Former Bank Building
For Sale
$250,000
2521 South Cedar Street, Lansing, MI 48910
2,328 sq ft former bank branch on 0.6 acres.
Property Size2,328 SF
Lot Size0.60 Acres
Price / SF$107.39
Days on Market148
Property Features for 2521 South Cedar Street
General Information
Standard status
Active
Size
2,328 SF
Lot size
0.60 Acres
Property subtype
Office Building
Amenities
The original working bank vault—a secure, iconic asset that adds tremendous value for businesses needing high-security storage, safes, or as a distinctive marketing element.
Versatile interior configuration mixing spacious open areas (ideal for retail, reception, or collaborative spaces) with multiple private offices for flexible use or tenant customization.
Modern updates from the 2017 renovation, including a remodeled entryway, counters, and flooring for a clean, professional appearance.
Expansive parking via a large rear lot that extends across the entire block, providing abundant, convenient off-street spaces for customers and staff—plus a standalone drive-thru lane for drive-up convenience or additional functionality.
Partial basement offering extra storage, a second restroom, and mechanical room space.
Building Details
Building Size
2,328 SF
Listing Agency:
RE/MAX
(517) 321-2800
Listed By:
Matthew Wisniewski · License #6501360426
(517) 321-2800
Source:
Remaxcommercial
Added: Apr 3
Changed: Aug 25
Last Checked: Aug 26 at 5:24AM
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 RE/MAX
Investment Insights
Based on property information with market context.
This 2,328 sq ft single-story Class B commercial property, originally built in 1937 and renovated in 2017, is a former bank branch situated on a 0.6-acre hard corner parcel. The property is located at the signalized intersection of S Cedar Street and Greenlawn Avenue in south Lansing, offering frontage on three streets and high daily traffic counts. It is positioned in a bustling southside Lansing corridor, near major thoroughfares, residential neighborhoods, and everyday amenities. The location is suitable for retail, office, financial services, medical, professional use, or a dispensary/secure business operation. The property includes a preserved working bank vault, spacious open areas, multiple private offices, and a partial basement offering extra storage, a second restroom, and a mechanical room. Modern updates from the 2017 renovation include a remodeled entryway, counters, and flooring. A large rear lot provides abundant off-street parking for customers and staff, plus a standalone drive-thru lane.
Key Highlights
- High‑visibility hard corner location at a signalized intersection with frontage on three streets and high daily traffic counts.
- Former bank building with a preserved, working vault, offering unique security and marketing potential.
- Generous 0.6‑acre parcel with expansive parking and a standalone drive‑thru lane.
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
$21,071
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%
$421,420
$421.4K
Cap Rate 7%
$301,014
$301.0K
Cap Rate 9%
$234,122
$234.1K
Market Conditions
NOI Build-Up for 2,328 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
$34.9K $15.00/SF
− Vacancy
−$4.8K −$2.07/SF
EGI
$30.1K $12.93/SF
− OpEx
−$9.0K −$3.88/SF
NOI
$21.1K $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%
$421,420
Cap Rate 7%
$301,014
Cap Rate 9%
$234,122
Alternative Uses
Best Use
Specialty Retail
$355.6K
$311.1K – $414.9K
NOI $24,891 @ 7.0% cap · market cap 9.96%
Second Best
Retail
$301.0K
$263.4K – $351.2K
NOI $21,071 @ 7.0% cap · market cap 8.43%
Theoretical Best
Office A
$479.2K
$419.3K – $559.1K
NOI $33,544 @ 7.0% cap · market cap 13.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
886
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?
Bank - 2,328 sq ft former bank branch on 0.6 acres.
Where is this bank located?
The property is located at 2521 South Cedar Street Lansing, MI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: High‑visibility hard corner location at a signalized intersection with frontage on three streets and high daily traffic counts.; Former bank building with a preserved, working vault, offering unique security and marketing potential.; Generous 0.6‑acre parcel with expansive parking and a standalone drive‑thru lane.
