Freestanding Bank Building with
For Sale
$1,200,000
5510 W Saginaw Highway, Lansing, MI 48917
COMMERCIAL - Lansing, MI
Property Size4,258 SF
Lot Size0.85 Acres
Price / SF$281.82
Days on Market93
Property Features for 5510 W Saginaw Highway
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
C
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Interior features
Broadband
Elementary school district
Waverly
Middle school district
Waverly
High school district
Waverly
Standard status
Active
APN
040-011-400-100-00
Size
4,258 SF
Lot size
0.85 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COM N 89DEG 52MIN 04SEC W 1231.19 FT & N 0DEG 07MIN 56SEC E 75 FT FROM SE COR SEC11, TH N0DEG 07MIN 56SEC E 114 FT, N 89
Tax Annual Amount
21600
Legal Description
COM N 89DEG 52MIN 04SEC W 1231.19 FT & N 0DEG 07MIN 56SEC E 75 FT FROM SE COR SEC11, TH N0DEG 07MIN 56SEC E 114 FT, N 89
Utilities
Utilities
Phone Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1969
Floors in Building
1
Number of units
1
Building materials
Brick
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Jodi K Milks · License #6502339107
(269) 353-0311
Added: Jun 2
Changed: Aug 4
Last Checked: Sep 2 at 1:06AM
MLS# 26026475
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.
For sale: a freestanding 4,258 SF former bank building on approximately 0.85 acres, plus an additional 1,500 SF four-lane drive-thru. The property’s existing drive-thru infrastructure and configuration make it suitable for professional office, medical, retail, or service-oriented uses.
The site is positioned as a freestanding outlot along W Saginaw Highway within the Lansing Mall retail corridor. It is surrounded by a mix of national retailers, restaurants, entertainment venues, and service providers, supporting a highly active commercial environment. Zoned C Commercial in Delta Charter Township.
Availability is stated for September 2026. Please do not contact bank employees during business operations. For additional information or to schedule a tour, contact Jodi Milks, CCIM, NAI Wisinski of West Michigan, or email.
The site is positioned as a freestanding outlot along W Saginaw Highway within the Lansing Mall retail corridor. It is surrounded by a mix of national retailers, restaurants, entertainment venues, and service providers, supporting a highly active commercial environment. Zoned C Commercial in Delta Charter Township.
Availability is stated for September 2026. Please do not contact bank employees during business operations. For additional information or to schedule a tour, contact Jodi Milks, CCIM, NAI Wisinski of West Michigan, or email.
Key Highlights
- Freestanding 4,258 SF former bank building on 0.851 acres
- Includes an additional 1,500 SF four‑lane drive‑thru with existing drive‑thru infrastructure
- Located in the Lansing Mall retail corridor along Saginaw Highway as a freestanding outlot
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
$45,128
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
3.76%
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%
$902,560
$902.6K
Cap Rate 7%
$644,686
$644.7K
Cap Rate 9%
$501,422
$501.4K
Market Conditions
NOI Build-Up for 4,258 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
$81.8K $19.20/SF
− Vacancy
−$6.5K −$1.54/SF
EGI
$75.2K $17.66/SF
− OpEx
−$30.1K −$7.07/SF
NOI
$45.1K $10.60/SF
Area
Lansing, MI
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
40.00%
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%
$902,560
Cap Rate 7%
$644,686
Cap Rate 9%
$501,422
Alternative Uses
Best Use
Healthcare Medical
$644.7K
$564.1K – $752.1K
NOI $45,128 @ 7.0% cap · market cap 3.76%
Second Best
Office B
$586.9K
$513.5K – $684.7K
NOI $41,081 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$876.5K
$766.9K – $1.02M
NOI $61,353 @ 7.0% cap · market cap 5.11%
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
672
Businesses Nearby
Explore this area
Business Placement
Demographics for 48917, MI
32,679
Population
15,975
Households
2
Avg Household Size
41
Median Age
40%
College-Educated
94%
High-School Grad
24.0 sq mi
ZIP Area
1,362
Density / Sq Mi
$73,259
Median Household Income
$47,739
Median Earnings
$1,085
Median Rent
$211,300
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?
Office building - Freestanding office or retail building with a four-lane drive-thru on a sizable parcel in the Lansing Mall corridor.
Where is this office building located?
The property is located at 5510 W Saginaw Highway Lansing, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Freestanding 4,258 SF former bank building on 0.851 acres; Includes an additional 1,500 SF four‑lane drive‑thru with existing drive‑thru infrastructure; Located in the Lansing Mall retail corridor along Saginaw Highway as a freestanding outlot
