Four-Bay Auto
For Sale
$219,000
2427 S Rundle Ave, Lansing, MI 48910
Tenant-occupied automotive facility with dedicated offices and a recently paved asphalt lot.
Property Size2,840 SF
Price / SF$77.11
Days on Market20
Property Features for 2427 S Rundle Ave
General Information
Standard status
Active
Size
2,840 SF
Additional Details
Service Bays
4
Taxes and HOA fees
Annual Taxes
$2,419
Amenities
dedicated office space
newly paved asphalt lot
Building Details
Tenancy
Single
Listing Agency:
EXP Realty, LLC
(517) 505-4915
Listed By:
Mohamed Abukar · License #6506049101
(517) 505-4915
Source:
Exprealty
Added: Aug 12
Changed: Aug 29
Last Checked: Aug 30 at 11:46PM
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, LLC
Investment Insights
Based on property information with market context.
This automotive property combines a 2,840-square-foot building with four service bays, dedicated office space, and an asphalt lot repaved in 2023. The facility is currently operating as a used-car dealership and auto-repair location, supporting continued automotive use subject to verification of zoning, licensing, and permitted uses.
Located at 2427 S Rundle Ave in Lansing, Michigan, the property is occupied by a tenant willing to execute a lease for 12 months or longer. Lease terms, licensing, zoning, and other property information should be independently verified by the buyer and buyer’s agent.
Located at 2427 S Rundle Ave in Lansing, Michigan, the property is occupied by a tenant willing to execute a lease for 12 months or longer. Lease terms, licensing, zoning, and other property information should be independently verified by the buyer and buyer’s agent.
Key Highlights
- 2,840‑square‑foot automotive building
- Four service bays with dedicated office space
- Asphalt lot completed in 2023
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
$18,453
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
8.43%
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%
$369,060
$369.1K
Cap Rate 7%
$263,614
$263.6K
Cap Rate 9%
$205,033
$205.0K
Market Conditions
NOI Build-Up for 2,840 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
$29.0K $10.20/SF
− Vacancy
−$2.6K −$0.92/SF
EGI
$26.4K $9.28/SF
− OpEx
−$7.9K −$2.78/SF
NOI
$18.5K $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%
$369,060
Cap Rate 7%
$263,614
Cap Rate 9%
$205,033
Alternative Uses
Best Use
Retail
$367.2K
$321.3K – $428.4K
NOI $25,705 @ 7.0% cap · market cap 11.74%
Second Best
Industrial
$263.6K
$230.7K – $307.6K
NOI $18,453 @ 7.0% cap · market cap 8.43%
Theoretical Best
Office A
$584.6K
$511.5K – $682.0K
NOI $40,921 @ 7.0% cap · market cap 18.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Service bays
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
639
Businesses Nearby
Well-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Tenant-occupied automotive facility with dedicated offices and a recently paved asphalt lot.
Where is this auto shop located?
The property is located at 2427 S Rundle Ave Lansing, MI.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: 2,840‑square‑foot automotive building; Four service bays with dedicated office space; Asphalt lot completed in 2023
