Retail Building with
For Sale
$229,900
2325 S Cedar St, Lansing, MI 48910
Established commercial building offers flexible space for retail, service, professional, or investment use.
Property Size2,198 SF
Price / SF$104.60
Days on Market106
Property Features for 2325 S Cedar St
General Information
Standard status
Active
Size
2,198 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$8,211
Listing Agency:
eXp Realty - Cedar Branch
(517) 798-4035
Listed By:
Jennifer Worthington
(517) 798-4035
Source:
Exprealty
Added: May 18
Changed: Aug 29
Last Checked: Aug 30 at 10:09PM
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 eXp Realty - Cedar Branch
Investment Insights
Based on property information with market context.
Built in 1907, this commercial property provides flexible space that can accommodate retail, service, professional, or investment-oriented operations. The building is supported by on-site parking and opportunities for prominent signage, giving occupants practical customer-access and branding features.
The property is located at 2325 S Cedar Street in Lansing, with access to I-96 and I-496, downtown Lansing, and nearby business districts. Surrounding context includes established businesses, national retailers, restaurants, and residential neighborhoods. Its placement along South Cedar Street connects the building with a heavily traveled commercial corridor and provides access to a broad mix of surrounding commercial and residential activity.
The property is located at 2325 S Cedar Street in Lansing, with access to I-96 and I-496, downtown Lansing, and nearby business districts. Surrounding context includes established businesses, national retailers, restaurants, and residential neighborhoods. Its placement along South Cedar Street connects the building with a heavily traveled commercial corridor and provides access to a broad mix of surrounding commercial and residential activity.
Key Highlights
- 1907 construction date
- Flexible space for retail, service, professional, or investment use
- On‑site parking
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
$19,894
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
8.65%
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%
$397,880
$397.9K
Cap Rate 7%
$284,200
$284.2K
Cap Rate 9%
$221,044
$221.0K
Market Conditions
NOI Build-Up for 2,198 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
$33.0K $15.00/SF
− Vacancy
−$4.5K −$2.07/SF
EGI
$28.4K $12.93/SF
− OpEx
−$8.5K −$3.88/SF
NOI
$19.9K $9.05/SF
Area
Lansing, MI
Vacancy
13.80%
Lease Rate
$15.00 /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%
$397,880
Cap Rate 7%
$284,200
Cap Rate 9%
$221,044
Alternative Uses
Best Use
Retail
$284.2K
$248.7K – $331.6K
NOI $19,894 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$452.4K
$395.9K – $527.9K
NOI $31,671 @ 7.0% cap · market cap 13.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
859
Businesses Nearby
Explore this area
Business Placement
Demographics for 48910, MI
33,702
Population
17,119
Households
2
Avg Household Size
35
Median Age
32%
College-Educated
91%
High-School Grad
14.2 sq mi
ZIP Area
2,373
Density / Sq Mi
$52,154
Median Household Income
$36,643
Median Earnings
$1,003
Median Rent
$117,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Established commercial building offers flexible space for retail, service, professional, or investment use.
Where is this retail space located?
The property is located at 2325 S Cedar St Lansing, MI.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: 1907 construction date; Flexible space for retail, service, professional, or investment use; On‑site parking
