Renovated Two-Story Office
For Sale
$1,950,000
1650 Kendale Blvd, East Lansing, MI 48823
Renovated brick office property with an elevator and on-site parking.
Property Size14,434 SF
Price / SF$135.10
Days on Market21
Property Features for 1650 Kendale Blvd
General Information
Standard status
Active
Size
14,434 SF
Property subtype
Office
Building Details
Building Size
14,434 SF
Listing Agency:
NAI Mid-Michigan
(517) 487-9222
Listed By:
Gino Baldino
(517) 487-9222
Source:
Cpix.resimplifi
Added: Aug 1
Changed: Aug 13
Last Checked: Aug 20 at 4:03AM
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 Mid-Michigan
Investment Insights
Based on property information with market context.
This two-story brick office building contains 14,434 square feet of renovated office space. An elevator serves the building, and on-site parking is available for occupants and visitors. The property is configured for professional office use and is located at 1650 Kendale Blvd in East Lansing, Michigan.
Seven tenants currently occupy the building along with the owner, creating an established occupancy profile. The owner is willing to remain as a tenant under an acceptable lease arrangement. The property also carries a reported 9.8 CAP, providing additional operating information for prospective buyers.
Seven tenants currently occupy the building along with the owner, creating an established occupancy profile. The owner is willing to remain as a tenant under an acceptable lease arrangement. The property also carries a reported 9.8 CAP, providing additional operating information for prospective buyers.
Key Highlights
- 14,434 square feet of office space across two stories
- Renovated brick office building with elevator
- Seven tenants plus the owner currently occupy the property
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
$121,748
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
6.24%
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%
$2,434,960
$2.4M
Cap Rate 7%
$1,739,257
$1.7M
Cap Rate 9%
$1,352,756
$1.4M
Market Conditions
NOI Build-Up for 14,434 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
$207.8K $14.40/SF
− Vacancy
−$45.5K −$3.15/SF
EGI
$162.3K $11.25/SF
− OpEx
−$40.6K −$2.81/SF
NOI
$121.7K $8.43/SF
Area
Ingham County, MI
Vacancy
21.90%
Lease Rate
$14.40 /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%
$2,434,960
Cap Rate 7%
$1,739,257
Cap Rate 9%
$1,352,756
Alternative Uses
Best Use
Office B
$1.74M
$1.52M – $2.03M
NOI $121,748 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,331 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
741
Businesses Nearby
Explore this area
Business Placement
Demographics for 48823, MI
51,793
Population
23,757
Households
2.2
Avg Household Size
28
Median Age
64%
College-Educated
98%
High-School Grad
23.6 sq mi
ZIP Area
2,195
Density / Sq Mi
$50,837
Median Household Income
$19,837
Median Earnings
$1,127
Median Rent
$261,100
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 - Renovated brick office property with an elevator and on-site parking.
Where is this office building located?
The property is located at 1650 Kendale Blvd East Lansing, MI.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 14,434 square feet of office space across two stories; Renovated brick office building with elevator; Seven tenants plus the owner currently occupy the property
