Three-Level Professional Office
For Sale
$349,000
415 W Grand River Ave, East Lansing, MI 48823
Converted residence with private offices, multiple restrooms, a finished lower level, and off-street parking.
Property Size1,946 SF
Price / SF$179.34
Days on Market235
Property Features for 415 W Grand River Ave
General Information
Standard status
Active
Size
1,946 SF
Class
C
Total Parking Spaces
5
Property subtype
Office, Multifamily
Zoning
RM32
Additional Details
Road Access
Yes
Building Details
Building Size
1,946 SF
Year Built
1939
Buildings
1
Stories
3
Listing Agency:
RE/MAX COMMERCIAL GROUP
(517) 321-2800
Listed By:
Matthew Wisniewski · License #6501360426
(517) 321-2800
Source:
Cpix.resimplifi
Added: Jan 8
Changed: Aug 31
Last Checked: Aug 31 at 1:02AM
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 three-level office property at 415 W Grand River Ave in East Lansing is configured within a converted residence and contains 1,946 square feet. The finished walk-out lower level adds 1,484 square feet outside the stated total and includes offices, a handicap-accessible restroom, kitchenette, and an additional restroom. The main and upper levels provide waiting areas, private offices, restrooms, and separate front and rear stair access between levels.
The property carries RM32 zoning in the City of East Lansing and includes five off-street parking spaces. Its location on W Grand River Avenue places it just west of downtown East Lansing and near Michigan State University. The existing office layout can continue in its current format, while the source information also identifies single-family, duplex, and potential licensed student-rental use as alternatives under the applicable zoning guidelines.
The property carries RM32 zoning in the City of East Lansing and includes five off-street parking spaces. Its location on W Grand River Avenue places it just west of downtown East Lansing and near Michigan State University. The existing office layout can continue in its current format, while the source information also identifies single-family, duplex, and potential licensed student-rental use as alternatives under the applicable zoning guidelines.
Key Highlights
- 1,946 SF office building with a finished 1,484‑SF lower level excluded from the total
- RM32 zoning in the City of East Lansing
- Five off‑street parking spaces
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
$16,414
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
4.70%
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%
$328,280
$328.3K
Cap Rate 7%
$234,486
$234.5K
Cap Rate 9%
$182,378
$182.4K
Market Conditions
NOI Build-Up for 1,946 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
$28.0K $14.40/SF
− Vacancy
−$6.1K −$3.15/SF
EGI
$21.9K $11.25/SF
− OpEx
−$5.5K −$2.81/SF
NOI
$16.4K $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%
$328,280
Cap Rate 7%
$234,486
Cap Rate 9%
$182,378
Alternative Uses
Best Use
Office B
$234.5K
$205.2K – $273.6K
NOI $16,414 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$312.6K
$273.6K – $364.8K
NOI $21,885 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,344
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Converted residence with private offices, multiple restrooms, a finished lower level, and off-street parking.
Where is this office building located?
The property is located at 415 W Grand River Ave East Lansing, MI.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 1,946 SF office building with a finished 1,484‑SF lower level excluded from the total; RM32 zoning in the City of East Lansing; Five off‑street parking spaces
