Freestanding Bank Building with
For Sale
$1,200,000
5510 W Saginaw Highway, Lansing, MI 48917
C Commercial zoning and existing drive-thru infrastructure support office, medical, retail, and service uses.
Property Size4,258 SF
Lot Size0.85 Acres
Price / SF$281.82
Days on Market37
Property Features for 5510 W Saginaw Highway
General Information
Standard status
Active
Size
4,258 SF
Lot size
0.85 Acres
Property subtype
Commercial
Zoning
C
Site & Location
Drive-Thru
Yes
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$21,600
Building Details
Building Size
4,258 SF
Year Built
1969
Buildings
1
Stories
1
Units
1
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Jodi K Milks · License #6506044331
Source:
Irishhillsfivestarhomes
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 29 at 10:22AM
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
Investment Insights
Based on property information with market context.
This freestanding former bank property includes a 4,258-square-foot building constructed in 1969, along with a separate 1,500-square-foot four-lane drive-thru. The existing configuration provides a combination of enclosed commercial space and drive-thru infrastructure. Potential applications identified for the property include professional office, medical, retail, and service-oriented uses.
The property occupies 0.851 acres at 5510 W Saginaw Highway in Lansing, Michigan, within the Lansing Mall retail corridor. Its setting includes national retailers, restaurants, entertainment venues, and service providers. The site is zoned C Commercial in Delta Charter Township and is scheduled to be available September 2026.
The property occupies 0.851 acres at 5510 W Saginaw Highway in Lansing, Michigan, within the Lansing Mall retail corridor. Its setting includes national retailers, restaurants, entertainment venues, and service providers. The site is zoned C Commercial in Delta Charter Township and is scheduled to be available September 2026.
Key Highlights
- 4,258 SF freestanding former bank building constructed in 1969
- Additional 1,500 SF four‑lane drive‑thru
- 0.851‑acre site at 5510 W Saginaw Highway
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
$45,527
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
3.79%
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%
$910,540
$910.5K
Cap Rate 7%
$650,386
$650.4K
Cap Rate 9%
$505,856
$505.9K
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
$69.0K $16.20/SF
− Vacancy
−$8.3K −$1.94/SF
EGI
$60.7K $14.26/SF
− OpEx
−$15.2K −$3.56/SF
NOI
$45.5K $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%
$910,540
Cap Rate 7%
$650,386
Cap Rate 9%
$505,856
Alternative Uses
Best Use
Specialty Retail
$650.4K
$569.1K – $758.8K
NOI $45,527 @ 7.0% cap · market cap 3.79%
Second Best
Retail
$550.6K
$481.7K – $642.3K
NOI $38,539 @ 7.0% cap · market cap 3.21%
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - C Commercial zoning and existing drive-thru infrastructure support office, medical, retail, and service uses.
Where is this bank 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: 4,258 SF freestanding former bank building constructed in 1969; Additional 1,500 SF four‑lane drive‑thru; 0.851‑acre site at 5510 W Saginaw Highway
