Office Units with Remodeled Lower
For Sale
Contact for pricing
400 S Waverly Rd, Lansing, MI 48917
Fully remodeled lower level office with kitchen, private office, full bath, and laundry hookups.
Property Size832 SF
Price / SF$144.11
Days on Market116
Property Features for 400 S Waverly Rd
General Information
Standard status
Active
Size
832 SF
Property subtype
OFFICE
Listing Agency:
RE/MAX Commercial Group
(517) 321-2800
Listed By:
Matthew Wisniewski · License #6501360426
Source:
Moodyscre
Added: Apr 16
Changed: Jul 30
Last Checked: Aug 8 at 10:25AM
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 RE/MAX Commercial Group
Investment Insights
Based on property information with market context.
This office units property features a fully remodeled lower level built for flexible day-to-day use. The lower level includes a fully equipped kitchen with appliances, updated vinyl plank flooring, a full bathroom, laundry hookups, and a private office space. The layout is designed to support a range of office and service-based operations.
The property is well maintained, with recent exterior improvements including a newer roof installed in 2019 and updated siding. The total property size is 832 square feet.
Located at 400 S Waverly Rd in Lansing, MI 48917, the space is positioned for businesses seeking a functional, self-contained lower-level work area with dedicated interior amenities like a kitchen, bath, and private office.
The property is well maintained, with recent exterior improvements including a newer roof installed in 2019 and updated siding. The total property size is 832 square feet.
Located at 400 S Waverly Rd in Lansing, MI 48917, the space is positioned for businesses seeking a functional, self-contained lower-level work area with dedicated interior amenities like a kitchen, bath, and private office.
Key Highlights
- Fully remodeled lower level office with private office and updated vinyl plank flooring
- Fully equipped kitchen with appliances, plus a full bathroom
- Laundry hookups available in the lower level
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
$8,027
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
6.69%
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%
$160,540
$160.5K
Cap Rate 7%
$114,671
$114.7K
Cap Rate 9%
$89,189
$89.2K
Market Conditions
NOI Build-Up for 832 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
$13.4K $16.08/SF
− Vacancy
−$2.7K −$3.22/SF
EGI
$10.7K $12.86/SF
− OpEx
−$2.7K −$3.22/SF
NOI
$8.0K $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%
$160,540
Cap Rate 7%
$114,671
Cap Rate 9%
$89,189
Alternative Uses
Best Use
Office B
$114.7K
$100.3K – $133.8K
NOI $8,027 @ 7.0% cap · market cap 6.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$171.3K
$149.9K – $199.8K
NOI $11,988 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
Explore this area
Business Placement
Demographics for 48917, MI
32,679
Population
15,975
Households
2
Avg Household Size
41
Median Age
40%
College-Educated
94%
High-School Grad
24.0 sq mi
ZIP Area
1,362
Density / Sq Mi
$73,259
Median Household Income
$47,739
Median Earnings
$1,085
Median Rent
$211,300
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 - Fully remodeled lower level office with kitchen, private office, full bath, and laundry hookups.
Where is this office units located?
The property is located at 400 S Waverly Rd Lansing, MI.
What is the asking price?
The asking price for this property is $119,900.
What are key features of this property?
This property features: Fully remodeled lower level office with private office and updated vinyl plank flooring; Fully equipped kitchen with appliances, plus a full bathroom; Laundry hookups available in the lower level
