Renovated Office Building with
For Sale
$1,950,000
1650 Kendale Blvd Ste 200, East Lansing, MI 48823
Two-story brick office property with on-site parking, established tenants, and renovated professional space.
Property Size14,434 SF
Price / SF$136.04
Days on Market18
Property Features for 1650 Kendale Blvd Ste 200
General Information
Standard status
Active
Size
14,434 SF
Class
C
Elevators
Yes
Property subtype
Office - General Office
Additional Details
Cap Rate
9.8%
Building Details
Building Size
14,434 SF
Year Built
1985
Stories
2
Units
190
Construction
brick
Listing Agency:
NAI Mid-Michigan
(517) 202-2137
Listed By:
Gino Baldino
Source:
Commercialcafe
Added: Aug 12
Changed: Aug 29
Last Checked: Aug 25 at 4:34AM
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.
Located at 1650 Kendale Blvd Ste 200 in East Lansing, this two-story brick office building contains 14,434 square feet of office space. The property was built in 1985 and has been renovated, with an elevator serving the building and on-site parking available for occupants and visitors.
The property is offered for sale with established tenants and income-producing operations in place. A reported 9.8 CAP adds an important financial metric for purchasers evaluating the asset. The office configuration and professional setting support continued commercial occupancy without relying on a single-suite format.
The property is offered for sale with established tenants and income-producing operations in place. A reported 9.8 CAP adds an important financial metric for purchasers evaluating the asset. The office configuration and professional setting support continued commercial occupancy without relying on a single-suite format.
Key Highlights
- 14,434 square feet of office space
- Renovated two‑story brick office building
- Elevator serving the building
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
$120,904
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
6.20%
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%
$2,418,080
$2.4M
Cap Rate 7%
$1,727,200
$1.7M
Cap Rate 9%
$1,343,378
$1.3M
Market Conditions
NOI Build-Up for 14,334 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
$206.4K $14.40/SF
− Vacancy
−$45.2K −$3.15/SF
EGI
$161.2K $11.25/SF
− OpEx
−$40.3K −$2.81/SF
NOI
$120.9K $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%
$2,418,080
Cap Rate 7%
$1,727,200
Cap Rate 9%
$1,343,378
Alternative Uses
Best Use
Office B
$1.73M
$1.51M – $2.02M
NOI $120,904 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.30M
$2.02M – $2.69M
NOI $161,206 @ 7.0% cap · market cap 8.27%
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 - Two-story brick office property with on-site parking, established tenants, and renovated professional space.
Where is this office building located?
The property is located at 1650 Kendale Blvd Ste 200 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; Renovated two‑story brick office building; Elevator serving the building
