Old Town Diner with
516 E Grand River Avenue, Lansing, MI 48906
For Sale
$399,000
Pending
Commercial Sale, Lansing, MI
Property Size1,587 SF
Lot Size0.20 Acres
Days on Market2285
Property Features for 516 E Grand River Avenue
General Information
Property type
Property subtype
Zoning description
Parking features
Exterior features
Appliances
Lot features
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Tenancy & Operations
Currently Operating
Business Included
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Building Details
Year built
Floors in Building
Flooring type
Building materials
Roof type
Architectural style
Additional Structures
Listing Agency:
Property Finders Realty · Weichert
(844) 224-7653
Listed By:
Jennifer L Saxton · License MI #20336
(517) 819-4148
Added: Aug 12, 2020
Changed: Oct 25
Last Checked: Nov 13 at 11:06PM
MLS# 248657
Copyright © 2026 Greater Lansing Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Old Town Diner is a 1,587-square-foot restaurant property on a 0.2-acre parcel at 516 E Grand River Avenue in Lansing. The building was constructed in 1928 and remodeled in 2007, with a ranch-style layout, laminate and ceramic tile flooring, concrete construction, and a metal roof. The interior includes a kitchen supported by a cooktop, range hood, dishwasher, microwave, refrigerator, freezer, and gas water heater, along with dining space.
Parking is available at the front and rear of the property, with a 3-car garage positioned behind the building. The property is served by public water and public sewer. Heating is provided by natural gas forced air, while cooling includes central air, window units, and ceiling fans.
Parking is available at the front and rear of the property, with a 3-car garage positioned behind the building. The property is served by public water and public sewer. Heating is provided by natural gas forced air, while cooling includes central air, window units, and ceiling fans.
Key Highlights
- 1,587‑square‑foot restaurant on a 0.2‑acre parcel
- Remodeled in 2007; originally constructed in 1928
- Commercial kitchen with cooktop, range hood, dishwasher, refrigeration, and freezer equipment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,968
Cap Rate
4.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$339,360
$339.4K
Cap Rate 7%
$242,400
$242.4K
Cap Rate 9%
$188,533
$188.5K
Market Conditions
NOI Build-Up for 1,587 SF
Gross rent
$25.7K $16.20/SF
− Vacancy
−$3.1K −$1.94/SF
EGI
$22.6K $14.26/SF
− OpEx
−$5.7K −$3.56/SF
NOI
$17.0K $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 Rate 5%
$339,360
Cap Rate 7%
$242,400
Cap Rate 9%
$188,533
Alternative Uses
Best Use
Specialty Retail
$242.4K
$212.1K – $282.8K
NOI $16,968 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$326.7K
$285.8K – $381.1K
NOI $22,867 @ 7.0% cap · market cap 5.73%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
914
Businesses Nearby
Under-served
Demand for This Use
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
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Similar Off Market Nearby
- Cozy Koi Bed & Breakfast — 720 Seymour Ave, Lansing, MI 48906
Frequently Asked Questions
What type of property is this?
Breakfast & diner - Remodeled restaurant property with a commercial kitchen, customer seating, and front and rear parking.
Where is this breakfast & diner located?
The property is located at 516 E Grand River Avenue Lansing, MI.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,587‑square‑foot restaurant on a 0.2‑acre parcel; Remodeled in 2007; originally constructed in 1928; Commercial kitchen with cooktop, range hood, dishwasher, refrigeration, and freezer equipment
