Industrial Warehouse with Loading
For Sale
$2,350,000
2116 Mint Rd, Lansing, MI 48906
IND-1 zoned industrial building with office space, 2 drive-in doors, and 3 loading docks, plus tenant income through October.
Property Size30,000 SF
Lot Size1.25 Acres
Price / SF$78.33
Days on Market124
Property Features for 2116 Mint Rd
General Information
Standard status
Active
Size
30,000 SF
Lot size
1.25 Acres
Property subtype
Industrial
Zoning
IND-1
Warehouse & Industrial
Clear Height
26 ft
Dock-High Doors
3
Drive-In Doors
2
Building Details
Building Size
30,000 SF
Year Built
1971
Year Renovated
2022
Stories
1
Tenancy
Single
Listing Agency:
NAI Mid-Michigan
Listed By:
Nicholas Vlahakis · License #6505298469
(517) 881-6088
Source:
Cpix.resimplifi
Added: May 7
Changed: Aug 14
Last Checked: Aug 14 at 8:02AM
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.
2116 Mint Rd is a for-sale industrial/manufacturing property with a total building size of 30,000 square feet and 3,200 square feet of office space. Constructed in 1971, the facility offers ceiling heights ranging from 15 feet to 26 feet. The building has 2 drive-in doors and 3 loading docks. Three restrooms are included, and utilities are provided by BWL and Consumers Energy. A parking lot was added in 2022.
The property is located in the Lansing, Michigan area and is zoned IND-1. The offering includes 1.247 acres of land.
The current tenant has a lease scheduled to continue until October, with rent listed at $15,000 per month.
The property is located in the Lansing, Michigan area and is zoned IND-1. The offering includes 1.247 acres of land.
The current tenant has a lease scheduled to continue until October, with rent listed at $15,000 per month.
Key Highlights
- 30,000 SF industrial/manufacturing building built in 1971
- IND‑1 zoning with 3 loading docks and 2 drive‑in doors
- Ceilings range from 15 ft to 26 ft
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
$194,922
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
8.29%
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%
$3,898,440
$3.9M
Cap Rate 7%
$2,784,600
$2.8M
Cap Rate 9%
$2,165,800
$2.2M
Market Conditions
NOI Build-Up for 30,000 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
$306.0K $10.20/SF
− Vacancy
−$27.5K −$0.92/SF
EGI
$278.5K $9.28/SF
− OpEx
−$83.5K −$2.78/SF
NOI
$194.9K $6.50/SF
Area
Lansing, MI
Vacancy
9.00%
Lease Rate
$10.20 /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%
$3,898,440
Cap Rate 7%
$2,784,600
Cap Rate 9%
$2,165,800
Alternative Uses
Best Use
Industrial
$2.78M
$2.44M – $3.25M
NOI $194,922 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.18M
$5.40M – $7.20M
NOI $432,268 @ 7.0% cap · market cap 18.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
26 ft
Clear height
3
Dock-high doors
2
Drive-in doors
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 48906, MI
25,674
Population
12,180
Households
2.1
Avg Household Size
37
Median Age
29%
College-Educated
91%
High-School Grad
32.5 sq mi
ZIP Area
790
Density / Sq Mi
$61,533
Median Household Income
$38,551
Median Earnings
$1,033
Median Rent
$128,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Manufacturing property - IND-1 zoned industrial building with office space, 2 drive-in doors, and 3 loading docks, plus tenant income through October.
Where is this manufacturing property located?
The property is located at 2116 Mint Rd Lansing, MI.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 30,000 SF industrial/manufacturing building built in 1971; IND‑1 zoning with 3 loading docks and 2 drive‑in doors; Ceilings range from 15 ft to 26 ft
