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    Historic Lansing Building with Creative Space Title is generated by Realmo AI

    221 West Saginaw Street, Lansing, MI 48933

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    Unique creative space in downtown Lansing with historic charm.

    Type:Office, Investment
    Property size:
    8,550 SF
    Added:
    Jul 25, 2025
    Days on Market:
    318
    Last Refresh:
    Apr 3 at 6:02 am

    Property Features for 221 West Saginaw Street

    General Information

    Standard status
    Active
    Size
    8,550 SF
    Property subtype
    Office, Investment

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Kelly Miller

    Listing agent Kelly Miller License #201246475

    Listing office BHHS - Michigan Real Estate | Grand Rapids - Cascade

    Listing date Jul 25, 2025

    Source Cpix.resimplifi

    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 BHHS - Michigan Real Estate | Grand Rapids - Cascade

    HighLights

    • Unique historic building: Meticulously renovated 1892 church transformed into a modern creative office space.
    • Prime downtown location: Unparalleled access to government offices, Lansing Community College, restaurants, shops and local parks.
    • Expansive and flexible layout: Three levels with open floor plans, a mezzanine, nine private offices, and four conference rooms.
    • Move‑in ready condition: Renovated less than 10 years ago with updated electrical, plumbing, and HVAC systems.
    • Additional income potential: Includes a separate 2,200 sq ft rectory building zoned commercial.
    • Onsite parking and accessibility: Features 20 parking spots and ramps for first‑floor accessibility.

    Overview

    This property offers office space for sale or for lease with frontage on W. Saginaw in downtown Lansing. Originally a church built in 1892, the property has been transformed into a creative space, blending historic charm with modern functionality. The building is located in the heart of downtown Lansing, steps away from city and state government offices and Lansing Community College. The architecture features cathedral ceilings. The layout includes three levels and a mezzanine, providing space for business operations. There are four conference rooms, including a main conference room with a garage door that lifts, offering an opportunity to host small to medium sized events on the main level. The property also includes nine private offices, a full kitchen, six restrooms, and three storage closets. Ramps make the first floor and restrooms of both buildings accessible. The property was renovated less than 10 years ago with new electrical, plumbing and HVAC. A second, smaller 2,200 sq ft house, once a rectory building, is included. It is zoned commercial and can be used as a rental property or additional space for the primary occupants. Onsite parking is available with 20 spots. The buildings are walkable to downtown restaurants, shops and local parks. The property was totally renovated in 2016.
    Location Intelligence

    Current Use by Public Records

    M3 Group Marketing & Advertising 517 Magazine Publishing House Capital Area Women's ... Publishing House The Greater Lansing Business ... Publishing House

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Law Firm Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Eaton
    State
    Michigan
    Longitude
    -84.554907
    Latitude
    42.740596

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    FAQs

    What type of property is this?
    Creative space - Unique creative space in downtown Lansing with historic charm.
    Where is this creative space located?
    The property is located at 221 West Saginaw Street Lansing, MI.
    What are key features of this property?
    This property features: Unique historic building: Meticulously renovated 1892 church transformed into a modern creative office space.; Prime downtown location: Unparalleled access to government offices, Lansing Community College, restaurants, shops and local parks.; Expansive and flexible layout: Three levels with open floor plans, a mezzanine, nine private offices, and four conference rooms.
    (517) 712-5496
    We can help!
    Listing Contact
    Kelly Miller
    Real Estate License ID: 201246475
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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