Storefront Building with Extensive
New
For Sale
$299,900
236 State Street, Mason, MI 48854
Commercial Sale, Mason, MI
Property Size1,624 SF
Lot Size0.28 Acres
Price / SF$184.67
Days on Market1
Property Features for 236 State Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Zoning
Exterior features
Lighting
Lot features
City Lot
Elementary school district
Mason
Middle school district
Mason
High school district
Mason
Directions
South on Okemos Rd, Right on Maple, Property is on corner of Maple and State.
Standard status
Active
APN
33-19-10-08-231-007
Size
1,624 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 8 EXC W 1 RD AND THAT PRT OF LOTS 9, 10 & 11 S & W OF STATE ST, BLOCK 6, SEC 8 T2N R1W CITY OF MASON, INGHAM CO
Tax Annual Amount
4806
Legal Description
LOT 8 EXC W 1 RD AND THAT PRT OF LOTS 9, 10 & 11 S & W OF STATE ST, BLOCK 6, SEC 8 T2N R1W CITY OF MASON, INGHAM CO
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1963
Floors in Building
1
Flooring type
Vinyl, Tile
Building materials
Vinyl Siding
Listing Agency:
Keller Williams Realty Lansing
(517) 853-1200
Listed By:
Max A Billinghurst · License #6501416838
(269) 339-1431
Added: Sep 9
Last Checked: Sep 9 at 6:06PM
MLS# 299088
Copyright © 2026 Greater Lansing Association of Realtors. 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 1,624-square-foot storefront property at 236 State Street includes an open interior arrangement, extensive plumbing infrastructure, vinyl and tile flooring, central air, and forced-air natural gas heat. The building was constructed in 1963 and has vinyl siding, lighting, public water, and public sewer service.
The 0.28-acre parcel occupies a corner location in Mason and provides private parking for 15+ vehicles. Its existing plumbing and adaptable interior support continued consideration for retail, salon, spa, office, or other professional service uses, subject to applicable requirements.
The 0.28-acre parcel occupies a corner location in Mason and provides private parking for 15+ vehicles. Its existing plumbing and adaptable interior support continued consideration for retail, salon, spa, office, or other professional service uses, subject to applicable requirements.
Key Highlights
- 1,624‑square‑foot storefront building on a 0.28‑acre parcel
- Extensive plumbing infrastructure supports service‑oriented commercial uses
- Private parking for 15+ vehicles
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
$11,200
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
3.73%
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%
$224,000
$224.0K
Cap Rate 7%
$160,000
$160.0K
Cap Rate 9%
$124,444
$124.4K
Market Conditions
NOI Build-Up for 1,624 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
$19.5K $12.00/SF
− Vacancy
−$3.5K −$2.15/SF
EGI
$16.0K $9.85/SF
− OpEx
−$4.8K −$2.96/SF
NOI
$11.2K $6.90/SF
Area
Ingham County, MI
Vacancy
17.90%
Lease Rate
$12.00 /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%
$224,000
Cap Rate 7%
$160,000
Cap Rate 9%
$124,444
Alternative Uses
Best Use
Retail
$160.0K
$140.0K – $186.7K
NOI $11,200 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$260.9K
$228.3K – $304.4K
NOI $18,264 @ 7.0% cap · market cap 6.09%
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
492
Businesses Nearby
72k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 80%
Dining 11%
Home Improvements & Furnishings 7%
Electronics 2%
Speedway
Shops & Services
20,362 visits/mo
0.4 miles
Hallmark
Shops & Services
8,638 visits/mo
0.1 miles
Dollar General
Shops & Services
8,602 visits/mo
0.5 miles
Quality Dairy
Shops & Services
7,940 visits/mo
0.0 miles
BP
Shops & Services
5,452 visits/mo
0.4 miles
Demographics for 48854, MI
19,804
Population
7,853
Households
2.5
Avg Household Size
41
Median Age
39%
College-Educated
95%
High-School Grad
113.3 sq mi
ZIP Area
175
Density / Sq Mi
$91,956
Median Household Income
$46,992
Median Earnings
$1,136
Median Rent
$240,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Open-plan commercial space with private parking and infrastructure suited to service-oriented retail use.
Where is this storefront property located?
The property is located at 236 State Street Mason, MI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,624‑square‑foot storefront building on a 0.28‑acre parcel; Extensive plumbing infrastructure supports service‑oriented commercial uses; Private parking for 15+ vehicles
