Auto Sales and Service
For Sale
$239,000
2937 S Martin Luther King Jr Blvd, Lansing, MI 48910
Auto sales and service site with a 1,251 sq. ft. shop, drive-in overhead door, and a fully paved lot for 50+ vehicles.
Property Size1,251 SF
Lot Size0.39 Acres
Price / SF$191.05
Days on Market131
Property Features for 2937 S Martin Luther King Jr Blvd
General Information
Standard status
Active
Size
1,251 SF
Class
C
Total Parking Spaces
45
Lot size
0.39 Acres
Property subtype
Retail
Zoning
MX-2
Occupancy
100%
Additional Details
Business Included
Yes
Drive-In Doors
1
Service Bays
1
Building Details
Building Size
1,251 SF
Year Built
1956
Stories
1
Tenancy
Single
Listing Agency:
RE/MAX COMMERCIAL GROUP
Listed By:
Matthew Wisniewski · License #6501360426
(517) 321-2800
Source:
Cpix.resimplifi
Added: Apr 27
Changed: Aug 8
Last Checked: Sep 4 at 2:18AM
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 COMMERCIAL GROUP
Investment Insights
Based on property information with market context.
This auto sales and service property includes a 1,251 sq. ft. building configured for automotive use, with a single drive-in overhead door into a service/detailing bay. The building also features a two-post hoist for maintenance and repairs, along with office space and restroom facilities. The site is supported by a fully paved, solid-surface concrete lot designed for vehicle display and parking.
The hardscape provides capacity for 50+ vehicles, supporting both inventory showcasing and customer parking. The property is located along South Martin Luther King Jr Boulevard in the City of Lansing, offering easy access and high visibility for retail automotive businesses.
Currently occupied by an in-place tenant, the property provides immediate rental income. The overall setup is suited for auto sales, detailing, light service, or a combination of automotive uses.
The hardscape provides capacity for 50+ vehicles, supporting both inventory showcasing and customer parking. The property is located along South Martin Luther King Jr Boulevard in the City of Lansing, offering easy access and high visibility for retail automotive businesses.
Currently occupied by an in-place tenant, the property provides immediate rental income. The overall setup is suited for auto sales, detailing, light service, or a combination of automotive uses.
Key Highlights
- 0.386‑acre fully paved (concrete) auto lot with capacity for 50+ vehicles for sales display and customer parking
- 1,251 sq ft automotive building with a single drive‑in overhead door into a service/detailing bay
- Two‑post hoist included for vehicle maintenance and repairs, supporting sales, detailing, or light service work
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
$11,323
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
4.74%
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%
$226,460
$226.5K
Cap Rate 7%
$161,757
$161.8K
Cap Rate 9%
$125,811
$125.8K
Market Conditions
NOI Build-Up for 1,251 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
$18.8K $15.00/SF
− Vacancy
−$2.6K −$2.07/SF
EGI
$16.2K $12.93/SF
− OpEx
−$4.9K −$3.88/SF
NOI
$11.3K $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%
$226,460
Cap Rate 7%
$161,757
Cap Rate 9%
$125,811
Alternative Uses
Best Use
Retail
$161.8K
$141.5K – $188.7K
NOI $11,323 @ 7.0% cap · market cap 4.74%
Second Best
Industrial
$116.1K
$101.6K – $135.5K
NOI $8,128 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$257.5K
$225.3K – $300.4K
NOI $18,026 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
1
Service bays
100%
Occupancy
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
776
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.
Similar Off Market Nearby
- Midas — 3800 S Martin Luther King Jr Blvd, Lansing, MI 48910
- CASTLE TIRES LLC — 4000 S Martin Luther King Jr Blvd, Lansing, MI 48910
- Shaheen Wholesale Parts Warehouse — 3901 S Martin Luther King Jr Blvd, Lansing, MI 48910
- Shaheen Collision Center — 3901 S Martin Luther King Jr Blvd, Lansing, MI 48910
- Randall Automotive — 3615 S Martin Luther King Jr Blvd, Lansing, MI 48910
Frequently Asked Questions
What type of property is this?
Auto shop - Auto sales and service site with a 1,251 sq. ft. shop, drive-in overhead door, and a fully paved lot for 50+ vehicles.
Where is this auto shop located?
The property is located at 2937 S Martin Luther King Jr Blvd Lansing, MI.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: 0.386‑acre fully paved (concrete) auto lot with capacity for 50+ vehicles for sales display and customer parking; 1,251 sq ft automotive building with a single drive‑in overhead door into a service/detailing bay; Two‑post hoist included for vehicle maintenance and repairs, supporting sales, detailing, or light service work
