Office Condominium with Nine
For Sale
$420,000
3448 E Lake Lansing Rd, East Lansing, MI 48823
Professionally maintained office condominium with reception, kitchen, elevator access, and a rear deck overlooking a wildlife preserve.
Property Size2,487 SF
Price / SF$168.88
Days on Market25
Property Features for 3448 E Lake Lansing Rd
General Information
Standard status
Active
Size
2,487 SF
Elevators
Yes
Additional Details
Road Access
Yes
Building Details
Year Built
2005
Listing Agency:
eXp Realty, LLC
(517) 798-4035
Listed By:
Jennifer Worthington
Source:
Katie-k
Added: Aug 5
Changed: Aug 28
Last Checked: Aug 29 at 12:24PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This 2,487-square-foot office condominium, completed in 2005, provides a structured professional setting with nine private offices, a reception area, kitchen, elevator access, expansive windows, and a rear deck. The configuration is suited to professional services, medical, counseling, financial, legal, and executive office operations.
The property is located at 3448 E Lake Lansing Rd in East Lansing, with access to major thoroughfares, shopping, dining, MSU, and the greater Lansing market. Views toward a wildlife preserve add a quiet natural setting to the office environment while maintaining convenient commercial access.
The property is located at 3448 E Lake Lansing Rd in East Lansing, with access to major thoroughfares, shopping, dining, MSU, and the greater Lansing market. Views toward a wildlife preserve add a quiet natural setting to the office environment while maintaining convenient commercial access.
Key Highlights
- 2,487‑square‑foot office condominium completed in 2005
- Nine private offices with reception area and kitchen
- Elevator access and expansive windows
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
$20,977
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
4.99%
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%
$419,540
$419.5K
Cap Rate 7%
$299,671
$299.7K
Cap Rate 9%
$233,078
$233.1K
Market Conditions
NOI Build-Up for 2,487 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
$35.8K $14.40/SF
− Vacancy
−$7.8K −$3.15/SF
EGI
$28.0K $11.25/SF
− OpEx
−$7.0K −$2.81/SF
NOI
$21.0K $8.43/SF
Area
Ingham County, MI
Vacancy
21.90%
Lease Rate
$14.40 /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%
$419,540
Cap Rate 7%
$299,671
Cap Rate 9%
$233,078
Alternative Uses
Best Use
Office B
$299.7K
$262.2K – $349.6K
NOI $20,977 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$399.6K
$349.6K – $466.2K
NOI $27,970 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
482
Businesses Nearby
Explore this area
Business Placement
Demographics for 48823, MI
51,793
Population
23,757
Households
2.2
Avg Household Size
28
Median Age
64%
College-Educated
98%
High-School Grad
23.6 sq mi
ZIP Area
2,195
Density / Sq Mi
$50,837
Median Household Income
$19,837
Median Earnings
$1,127
Median Rent
$261,100
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?
Office units - Professionally maintained office condominium with reception, kitchen, elevator access, and a rear deck overlooking a wildlife preserve.
Where is this office units located?
The property is located at 3448 E Lake Lansing Rd East Lansing, MI.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: 2,487‑square‑foot office condominium completed in 2005; Nine private offices with reception area and kitchen; Elevator access and expansive windows
