Two-Unit Storefront
For Sale
$279,000
33183320 3318-3320 S Cedar St, Lansing, MI 48910
Both commercial suites include full basements that expand the available space beneath each unit.
Property Size2,500 SF
Price / SF$111.60
Days on Market35
Property Features for 33183320 3318-3320 S Cedar St
General Information
Standard status
Active
Size
2,500 SF
Building Details
Year Built
1947
Buildings
2
Tenancy
Multi
Listing Agency:
BHHS Kee Realty
(248) 709-6696
Listed By:
Frank Jajou · License #6501440153
Source:
Katie-k
Added: Jul 28
Changed: Aug 30
Last Checked: Aug 31 at 7:31PM
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 two-unit storefront property contains commercial space in both suites, with a full basement beneath each one. The left-hand unit is occupied by Boost Mobile, while the second unit is also configured for commercial use.
Constructed in 1947, the property offers a straightforward two-suite layout with lower-level space that can support storage or other uses associated with the commercial units.
Constructed in 1947, the property offers a straightforward two-suite layout with lower-level space that can support storage or other uses associated with the commercial units.
Key Highlights
- Two‑unit commercial storefront property
- Full basement beneath both commercial units
- Boost Mobile occupies the left‑hand unit
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
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
179
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 - Both commercial suites include full basements that expand the available space beneath each unit.
Where is this storefront property located?
The property is located at 33183320 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 storefront property; Full basement beneath both commercial units; Boost Mobile occupies the left‑hand unit
