Flex Property with Office and
For Sale
Contact for pricing
3002 TURNER ST, Lansing, MI 48906
Combined office and workshop improvements offer a professional setting with dedicated operational space.
Property Size5,500 SF
Price / SF$127.25
Days on Market119
Property Features for 3002 TURNER ST
General Information
Standard status
Active
Size
5,500 SF
Total Parking Spaces
6
Property subtype
Office, Mixed Use
Occupancy
100%
Building Details
Year Built
1979
Stories
1
Units
6
Listing Agency:
RE/MAX Real Estate Professionals
(517) 236-8598
Listed By:
Mario Baldino · License #6501415320
Source:
Crexi
Added: May 6
Changed: Aug 29
Last Checked: Aug 31 at 8:00PM
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 flex property combines a nearly 3,000-square-foot office building with a fully renovated garage and shop area exceeding 4,700 square feet. The office includes a conference room finished with marble flooring and premium woodwork, along with an upper-level private suite featuring a full tiled bathroom. The layout supports executive use, additional workspace, or a separate rental arrangement as described in the property information.
The shop includes insulated interior walls with rigid foam board and a dual-zone mini-split system serving the enclosed east-end area. Durable 6x6 framing and TJI joist construction are incorporated throughout the improvements. The property is located at 3002 Turner St in Lansing, Michigan.
The shop includes insulated interior walls with rigid foam board and a dual-zone mini-split system serving the enclosed east-end area. Durable 6x6 framing and TJI joist construction are incorporated throughout the improvements. The property is located at 3002 Turner St in Lansing, Michigan.
Key Highlights
- Nearly 3,000‑square‑foot office building paired with a shop exceeding 4,700 square feet
- Conference room with marble flooring and premium wood finishes
- Upper‑level private suite with a full tiled bathroom
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
$53,064
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
7.58%
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%
$1,061,280
$1.1M
Cap Rate 7%
$758,057
$758.1K
Cap Rate 9%
$589,600
$589.6K
Market Conditions
NOI Build-Up for 5,500 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
$88.4K $16.08/SF
− Vacancy
−$17.7K −$3.22/SF
EGI
$70.8K $12.86/SF
− OpEx
−$17.7K −$3.22/SF
NOI
$53.1K $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%
$1,061,280
Cap Rate 7%
$758,057
Cap Rate 9%
$589,600
Alternative Uses
Best Use
Office B
$758.1K
$663.3K – $884.4K
NOI $53,064 @ 7.0% cap · market cap 7.58%
Second Best
Warehouse
$634.0K
$554.8K – $739.7K
NOI $44,382 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$1.13M
$990.6K – $1.32M
NOI $79,249 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Under-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 workshop improvements offer a professional setting with dedicated operational space.
Where is this flex space located?
The property is located at 3002 TURNER ST 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‑square‑foot office building paired with a shop exceeding 4,700 square feet; Conference room with marble flooring and premium wood finishes; Upper‑level private suite with a full tiled bathroom
