Versatile Retail Building with
For Sale
$229,900
2325 S Cedar Street, Lansing, MI 48910
Well-maintained retail building with flexible space, ample parking, and visibility on South Cedar Street in Lansing.
Property Size2,148 SF
Days on Market37
Property Features for 2325 S Cedar Street
General Information
Standard status
Active
Size
2,148 SF
Total Parking Spaces
15
Property subtype
Commercial
Zoning
Multi Use
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,457
Building Details
Building Size
2,148 SF
Year Built
1907
Buildings
1
Stories
2148
Units
7
Listing Agency:
eXp Realty, LLC
(517) 798-4035
Listed By:
Jennifer Worthington
(517) 798-4035
Source:
Buyatthelake
Added: Jul 20
Changed: Aug 23
Last Checked: Aug 25 at 8:23AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This well-maintained commercial property offers flexible space that can support a range of professional, retail, or service-oriented uses. The building’s configuration is intended to accommodate different business needs, with on-site parking for customer and employee convenience. For sale as a retail property, it also presents investment use potential based on the space flexibility described in the offering.
The property is located on South Cedar Street, characterized in the remarks as a highly traveled commercial corridor with convenient accessibility. The location is described as providing easy access to I-96 and I-496, as well as downtown Lansing and surrounding business districts, with exposure to daily commuters.
The seller’s remarks note the presence of opportunities for prominent signage and a surrounding mix of established businesses, national retailers, restaurants, and residential neighborhoods, supporting a sustained, community-oriented retail presence.
The property is located on South Cedar Street, characterized in the remarks as a highly traveled commercial corridor with convenient accessibility. The location is described as providing easy access to I-96 and I-496, as well as downtown Lansing and surrounding business districts, with exposure to daily commuters.
The seller’s remarks note the presence of opportunities for prominent signage and a surrounding mix of established businesses, national retailers, restaurants, and residential neighborhoods, supporting a sustained, community-oriented retail presence.
Key Highlights
- Well‑maintained commercial building built in 1907 on South Cedar Street in Lansing.
- Flexible space suitable for professional, retail, service, or investment uses.
- Ample parking available on‑site.
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
$19,442
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
8.46%
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%
$388,840
$388.8K
Cap Rate 7%
$277,743
$277.7K
Cap Rate 9%
$216,022
$216.0K
Market Conditions
NOI Build-Up for 2,148 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
$32.2K $15.00/SF
− Vacancy
−$4.4K −$2.07/SF
EGI
$27.8K $12.93/SF
− OpEx
−$8.3K −$3.88/SF
NOI
$19.4K $9.05/SF
Area
Lansing, MI
Vacancy
13.80%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$388,840
Cap Rate 7%
$277,743
Cap Rate 9%
$216,022
Alternative Uses
Best Use
Retail
$277.7K
$243.0K – $324.0K
NOI $19,442 @ 7.0% cap · market cap 8.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$442.1K
$386.9K – $515.8K
NOI $30,950 @ 7.0% cap · market cap 13.46%
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
859
Businesses Nearby
Explore this area
Business Placement
Demographics for 48910, MI
33,702
Population
17,119
Households
2
Avg Household Size
35
Median Age
32%
College-Educated
91%
High-School Grad
14.2 sq mi
ZIP Area
2,373
Density / Sq Mi
$52,154
Median Household Income
$36,643
Median Earnings
$1,003
Median Rent
$117,600
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Well-maintained retail building with flexible space, ample parking, and visibility on South Cedar Street in Lansing.
Where is this retail space located?
The property is located at 2325 S Cedar Street Lansing, MI.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Well‑maintained commercial building built in 1907 on South Cedar Street in Lansing.; Flexible space suitable for professional, retail, service, or investment uses.; Ample parking available on‑site.
