Lansing Airport Hangar with
For Sale
$649,000
3800 Capital City Blvd, Lansing, MI 48906
Versatile aviation property with hangar and office suites for sale.
Property Size2,400 SF
Lot Size0.66 Acres
Days on Market266
Property Features for 3800 Capital City Blvd
General Information
Standard status
Active
Size
2,400 SF
Lot size
0.66 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$15,660
Building Details
Building Size
2,400 SF
Year Built
1972
Listing Agency:
(810) 498-4016
Listed By:
Ashley Andrews · License #MCAR-6501418707
(810) 498-4016
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 17
Last Checked: Aug 20 at 10:35AM
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 Ashley Andrews
Investment Insights
Based on property information with market context.
Located on Lansing Airport property with secured airfield access, this 10,880 SF building offers versatility and unmatched convenience for aviation-aligned businesses or corporate users. The property includes a fully occupied office suite (Suite A), a 2,400 SF professional office (Suite B) available for lease at $1/SF/month NNN, and a 5,760 SF private hangar with an attached office and half bath. The hangar features private access and connects directly to the airport apron. Lansing’s central location provides immediate access to I-96, I-69, and US-127—just over an hour from both Detroit and Grand Rapids, and a straight shot north to Traverse City. Whether for private aviation, executive travel, or strategic business expansion, this property offers a rare opportunity to establish a foothold in the heart of Michigan.
Key Highlights
- Secured airfield access on Lansing Airport property.
- 5,760 SF private hangar with direct apron access.**
- 2,400 SF professional office suite available for lease.
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
$23,155
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
3.57%
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%
$463,100
$463.1K
Cap Rate 7%
$330,786
$330.8K
Cap Rate 9%
$257,278
$257.3K
Market Conditions
NOI Build-Up for 2,400 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
$38.6K $16.08/SF
− Vacancy
−$7.7K −$3.22/SF
EGI
$30.9K $12.86/SF
− OpEx
−$7.7K −$3.22/SF
NOI
$23.2K $9.65/SF
Area
Lansing, MI
Vacancy
20.00%
Lease Rate
$16.08 /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%
$463,100
Cap Rate 7%
$330,786
Cap Rate 9%
$257,278
Alternative Uses
Best Use
Office B
$330.8K
$289.4K – $385.9K
NOI $23,155 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$494.0K
$432.3K – $576.4K
NOI $34,581 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Explore this area
Business Placement
Demographics for 48906, MI
25,674
Population
12,180
Households
2.1
Avg Household Size
37
Median Age
29%
College-Educated
91%
High-School Grad
32.5 sq mi
ZIP Area
790
Density / Sq Mi
$61,533
Median Household Income
$38,551
Median Earnings
$1,033
Median Rent
$128,600
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?
Aviation real estate - Versatile aviation property with hangar and office suites for sale.
Where is this aviation real estate located?
The property is located at 3800 Capital City Blvd Lansing, MI.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Secured airfield access on Lansing Airport property.; 5,760 SF private hangar with direct apron access.**; 2,400 SF professional office suite available for lease.
