Bank Building with
For Sale
$950,000
223 N Clippert Street, Lansing, MI 48912
Freestanding commercial building with dedicated drive-through infrastructure and MX-2 Mixed-Use Community Center zoning.
Property Size4,054 SF
Lot Size1.11 Acres
Price / SF$234.34
Days on Market41
Property Features for 223 N Clippert Street
General Information
Standard status
Active
Size
4,054 SF
Lot size
1.11 Acres
Property subtype
Commercial
Zoning
MX-2
Site & Location
Drive-Thru
Yes
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$22,739
Building Details
Building Size
4,054 SF
Year Built
1969
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Jodi K Milks · License #6506044331
Source:
Erareardonrealty
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 28 at 8:35PM
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 Wisinski of West Michigan
Investment Insights
Based on property information with market context.
This freestanding commercial property includes a 4,054-square-foot retail building and a separate 2,000-square-foot drive-through area on 1.11 acres. Built in 1969, the property previously operated as a bank branch and includes infrastructure that can support a range of professional, medical, or service-oriented uses. The site is scheduled to become available in September 2026.
Located at 223 N Clippert Street near Michigan Avenue in Lansing, the property sits within a commercial corridor surrounded by retail, dining, and service businesses. Its position provides signage exposure toward US-127 and access to the broader Lansing market. The property is zoned MX-2 Mixed-Use Community Center.
Located at 223 N Clippert Street near Michigan Avenue in Lansing, the property sits within a commercial corridor surrounded by retail, dining, and service businesses. Its position provides signage exposure toward US-127 and access to the broader Lansing market. The property is zoned MX-2 Mixed-Use Community Center.
Key Highlights
- 4,054‑square‑foot freestanding retail building
- Additional 2,000‑square‑foot drive‑through area
- Situated on 1.11 acres in Lansing
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
$43,345
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
4.56%
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%
$866,900
$866.9K
Cap Rate 7%
$619,214
$619.2K
Cap Rate 9%
$481,611
$481.6K
Market Conditions
NOI Build-Up for 4,054 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
$65.7K $16.20/SF
− Vacancy
−$7.9K −$1.94/SF
EGI
$57.8K $14.26/SF
− OpEx
−$14.4K −$3.56/SF
NOI
$43.3K $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 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%
$866,900
Cap Rate 7%
$619,214
Cap Rate 9%
$481,611
Alternative Uses
Best Use
Specialty Retail
$619.2K
$541.8K – $722.4K
NOI $43,345 @ 7.0% cap · market cap 4.56%
Second Best
Retail
$524.2K
$458.7K – $611.6K
NOI $36,693 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$834.5K
$730.2K – $973.6K
NOI $58,414 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
976
Businesses Nearby
177k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 39%
Shops & Services 29%
Apparel 23%
Home Improvements & Furnishings 9%
McDonald's
Dining
37,156 visits/mo
0.5 miles
T.J. Maxx
Apparel
28,342 visits/mo
0.4 miles
Michaels
Shops & Services
26,837 visits/mo
0.4 miles
Blaze Pizza
Dining
18,480 visits/mo
0.2 miles
Great Lakes Ace
Home Improvements & Furnishings
12,679 visits/mo
0.5 miles
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Freestanding commercial building with dedicated drive-through infrastructure and MX-2 Mixed-Use Community Center zoning.
Where is this bank located?
The property is located at 223 N Clippert Street Lansing, MI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 4,054‑square‑foot freestanding retail building; Additional 2,000‑square‑foot drive‑through area; Situated on 1.11 acres in Lansing
