Two-Unit Retail
New
For Sale
$279,000
3318-3320 S Cedar St, Lansing, MI 48910
Both commercial units include full basements, adding below-grade space to the property.
Property Size2,500 SF
Days on Market2
Property Features for 3318-3320 S Cedar St
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$8,390
Amenities
full basements
Building Details
Building Size
2,500 SF
Year Built
1947
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
BHHS Kee Realty
(248) 709-6696
Listed By:
Frank Jajou · License #6501440153
(248) 709-6696
Source:
Buyatthelake
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 5:32AM
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 BHHS Kee Realty
Investment Insights
Based on property information with market context.
This 1947 retail building contains two commercial units, each with a full basement. The property is zoned Commercial, providing a straightforward framework for its existing commercial configuration. The left-side unit is leased to Boost Mobile, while the source information identifies both building sections as commercial space.
Located at 3318-3320 S Cedar St in Lansing, Michigan, the property presents a two-unit arrangement with street-facing commercial space and additional below-grade areas. The full basements expand the physical layout of both units and may support storage or other uses associated with the occupants, subject to applicable requirements.
Located at 3318-3320 S Cedar St in Lansing, Michigan, the property presents a two-unit arrangement with street-facing commercial space and additional below-grade areas. The full basements expand the physical layout of both units and may support storage or other uses associated with the occupants, subject to applicable requirements.
Key Highlights
- Two commercial units within one retail building
- Full basement included with each unit
- Left‑side unit leased to Boost Mobile
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
$22,628
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
8.11%
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%
$452,560
$452.6K
Cap Rate 7%
$323,257
$323.3K
Cap Rate 9%
$251,422
$251.4K
Market Conditions
NOI Build-Up for 2,500 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
$37.5K $15.00/SF
− Vacancy
−$5.2K −$2.07/SF
EGI
$32.3K $12.93/SF
− OpEx
−$9.7K −$3.88/SF
NOI
$22.6K $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%
$452,560
Cap Rate 7%
$323,257
Cap Rate 9%
$251,422
Alternative Uses
Best Use
Retail
$323.3K
$282.9K – $377.1K
NOI $22,628 @ 7.0% cap · market cap 8.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$514.6K
$450.3K – $600.4K
NOI $36,022 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
194
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?
Retail space - Both commercial units include full basements, adding below-grade space to the property.
Where is this retail space located?
The property is located at 3318-3320 S Cedar St Lansing, MI.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Two commercial units within one retail building; Full basement included with each unit; Left‑side unit leased to Boost Mobile
