Freestanding Building on Corner
For Sale
Contact for pricing
4304 S Pennsylvania Ave, Lansing, MI 48910
1,836 SF building on 0.434 acres, versatile usage options.
Property Size1,836 SF
Lot Size0.43 Acres
Price / SF$269.61
Days on Market160
Property Features for 4304 S Pennsylvania Ave
General Information
Standard status
Active
Size
1,836 SF
Class
B
Lot size
0.43 Acres
Property subtype
Office, Retail
Zoning
E-1 APT
Building Details
Year Built
1996
Listing Agency:
NAI Mid-Michigan
(517) 281-5800
Listed By:
Jerome Abood · License #MI 6506045494
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:30AM
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 NAI Mid-Michigan
Investment Insights
Based on property information with market context.
This 1,836 SF freestanding building, constructed in 1996, is situated on a 0.434-acre corner lot. Zoned MX-C, the property offers versatile usage options, including used auto sales. The building features a front office/showroom facing the intersection and an attached drive-thru service bay suitable for reconditioning or customer delivery. Multiple curb cuts facilitate vehicle circulation. The property provides space for an estimated 25-40 vehicles on display, depending on layout, striping, and setback requirements, offering corner wrap exposure. A dedicated area is available for customer parking, separate from inventory. The property also supports vehicle intake without disrupting sales flow, on-site light service/reconditioning, detail prep and inspection, and a streamlined customer delivery experience. The property benefits from excellent visibility from both directions, presenting an environment for commercial ventures seeking a strategic and high-traffic location.
Key Highlights
- Prime 0.434‑acre corner lot with MX‑C zoning allows versatile usage options.
- High‑traffic location with excellent visibility.
- Freestanding 1,836 SF building built in 1996.
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
$17,714
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
3.58%
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%
$354,280
$354.3K
Cap Rate 7%
$253,057
$253.1K
Cap Rate 9%
$196,822
$196.8K
Market Conditions
NOI Build-Up for 1,836 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
$29.5K $16.08/SF
− Vacancy
−$5.9K −$3.22/SF
EGI
$23.6K $12.86/SF
− OpEx
−$5.9K −$3.22/SF
NOI
$17.7K $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%
$354,280
Cap Rate 7%
$253,057
Cap Rate 9%
$196,822
Alternative Uses
Best Use
Office B
$253.1K
$221.4K – $295.2K
NOI $17,714 @ 7.0% cap · market cap 3.58%
Second Best
Retail
$237.4K
$207.7K – $277.0K
NOI $16,618 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$377.9K
$330.7K – $440.9K
NOI $26,455 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
698
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48910, MI
33,702
Population
17,119
Households
2
Avg Household Size
35
Median Age
32%
College-Educated
91%
High-School Grad
14.2 sq mi
ZIP Area
2,373
Density / Sq Mi
$52,154
Median Household Income
$36,643
Median Earnings
$1,003
Median Rent
$117,600
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.
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Frequently Asked Questions
What type of property is this?
Automotive property - 1,836 SF building on 0.434 acres, versatile usage options.
Where is this automotive property located?
The property is located at 4304 S Pennsylvania Ave Lansing, MI.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Prime 0.434‑acre corner lot with MX‑C zoning allows versatile usage options.; High‑traffic location with excellent visibility.; Freestanding 1,836 SF building built in 1996.
