Professional Office
For Sale
$420,000
3448 E Lake Lansing Road, East Lansing, MI 48823
COMMERCIAL - East Lansing, MI
Property Size2,487 SF
Lot Size0.02 Acres
Price / SF$168.88
Days on Market70
Property Features for 3448 E Lake Lansing Road
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Interior features
Broadband
Subdivision
Gaslight Village
Elementary school district
East Lansing
Middle school district
East Lansing
High school district
East Lansing
Standard status
Active
APN
33-20-02-06-301-103
Size
2,487 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT # 3 GASLIGHT VILLAGE OFFICE CONDOMINIUM
Tax Annual Amount
5862
Legal Description
UNIT # 3 GASLIGHT VILLAGE OFFICE CONDOMINIUM
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2005
Number of units
1
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 501-7085
Listed By:
Jennifer Worthington
(517) 798-4035
Added: Jun 4
Changed: Aug 11
Last Checked: Aug 12 at 11:06AM
MLS# 26031556
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.
Professional office condominium within the Gaslight Village Business Site Condominiums at 3448 E Lake Lansing Road. Built in 2005, the unit offers nine private offices plus a welcoming reception area, a kitchen, and convenient elevator access. Additional space includes two bathrooms and a basement. Interior features include broadband, with cable available for connectivity. The building exterior is wood siding, and the roof is composition.
The office is located along E Lake Lansing Road and is described as having rear deck views over a nearby wildlife preserve. Heating is forced air and cooling is central air.
This configuration supports a range of professional and service-focused office uses, including medical, counseling, financial, legal, and executive office operations.
The office is located along E Lake Lansing Road and is described as having rear deck views over a nearby wildlife preserve. Heating is forced air and cooling is central air.
This configuration supports a range of professional and service-focused office uses, including medical, counseling, financial, legal, and executive office operations.
Key Highlights
- Gaslight Village Business Site Condominiums office condominium
- Nine private offices plus reception area and kitchen
- Elevator access, rear deck, and views over a wildlife preserve
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
Healthcare Medical
$299.7K
$262.2K – $349.6K
NOI $20,977 @ 7.0% cap · market cap 4.99%
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
Location Intelligence
Trade Area within ½ mile
323
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 - Office condominium built in 2005 with nine private offices, central air, and elevator access within the Gaslight Village Business Site.
Where is this office units located?
The property is located at 3448 E Lake Lansing Road 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: Gaslight Village Business Site Condominiums office condominium; Nine private offices plus reception area and kitchen; Elevator access, rear deck, and views over a wildlife preserve
