Two-Story Office Headquarters with
For Sale
$1,950,000
3900 Capital City Boulevard, Lansing, MI 48906
COMMERCIAL - Other - Lansing, MI
Property Size10,200 SF
Lot Size22.00 Acres
Price / SF$191.18
Days on Market197
Property Features for 3900 Capital City Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Zoning
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 3, Bathroom 5, Bathroom 1, Bathroom 6, Bathroom 2, Bathroom 4, Bathroom 7
Parking
111
Parking features
Off Street, Driveway
Security features
Security System
Exterior features
Courtyard, Covered Courtyard, Lighting, Private Entrance, Storage
Accessibility
Accessible Elevator Installed, Accessible Approach with Ramp
Lot features
Front Yard, Interior Lot, Landscaped, Level, Near Public Transit, Open Lot, Corner Lot
Elementary school district
Lansing
Middle school district
Lansing
High school district
Lansing
Directions
Grand River - Capital City Blvd main entrance - 1/2 to property on right ( at corner)
Standard status
Active
APN
19-05-83-01-024-801
Size
10,200 SF
Lot size
22.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OLD PARCEL NUMBER 050-831-001-024-00 BUILDING ON LEASED LAND, SEC 31, CAPITAL CITY AIRPORT, T5NR2W. CLASS CHANGED TO COMMERCIAL REAL & PARCEL NUMBER CHANGED FROM 050-900-001-024-00 FOR 2003 ROLL. ADDED $200, 551 (1998) LEASEHOLD IMPROVEMENTS FROM 050 -900-003-100-00 - 2004 ROLL.
Tax Annual Amount
24392
Legal Description
OLD PARCEL NUMBER 050-831-001-024-00 BUILDING ON LEASED LAND, SEC 31, CAPITAL CITY AIRPORT, T5NR2W. CLASS CHANGED TO COMMERCIAL REAL & PARCEL NUMBER CHANGED FROM 050-900-001-024-00 FOR 2003 ROLL. ADDED $200, 551 (1998) LEASEHOLD IMPROVEMENTS FROM 050 -900-003-100-00 - 2004 ROLL.
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air, Central
Cooling system
Central Air
Water source
Public
Amenities
lighted parking
secure parking
signage
Building Details
Year built
1967
Floors in Building
2
Number of units
2
Flooring type
Combination
Building materials
Brick, Concrete
Roof type
Flat
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Keller Williams Realty Lansing
(517) 853-1200
Listed By:
Kenneth Burton · License #6501414220
(517) 242-2000
Added: Jan 26
Changed: Aug 4
Last Checked: Aug 11 at 7:06PM
MLS# 293664
Copyright © 2026 Greater Lansing Association of Realtors. 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.
Two-story corporate office headquarters built in 1967, designed to support professional, administrative, and executive operations. The exterior includes courtyard features and covered courtyard space, along with lighting, a private entrance, and storage. The property offers forced-air, central natural gas heating and central air conditioning, with flat roofing. An accessible approach with a ramp and an accessible elevator have been installed to support mobility needs. A roof was installed in October 2023.
An additional hangar-style building of 6,000 SF provides valuable ancillary space for secure storage, records management, or operational support. The site features private, lighted, secure on-site parking and is positioned adjacent to Capital Region International Airport.
The property is served by public water and public sewer, with off-street parking and driveway access.
An additional hangar-style building of 6,000 SF provides valuable ancillary space for secure storage, records management, or operational support. The site features private, lighted, secure on-site parking and is positioned adjacent to Capital Region International Airport.
The property is served by public water and public sewer, with off-street parking and driveway access.
Key Highlights
- Adjacent to Capital Region International Airport
- 22‑acre site with private, lighted, secure on‑site parking
- Additional 6,000 SF hangar‑style building for secure storage and records
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
$98,410
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
5.05%
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%
$1,968,200
$2.0M
Cap Rate 7%
$1,405,857
$1.4M
Cap Rate 9%
$1,093,444
$1.1M
Market Conditions
NOI Build-Up for 10,200 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
$164.0K $16.08/SF
− Vacancy
−$32.8K −$3.22/SF
EGI
$131.2K $12.86/SF
− OpEx
−$32.8K −$3.22/SF
NOI
$98.4K $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%
$1,968,200
Cap Rate 7%
$1,405,857
Cap Rate 9%
$1,093,444
Alternative Uses
Best Use
Office B
$1.41M
$1.23M – $1.64M
NOI $98,410 @ 7.0% cap · market cap 5.05%
Second Best
Warehouse
$1.18M
$1.03M – $1.37M
NOI $82,308 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $146,971 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
259
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?
Office building - Two-story corporate office headquarters adjacent to Capital Region International Airport, with a 6,000 SF hangar-style ancillary building.
Where is this office building located?
The property is located at 3900 Capital City Boulevard Lansing, MI.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Adjacent to Capital Region International Airport; 22‑acre site with private, lighted, secure on‑site parking; Additional 6,000 SF hangar‑style building for secure storage and records
