Two-Unit Retail Storefront
For Sale
$279,000
3318-3320 S Cedar St, Lansing, MI 48910
COMMERCIAL - Lansing, MI
Property Size2,500 SF
Lot Size0.53 Acres
Price / SF$111.60
Days on Market198
Property Features for 3318-3320 S Cedar St
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Subdivision
OAK CREST SUB
Elementary school district
Lansing
Middle school district
Lansing
High school district
Lansing
Directions
Corner Cedar/Holmes Rd
Standard status
Active
APN
33010128454112
Size
2,500 SF
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
S 128 FT OF N 178 FT LOT 15 BLOCK 2 OAK CREST SUB SPLIT/COMBINED ON 10/19/2017 FROM 33-01-01-28-454-121, 33-01-01-28-
Tax Annual Amount
8390
Legal Description
S 128 FT OF N 178 FT LOT 15 BLOCK 2 OAK CREST SUB SPLIT/COMBINED ON 10/19/2017 FROM 33-01-01-28-454-121, 33-01-01-28-
Utilities
Heating system
Forced Air, Hot Water(Heating)
Building Details
Year built
1947
Floors in Building
1
Number of units
2
Building materials
Block
Listing Agency:
BHHS Kee Realty
(248) 651-1200
Listed By:
Frank Jajou · License #440153
(517) 819-5888
Added: Jan 26
Changed: Aug 6
Last Checked: Aug 12 at 12:06PM
MLS# 26003042
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This for-sale two-unit storefront building offers two separate commercial spaces with full basements. The property includes Building 1 and Building 2 descriptions as commercial, with each unit having a full basement that can support day-to-day back-of-house use.
The building is located at 3318-3320 S Cedar St in Lansing, MI 48910. The left side unit is currently rented to Boost Mobile.
With approximately 2,500 square feet total on a 0.53-acre lot, the property is configured to operate as a two-tenant commercial income asset along S Cedar St.
The building is located at 3318-3320 S Cedar St in Lansing, MI 48910. The left side unit is currently rented to Boost Mobile.
With approximately 2,500 square feet total on a 0.53-acre lot, the property is configured to operate as a two-tenant commercial income asset along S Cedar St.
Key Highlights
- Two‑unit commercial income property with full basements for each unit
- Left side unit is rented to Boost Mobile
- Block construction with heating including hot water (heating) and forced air
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
466
Businesses Nearby
Under-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
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Frequently Asked Questions
What type of property is this?
Storefront property - Two leased commercial units on S Cedar St, each with a full basement for added storage or workspace.
Where is this storefront property 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‑unit commercial income property with full basements for each unit; Left side unit is rented to Boost Mobile; Block construction with heating including hot water (heating) and forced air
