Prime Redevelopment Opportunity
For Sale
Contact for pricing
Pending
4400 N Grand River Ave, Lansing, MI 48906
Corner lot near Capital City Airport, Lansing, MI.
Property Size4,578 SF
Days on Market1369
Property Features for 4400 N Grand River Ave
General Information
Standard status
Pending
Size
4,578 SF
Class
B
Property subtype
Retail
Zoning
COMMERCIAL
Lease Type
NNN
Building Details
Year Built
1976
Buildings
2
Stories
1
Units
2
Listing Agency:
The ReMax Collection
Listed By:
Tim Sabrosky · License #MI 6501389687
(517) 285-3017
Source:
Crexi
Added: Dec 6, 2022
Changed: Aug 24
Last Checked: Sep 4 at 2:35PM
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 The ReMax Collection
Investment Insights
Based on property information with market context.
This property presents a prime redevelopment opportunity situated on the corner of Grande River Ave and Capital City Blvd, directly in front of the Capital City Airport. The location offers frontage and accessibility suitable for various uses that the City of Lansing would consider. The existing buildings, with a total size of 4578 square feet, were previously a Burger King and a bank. The seller is open to selling each offering independently.
Key Highlights
- Prime re‑development opportunity.
- Located on the corner of Grande River Ave and Capital City Blvd, in front of Capital City Airport.
- Incredible frontage and accessibility.
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
$41,435
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
5.52%
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%
$828,700
$828.7K
Cap Rate 7%
$591,929
$591.9K
Cap Rate 9%
$460,389
$460.4K
Market Conditions
NOI Build-Up for 4,578 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
$68.7K $15.00/SF
− Vacancy
−$9.5K −$2.07/SF
EGI
$59.2K $12.93/SF
− OpEx
−$17.8K −$3.88/SF
NOI
$41.4K $9.05/SF
Area
Lansing, MI
Vacancy
13.80%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$828,700
Cap Rate 7%
$591,929
Cap Rate 9%
$460,389
Alternative Uses
Best Use
Retail
$591.9K
$517.9K – $690.6K
NOI $41,435 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$942.3K
$824.6K – $1.10M
NOI $65,964 @ 7.0% cap · market cap 8.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
287
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Corner lot near Capital City Airport, Lansing, MI.
Where is this retail space located?
The property is located at 4400 N Grand River Ave Lansing, MI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Prime re‑development opportunity.; Located on the corner of Grande River Ave and Capital City Blvd, in front of Capital City Airport.; Incredible frontage and accessibility.
