Corner Flex Space with
For Sale
$99,999
229 W Cesar E Chavez Avenue, Lansing, MI 48906
Commercial Sale, Lansing, MI
Property Size1,288 SF
Lot Size0.19 Acres
Price / SF$77.64
Days on Market244
Property Features for 229 W Cesar E Chavez Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Interior features
Broadband
Subdivision
ORIGINAL PLAT OF LANSING
Elementary school district
Lansing
Middle school district
Lansing
High school district
Lansing
Directions
North on Grand River Avenue, east on Cesar E. Chavez, right on corner.
Standard status
Active
APN
33010109330001
Size
1,288 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
W 123.75 FT LOT 12 BLOCK 35 ORIG PLAT
Tax Annual Amount
3175
Legal Description
W 123.75 FT LOT 12 BLOCK 35 ORIG PLAT
Utilities
Utilities
Cable Available
Heating system
Forced Air
Amenities
two bathrooms
office area with storage
large open warehouse area
new water heater in 2014
Building Details
Year built
1957
Floors in Building
1
Building materials
Wood Siding
Listing Agency:
BHHS Kee Realty
(248) 651-1200
Listed By:
Frank Jajou · License #440153
(517) 819-5888
Added: Jan 26
Changed: Sep 7
Last Checked: Sep 27 at 5:06PM
MLS# 26003047
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,288-square-foot flex property occupies a 0.19-acre site and was built in 1957. The layout includes two bathrooms, an office with storage, and a large open area suited to warehouse-oriented operations. Wood siding, forced-air heating, broadband, and cable availability are part of the existing improvements. A water heater installed in 2014 is also noted.
The building is positioned at 229 W Cesar E Chavez Avenue in Lansing, near Old Town, and is currently rented. The property is offered in as-is condition and includes a corner setting within the city.
The building is positioned at 229 W Cesar E Chavez Avenue in Lansing, near Old Town, and is currently rented. The property is offered in as-is condition and includes a corner setting within the city.
Key Highlights
- 1,288 SF flex property on a 0.19‑acre site
- Large open warehouse area with office and storage
- Two bathrooms included
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
$8,369
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
8.37%
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%
$167,380
$167.4K
Cap Rate 7%
$119,557
$119.6K
Cap Rate 9%
$92,989
$93.0K
Market Conditions
NOI Build-Up for 1,288 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
$13.1K $10.20/SF
− Vacancy
−$1.2K −$0.92/SF
EGI
$12.0K $9.28/SF
− OpEx
−$3.6K −$2.78/SF
NOI
$8.4K $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%
$167,380
Cap Rate 7%
$119,557
Cap Rate 9%
$92,989
Alternative Uses
Best Use
Retail
$166.5K
$145.7K – $194.3K
NOI $11,658 @ 7.0% cap · market cap 11.66%
Second Best
Warehouse
$148.5K
$129.9K – $173.2K
NOI $10,393 @ 7.0% cap · market cap 10.39%
Theoretical Best
Office A
$265.1K
$232.0K – $309.3K
NOI $18,559 @ 7.0% cap · market cap 18.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
868
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - As-is commercial property with office, storage, two bathrooms, and an open work area.
Where is this flex space located?
The property is located at 229 W Cesar E Chavez Avenue Lansing, MI.
What is the asking price?
The asking price for this property is $99,999.
What are key features of this property?
This property features: 1,288 SF flex property on a 0.19‑acre site; Large open warehouse area with office and storage; Two bathrooms included
