Office Unit with Private
New
For Sale
$420,000
3448 E Lake Lansing Road, East Lansing, MI 48823
Professional office condominium with reception, kitchen, elevator access, and preserve-facing views.
Property Size2,487 SF
Days on Market4
Property Features for 3448 E Lake Lansing Road
General Information
Standard status
Active
Size
2,487 SF
Elevators
Yes
Property subtype
Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,862
Building Details
Building Size
2,487 SF
Year Built
2005
Buildings
1
Stories
1658
Units
1
Listing Agency:
eXp Realty, LLC
(517) 798-4035
Listed By:
Jennifer Worthington
(517) 798-4035
Source:
Thebrokeragehouse
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 8 at 1:02PM
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.
Built in 2005, this office condominium provides a professional layout with nine private offices, a reception area, and a kitchen. Elevator access supports convenient movement through the property, while expansive windows and a rear deck face a wildlife preserve and bring a quieter setting to the workplace.
The property is located along E Lake Lansing Road in East Lansing, with access to major thoroughfares, shopping, dining, MSU, and the greater Lansing market. Its configuration is suited to professional services, medical, counseling, financial, legal, and executive office operations.
The property is located along E Lake Lansing Road in East Lansing, with access to major thoroughfares, shopping, dining, MSU, and the greater Lansing market. Its configuration is suited to professional services, medical, counseling, financial, legal, and executive office operations.
Key Highlights
- Nine private offices plus reception and kitchen areas
- Elevator access within the office condominium
- Expansive windows and rear deck overlook 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
Current Use
Lease Details
Yes
Paved road access
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 - Professional office condominium with reception, kitchen, elevator access, and preserve-facing views.
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: Nine private offices plus reception and kitchen areas; Elevator access within the office condominium; Expansive windows and rear deck overlook a wildlife preserve
