Medical Office Building with Exam
For Sale
Contact for pricing
5100 S Pennsylvania Ave, Lansing, MI 48911
Barrier-free entry and adaptable interior support medical or professional operations.
Property Size3,019 SF
Price / SF$107.65
Days on Market356
Property Features for 5100 S Pennsylvania Ave
General Information
Standard status
Active
Size
3,019 SF
Class
C
Total Parking Spaces
26
Property subtype
Office, Retail, Special Purpose
Zoning
E-2 LOC
Building Details
Year Built
1977
Buildings
1
Stories
1
Listing Agency:
RE/MAX Commercial Group
(517) 321-2800
Listed By:
Matthew Wisniewski · License #MI 6501360426
Source:
Crexi
Added: Sep 10, 2025
Changed: Aug 30
Last Checked: Aug 30 at 7:34AM
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.
Positioned at the corner of South Pennsylvania Avenue and East Jolly Road, this 3,019-square-foot medical office property is currently configured for dental use. The interior includes four exam rooms with sinks, another exam or office room, a reception area with natural light and a pass-through window, and a private office suitable for consultation or meetings. Barrier-free entry supports accessible customer and staff circulation.
A dry basement provides substantial storage capacity. Exterior signage can be placed toward both South Pennsylvania Avenue and East Jolly Road. The property was built in 1977 and carries E-2 LOC zoning. Its existing layout and stated flexibility support consideration for medical, professional, specialty, or retail applications.
A dry basement provides substantial storage capacity. Exterior signage can be placed toward both South Pennsylvania Avenue and East Jolly Road. The property was built in 1977 and carries E-2 LOC zoning. Its existing layout and stated flexibility support consideration for medical, professional, specialty, or retail applications.
Key Highlights
- 3,019‑square‑foot medical office property at 5100 S Pennsylvania Ave, Lansing, MI 48911
- Four exam rooms with sinks plus one additional exam/office space
- Reception area with natural light, pass‑through window, and greeting space
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
$29,127
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
8.96%
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%
$582,540
$582.5K
Cap Rate 7%
$416,100
$416.1K
Cap Rate 9%
$323,633
$323.6K
Market Conditions
NOI Build-Up for 3,019 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
$48.5K $16.08/SF
− Vacancy
−$9.7K −$3.22/SF
EGI
$38.8K $12.86/SF
− OpEx
−$9.7K −$3.22/SF
NOI
$29.1K $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%
$582,540
Cap Rate 7%
$416,100
Cap Rate 9%
$323,633
Alternative Uses
Best Use
Healthcare Medical
$457.1K
$400.0K – $533.3K
NOI $31,997 @ 7.0% cap · market cap 9.85%
Second Best
Office B
$416.1K
$364.1K – $485.5K
NOI $29,127 @ 7.0% cap · market cap 8.96%
Theoretical Best
Office A
$621.4K
$543.8K – $725.0K
NOI $43,501 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
798
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48911, MI
40,566
Population
18,069
Households
2.2
Avg Household Size
36
Median Age
26%
College-Educated
90%
High-School Grad
17.3 sq mi
ZIP Area
2,345
Density / Sq Mi
$54,882
Median Household Income
$36,245
Median Earnings
$933
Median Rent
$136,900
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?
Medical Office Space - Barrier-free entry and adaptable interior support medical or professional operations.
Where is this medical office space located?
The property is located at 5100 S Pennsylvania Ave Lansing, MI.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 3,019‑square‑foot medical office property at 5100 S Pennsylvania Ave, Lansing, MI 48911; Four exam rooms with sinks plus one additional exam/office space; Reception area with natural light, pass‑through window, and greeting space
