Freestanding Retail Building with
For Sale
$950,000
223 N Clippert St, Lansing, MI 48912
Freestanding retail building with added drive-thru infrastructure, positioned for professional, medical, or service use.
Property Size4,054 SF
Lot Size1.11 Acres
Price / SF$234.34
Days on Market81
Property Features for 223 N Clippert St
General Information
Standard status
Active
Size
4,054 SF
Lot size
1.11 Acres
Property subtype
Commercial
Zoning
MX-2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$22,739
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 12:32PM
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 retail building totals 4,054 SF, with an additional 2,000 SF drive-thru component, situated on 1.11 acres. The property was formerly operated as a bank branch, leaving it well configured for service-oriented uses that benefit from a built-in customer flow. Zoned MX-2 Mixed-Use Community Center, the building includes drive-thru infrastructure that can support similar traffic-oriented operations.
The site is located in Lansing on N Clippert Street near Michigan Avenue, positioned within a high-traffic commercial corridor. The property has visibility and signage exposure to US-127 and offers convenient access throughout the Lansing market.
For tenants, buyers, or operators, the combination of a freestanding retail building and drive-thru functionality makes the asset a practical fit for professional office, medical, or other service-oriented concepts that want an existing drive-thru setup and an accessible, high-exposure retail location. Availability is scheduled for September 2026.
The site is located in Lansing on N Clippert Street near Michigan Avenue, positioned within a high-traffic commercial corridor. The property has visibility and signage exposure to US-127 and offers convenient access throughout the Lansing market.
For tenants, buyers, or operators, the combination of a freestanding retail building and drive-thru functionality makes the asset a practical fit for professional office, medical, or other service-oriented concepts that want an existing drive-thru setup and an accessible, high-exposure retail location. Availability is scheduled for September 2026.
Key Highlights
- Freestanding 4,054 SF retail building plus an additional 2,000 SF drive‑thru on 1.11 acres in the City of Lansing
- Year built: 1969; formerly operated as a bank branch with existing drive‑thru infrastructure
- Located on N Clippert Street near Michigan Avenue in a high‑traffic commercial corridor with established retail, dining, and service businesses
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
$42,966
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
4.52%
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%
$859,320
$859.3K
Cap Rate 7%
$613,800
$613.8K
Cap Rate 9%
$477,400
$477.4K
Market Conditions
NOI Build-Up for 4,054 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
$77.8K $19.20/SF
− Vacancy
−$6.2K −$1.54/SF
EGI
$71.6K $17.66/SF
− OpEx
−$28.6K −$7.07/SF
NOI
$43.0K $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%
$859,320
Cap Rate 7%
$613,800
Cap Rate 9%
$477,400
Alternative Uses
Best Use
Healthcare Medical
$613.8K
$537.1K – $716.1K
NOI $42,966 @ 7.0% cap · market cap 4.52%
Second Best
Office B
$558.8K
$488.9K – $651.9K
NOI $39,113 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$834.5K
$730.2K – $973.6K
NOI $58,414 @ 7.0% cap · market cap 6.15%
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
976
Businesses Nearby
Explore this area
Business Placement
Demographics for 48912, MI
17,155
Population
9,064
Households
1.9
Avg Household Size
34
Median Age
40%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
3,299
Density / Sq Mi
$53,072
Median Household Income
$34,598
Median Earnings
$1,037
Median Rent
$139,900
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 retail building with added drive-thru infrastructure, positioned for professional, medical, or service use.
Where is this office building located?
The property is located at 223 N Clippert St Lansing, MI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Freestanding 4,054 SF retail building plus an additional 2,000 SF drive‑thru on 1.11 acres in the City of Lansing; Year built: 1969; formerly operated as a bank branch with existing drive‑thru infrastructure; Located on N Clippert Street near Michigan Avenue in a high‑traffic commercial corridor with established retail, dining, and service businesses
