Drive-Through Restaurant with Kitchen
New
For Sale
$685,000
1620 E Michigan Ave, Lansing, MI 48912
An existing hood system, walk-in coolers, and entry from two streets support restaurant operations.
Property Size2,450 SF
Days on Market2
Property Features for 1620 E Michigan Ave
General Information
Standard status
Active
Size
2,450 SF
Property subtype
Retail
Restaurant
Commercial Hood
Yes
Equipment Included
Yes
Additional Details
Drive-Thru
Yes
Building Details
Building Size
2,450 SF
Listing Agency:
Mid America Real Estate - Michigan Inc
Listed By:
Eric Birnholtz · License #KS 00225734
(248) 855-6800
Source:
Midamericagrp
Added: Oct 7
Last Checked: Oct 7 at 2:14PM
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 Mid America Real Estate - Michigan Inc
Investment Insights
Based on property information with market context.
Configured for restaurant use, the former restaurant includes a large hood system, walk-in coolers, and a drive-through. The property is offered for sale or lease and sits on E. Michigan Avenue, with access also available from Shepard Street.
A signalized intersection is directly in front of the site. Sparrow Hospital, Jackson Field, and downtown Lansing are east of the property; the Michigan State Capitol and other area employers and attractions are also identified nearby.
A signalized intersection is directly in front of the site. Sparrow Hospital, Jackson Field, and downtown Lansing are east of the property; the Michigan State Capitol and other area employers and attractions are also identified nearby.
Key Highlights
- Former restaurant with an existing drive‑through
- Large hood system and walk‑in coolers in place
- Access from E. Michigan Avenue and Shepard Street
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,195
Cap Rate
3.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$523,900
$523.9K
Cap Rate 7%
$374,214
$374.2K
Cap Rate 9%
$291,056
$291.1K
Market Conditions
NOI Build-Up for 2,450 SF
Gross rent
$39.7K $16.20/SF
− Vacancy
−$4.8K −$1.94/SF
EGI
$34.9K $14.26/SF
− OpEx
−$8.7K −$3.56/SF
NOI
$26.2K $10.69/SF
Area
Lansing, MI
Vacancy
12.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$523,900
Cap Rate 7%
$374,214
Cap Rate 9%
$291,056
Alternative Uses
Best Use
Specialty Retail
$374.2K
$327.4K – $436.6K
NOI $26,195 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$504.3K
$441.3K – $588.4K
NOI $35,302 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
459
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
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - An existing hood system, walk-in coolers, and entry from two streets support restaurant operations.
Where is this drive through restaurant located?
The property is located at 1620 E Michigan Ave Lansing, MI.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Former restaurant with an existing drive‑through; Large hood system and walk‑in coolers in place; Access from E. Michigan Avenue and Shepard Street
