Office Units with Broadband and Central
For Sale
$229,900
2325 S Cedar Street, Lansing, MI 48910
COMMERCIAL - Lansing, MI
Property Size2,148 SF
Lot Size0.29 Acres
Price / SF$107.03
Days on Market85
Property Features for 2325 S Cedar Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Multi Use
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Basement
Parking
15
Interior features
Broadband
Elementary school district
Lansing
Middle school district
Lansing
High school district
Lansing
Standard status
Active
APN
33-01-01-28-282-003
Size
2,148 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 21 & 22 EXC W 17 FT THEREOF DEEGS SUB
Tax Annual Amount
8457
Legal Description
LOTS 21 & 22 EXC W 17 FT THEREOF DEEGS SUB
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1907
Number of units
7
Building materials
Vinyl Siding, Stone
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 501-7085
Listed By:
Jennifer Worthington
(517) 798-4035
Added: May 17
Changed: Aug 7
Last Checked: Aug 9 at 12:06AM
MLS# 26031471
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.
Position your business on a highly traveled commercial corridor along South Cedar Street in Lansing. This well-maintained building offers flexible space that can support a range of office-oriented and service-minded operations, with broadband internet included.
The property totals 2,148 square feet on a 0.29-acre lot and was built in 1907. Interior features include multiple bathrooms, a basement, and broadband. Heating is forced air and cooling is central air. Construction includes vinyl siding and stone with a composition roof, and cable is available.
For accessibility and business exposure, the property is described as offering easy access to I-96 and I-496, as well as downtown Lansing and surrounding business districts. The setting is surrounded by established businesses, national retailers, restaurants, and residential neighborhoods, with ample parking and signage opportunities noted.
The property totals 2,148 square feet on a 0.29-acre lot and was built in 1907. Interior features include multiple bathrooms, a basement, and broadband. Heating is forced air and cooling is central air. Construction includes vinyl siding and stone with a composition roof, and cable is available.
For accessibility and business exposure, the property is described as offering easy access to I-96 and I-496, as well as downtown Lansing and surrounding business districts. The setting is surrounded by established businesses, national retailers, restaurants, and residential neighborhoods, with ample parking and signage opportunities noted.
Key Highlights
- 2,148 SF office units building
- 0.29‑acre lot on South Cedar Street
- Central air cooling and forced‑air heating
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
$20,724
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
9.01%
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%
$414,480
$414.5K
Cap Rate 7%
$296,057
$296.1K
Cap Rate 9%
$230,267
$230.3K
Market Conditions
NOI Build-Up for 2,148 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
$34.5K $16.08/SF
− Vacancy
−$6.9K −$3.22/SF
EGI
$27.6K $12.86/SF
− OpEx
−$6.9K −$3.22/SF
NOI
$20.7K $9.65/SF
Area
Lansing, MI
Vacancy
20.00%
Lease Rate
$16.08 /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%
$414,480
Cap Rate 7%
$296,057
Cap Rate 9%
$230,267
Alternative Uses
Best Use
Office B
$296.1K
$259.1K – $345.4K
NOI $20,724 @ 7.0% cap · market cap 9.01%
Second Best
Retail
$277.7K
$243.0K – $324.0K
NOI $19,442 @ 7.0% cap · market cap 8.46%
Theoretical Best
Office A
$442.1K
$386.9K – $515.8K
NOI $30,950 @ 7.0% cap · market cap 13.46%
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Well-maintained office units with broadband, forced-air heating, and central air in an easy-access South Cedar Street location.
Where is this office units located?
The property is located at 2325 S Cedar Street 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: 2,148 SF office units building; 0.29‑acre lot on South Cedar Street; Central air cooling and forced‑air heating
