Four-Bay Auto Repair
New
For Sale
$219,000
2427 S Rundle Avenue, Lansing, MI 48910
COMMERCIAL - Lansing, MI
Property Size2,840 SF
Lot Size0.13 Acres
Price / SF$77.11
Days on Market2
Property Features for 2427 S Rundle Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Zoning
Parking features
Parking Lot
Elementary school district
Lansing
Middle school district
Lansing
High school district
Lansing
Directions
GPS
Standard status
Active
APN
33-01-01-29-280-141
Size
2,840 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 44 BLOCK 4 RESUB OF BLOCKS 17, 21, 22 AND LOTS 35 TO 72 INCL, BLOCK 30 ELMHURST SUB
Tax Annual Amount
2419
Legal Description
LOT 44 BLOCK 4 RESUB OF BLOCKS 17, 21, 22 AND LOTS 35 TO 72 INCL, BLOCK 30 ELMHURST SUB
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1947
Floors in Building
1
Building materials
Brick, Vinyl Siding
Listing Agency:
EXP Realty, LLC
(888) 501-7085
Listed By:
Mohamed Abukar · License #6506049101
(517) 505-4915
Added: Aug 12
Last Checked: Aug 13 at 5:06PM
MLS# 298446
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 2,840-square-foot automotive property includes four service bays and dedicated office space. The building was constructed in 1947 with brick and vinyl siding, and it is served by forced-air heat, public water, and public sewer. The site is currently used for used-car sales and vehicle repair, with a paved asphalt lot completed in 2023.
Located at 2427 S Rundle Avenue in Lansing, Michigan, the property occupies 0.13 acres and includes on-site parking. It is currently tenant-occupied, and the tenant has indicated a willingness to sign a lease for 12 months or longer. Zoning, licensing, permitted uses, lease terms, and other property details are subject to buyer and buyer-agent verification.
Located at 2427 S Rundle Avenue in Lansing, Michigan, the property occupies 0.13 acres and includes on-site parking. It is currently tenant-occupied, and the tenant has indicated a willingness to sign a lease for 12 months or longer. Zoning, licensing, permitted uses, lease terms, and other property details are subject to buyer and buyer-agent verification.
Key Highlights
- Four service bays with dedicated office space
- 2,840 square feet on 0.13 acres
- Paved 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
Office B
$391.4K
$342.5K – $456.7K
NOI $27,400 @ 7.0% cap · market cap 12.51%
Second Best
Retail
$367.2K
$321.3K – $428.4K
NOI $25,705 @ 7.0% cap · market cap 11.74%
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
Location Intelligence
Trade Area within ½ mile
463
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
Market
Vacancy Rate% for Office in Midwest region
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 office space, paved parking, and public utilities.
Where is this auto shop located?
The property is located at 2427 S Rundle Avenue 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: Four service bays with dedicated office space; 2,840 square feet on 0.13 acres; Paved asphalt lot completed in 2023
