Banking Facility With
For Sale
$299,000
5101 N Grand River Avenue, Lansing, MI 48906
COMMERCIAL - Lansing, MI
Property Size1,380 SF
Lot Size0.87 Acres
Price / SF$216.67
Days on Market150
Property Features for 5101 N Grand River Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
MX-C
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
Lansing
Middle school district
Lansing
High school district
Lansing
Directions
On the corner of N Waverly Rd & N Grand Ave
Standard status
Active
APN
33-01-01-06-104-070
Size
1,380 SF
Lot size
0.87 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 1 BARDAVILLE PLAZA
Tax Annual Amount
12345
Legal Description
LOT 1 BARDAVILLE PLAZA
Utilities
Utilities
Phone Available
Heating system
Forced Air
Building Details
Year built
1977
Number of units
1
Building materials
Brick
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Jodi K Milks · License #6506044331
(269) 353-0311
Added: Mar 16
Changed: Aug 4
Last Checked: Aug 12 at 6:06PM
MLS# 26010151
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding 1,380-square-foot facility was built in 1977 as a retail banking location and includes two drive-thru lanes plus a dedicated ATM lane. Brick construction, forced-air heating, broadband, phone availability, and a bathroom are among the documented property features. The site encompasses 0.87 acres and is zoned MX-C, or Mixed Use Urban Corridor, in the City of Lansing.
The property fronts N Grand River Avenue within a mature commercial corridor, with access to I-96 and proximity to Capital Region International Airport. Downtown Lansing is also minutes away. The zoning and existing drive-through configuration support financial, medical, and quick-service commercial applications.
The property fronts N Grand River Avenue within a mature commercial corridor, with access to I-96 and proximity to Capital Region International Airport. Downtown Lansing is also minutes away. The zoning and existing drive-through configuration support financial, medical, and quick-service commercial applications.
Key Highlights
- 1,380 SF freestanding former retail banking facility
- Two drive‑thru lanes plus a separate ATM lane
- 0.87‑acre site on N Grand River Avenue
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
Lease Details
Yes
Highway access
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Bank - MX-C zoning supports financial, medical, and quick-service commercial 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: 1,380 SF freestanding former retail banking facility; Two drive‑thru lanes plus a separate ATM lane; 0.87‑acre site on N Grand River Avenue
