Office-Warehouse Flex
For Sale
$699,900
3002/3008 Turner Road, Lansing, MI 48906
Combined office and shop improvements provide a professional front-of-house setting with functional workspace for active business operations.
Property Size3,000 SF
Price / SF$233.30
Days on Market123
Property Features for 3002/3008 Turner Road
General Information
Standard status
Active
Size
3,000 SF
Warehouse & Industrial
Warehouse Space
4,700 SF
Office Build-Out
3,000 SF
Taxes and HOA fees
Annual Taxes
$27,154
Amenities
conference room
Building Details
Buildings
2
Construction
6x6 framing
Listing Agency:
RE/MAX Real Estate Professionals
(517) 321-8255
Listed By:
Mario R Baldino · License #6501415320
(517) 490-1230
Source:
Exprealty
Added: May 6
Changed: Sep 4
Last Checked: Sep 4 at 3:07PM
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 Real Estate Professionals
Investment Insights
Based on property information with market context.
This Lansing flex property combines a newly constructed office building with a renovated garage and shop area. The office component measures nearly 3,000 square feet and includes high-end finishes, a conference room with marble flooring, premium woodwork, and an upper-level private suite with a tiled full bathroom. The layout supports executive use, additional workspace, or a separate rental or residential conversion, as described in the property information.
The adjacent shop area provides more than 4,700 square feet and includes insulated interior walls using rigid foam board. A dual-zone mini-split system serves the enclosed east-end area for climate control. Construction details include durable 6x6 framing and TJI joists, creating a substantial configuration for office and workshop use.
The adjacent shop area provides more than 4,700 square feet and includes insulated interior walls using rigid foam board. A dual-zone mini-split system serves the enclosed east-end area for climate control. Construction details include durable 6x6 framing and TJI joists, creating a substantial configuration for office and workshop use.
Key Highlights
- Nearly 3,000 sq. ft. newly constructed office building
- More than 4,700 sq. ft. renovated garage and shop area
- Conference room with marble flooring and premium wood finishes
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
$28,944
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
4.14%
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%
$578,880
$578.9K
Cap Rate 7%
$413,486
$413.5K
Cap Rate 9%
$321,600
$321.6K
Market Conditions
NOI Build-Up for 3,000 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
$48.2K $16.08/SF
− Vacancy
−$9.6K −$3.22/SF
EGI
$38.6K $12.86/SF
− OpEx
−$9.6K −$3.22/SF
NOI
$28.9K $9.65/SF
Area
Lansing, MI
Vacancy
20.00%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
25.00%
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%
$578,880
Cap Rate 7%
$413,486
Cap Rate 9%
$321,600
Alternative Uses
Best Use
Office B
$413.5K
$361.8K – $482.4K
NOI $28,944 @ 7.0% cap · market cap 4.14%
Second Best
Warehouse
$345.8K
$302.6K – $403.5K
NOI $24,208 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$617.5K
$540.3K – $720.5K
NOI $43,227 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48906, MI
25,674
Population
12,180
Households
2.1
Avg Household Size
37
Median Age
29%
College-Educated
91%
High-School Grad
32.5 sq mi
ZIP Area
790
Density / Sq Mi
$61,533
Median Household Income
$38,551
Median Earnings
$1,033
Median Rent
$128,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Combined office and shop improvements provide a professional front-of-house setting with functional workspace for active business operations.
Where is this flex space located?
The property is located at 3002/3008 Turner Road Lansing, MI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Nearly 3,000 sq. ft. newly constructed office building; More than 4,700 sq. ft. renovated garage and shop area; Conference room with marble flooring and premium wood finishes
