Commercial Warehouse Building For
For Sale
Contact for pricing
5321 S Pennsylvania Ave, Lansing, MI 48911
Accessible warehouse with open space and small office in front.
Property Size4,471 SF
Price / SF$108.48
Days on Market451
Property Features for 5321 S Pennsylvania Ave
General Information
Standard status
Active
Size
4,471 SF
Total Parking Spaces
25
Property subtype
Industrial
Zoning
F Commercial
Building Details
Year Built
1976
Year Renovated
2005
Buildings
1
Stories
1
Listing Agency:
Signature Associates
(616) 235-0900
Listed By:
Joe Rizqallah · License #MI
Source:
Crexi
Added: May 28, 2025
Changed: Aug 12
Last Checked: Aug 20 at 9:35PM
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 Signature Associates
Investment Insights
Based on property information with market context.
This commercial warehouse building is situated along S. Pennsylvania Ave, offering convenient access from the I-96 interchange. The property features an open warehouse space complemented by a small office area located at the front of the building. The property is suitable for general commercial uses. The building has a size of 4,471 square feet.
Key Highlights
- Prime commercial/warehouse building
- Easily accessible from I‑96 interchange
- Open warehouse 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
$36,078
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
7.44%
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%
$721,560
$721.6K
Cap Rate 7%
$515,400
$515.4K
Cap Rate 9%
$400,867
$400.9K
Market Conditions
NOI Build-Up for 4,471 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
$47.2K $10.56/SF
− Vacancy
−$4.8K −$1.07/SF
EGI
$42.4K $9.49/SF
− OpEx
−$6.4K −$1.42/SF
NOI
$36.1K $8.07/SF
Area
Lansing, MI
Vacancy
10.10%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
15.00%
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%
$721,560
Cap Rate 7%
$515,400
Cap Rate 9%
$400,867
Alternative Uses
Best Use
Warehouse
$515.4K
$451.0K – $601.3K
NOI $36,078 @ 7.0% cap · market cap 7.44%
Second Best
Industrial
$415.0K
$363.1K – $484.2K
NOI $29,050 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$920.3K
$805.3K – $1.07M
NOI $64,422 @ 7.0% cap · market cap 13.28%
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
Balanced
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 Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Extra Space Storage — 5814 S Pennsylvania Ave, Lansing, MI 48911
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- Move It — Lansing, MI 48911
- Two Men and a Truck Moving and Storage — 1200 Keystone Ave, Lansing, MI 48911
Frequently Asked Questions
What type of property is this?
Warehouse - Accessible warehouse with open space and small office in front.
Where is this warehouse located?
The property is located at 5321 S Pennsylvania Ave Lansing, MI.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Prime commercial/warehouse building; Easily accessible from I‑96 interchange; Open warehouse space
