7K
NOI $41,081 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$876.5K
$766.9K – $1.02M
NOI $61,353 @ 7.0% cap · market cap 5.11%
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
672
Businesses Nearby
Explore this area
Business Placement
Demographics for 48917, MI
32,679
Population
15,975
Households
2
Avg Household Size
41
Median Age
40%
College-Educated
94%
High-School Grad
24.0 sq mi
ZIP Area
1,362
Density / Sq Mi
$73,259
Median Household Income
$47,739
Median Earnings
$1,085
Median Rent
$211,300
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 building - Freestanding former bank building with drive-thru infrastructure, suited for professional, medical, retail, or service uses.
Where is this office building located?
The property is located at 5510 W Saginaw Hwy Lansing, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Freestanding former bank building with 4,258 SF on 0.851 acres (built 1969); Includes an additional 1,500 SF four‑lane drive‑thru with existing drive‑thru infrastructure; Zoned C Commercial in Delta Charter Township
