Freestanding Retail Building with
For Sale
Contact for pricing
5101 N Grand River Avenue, Lansing, MI 48906
1,380 SF building on 0.87 acres, suitable for various uses.
Property Size1,380 SF
Lot Size0.87 Acres
Price / SF$216.67
Days on Market148
Property Features for 5101 N Grand River Avenue
General Information
Standard status
Active
Size
1,380 SF
Lot size
0.87 Acres
Property subtype
Retail, Office
Zoning
MX-C
Building Details
Year Built
1977
Buildings
1
Units
1
Listing Agency:
NAI Wisinski of West Michigan - Kalamazoo
(269) 353-0311
Listed By:
Jodi K. Milks, CCIM · License #6506044331
Source:
Crexi
Added: Mar 17
Changed: Aug 8
Last Checked: Aug 11 at 7:38PM
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 Wisinski of West Michigan - Kalamazoo
Investment Insights
Based on property information with market context.
This freestanding 1,380 SF building, formerly a retail banking facility, is available for sale. It features two drive-thru lanes and an ATM lane, situated on 0.87 acres. The property is located on N Grand River in Lansing and is zoned MX-C – Mixed Use Urban Corridor, making it suitable for financial, medical, or quick-service users. The property is positioned blocks from Capital Region International Airport, within a commercial corridor that offers convenient access to I-96 and is minutes from downtown Lansing. The sale is subject to bank approval of the buyer’s intended use. The seller reserves the right to deed restrict against financial and marijuana uses.
Key Highlights
- Freestanding 1,380 SF building on .87 acres
- Zoned MX‑C – Mixed Use Urban Corridor, suitable for financial, medical, or quick‑service users
- Two drive‑thru lanes and an ATM lane
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
$14,755
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
4.93%
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%
$295,100
$295.1K
Cap Rate 7%
$210,786
$210.8K
Cap Rate 9%
$163,944
$163.9K
Market Conditions
NOI Build-Up for 1,380 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
$22.4K $16.20/SF
− Vacancy
−$2.7K −$1.94/SF
EGI
$19.7K $14.26/SF
− OpEx
−$4.9K −$3.56/SF
NOI
$14.8K $10.69/SF
Area
Lansing, MI
Vacancy
12.00%
Lease Rate
$16.20 /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%
$295,100
Cap Rate 7%
$210,786
Cap Rate 9%
$163,944
Alternative Uses
Best Use
Specialty Retail
$210.8K
$184.4K – $245.9K
NOI $14,755 @ 7.0% cap · market cap 4.93%
Second Best
Healthcare Medical
$208.9K
$182.8K – $243.8K
NOI $14,626 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$284.1K
$248.6K – $331.4K
NOI $19,884 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
262
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - 1,380 SF building on 0.87 acres, suitable for various uses.
Where is this bank located?
The property is located at 5101 N Grand River Avenue Lansing, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Freestanding 1,380 SF building on .87 acres; Zoned MX‑C – Mixed Use Urban Corridor, suitable for financial, medical, or quick‑service users; Two drive‑thru lanes and an ATM lane
