Historic Office Building in
For Sale
Contact for pricing
615 N Capitol Ave, Lansing, MI 48933
Classically finished office space near Lansing Community College.
Property Size11,098 SF
Lot Size0.48 Acres
Price / SF$0.00
Days on Market316
Property Features for 615 N Capitol Ave
General Information
Standard status
Active
Size
11,098 SF
Class
B
Lot size
0.48 Acres
Property subtype
Office
Zoning
DT-1
Site & Location
Neighborhood
Association for Downtown Neighbors
Building Details
Building Size
11,098 SF
Year Built
1912
Year Renovated
1994
Buildings
1
Stories
3
Listing Agency:
Martin Commercial Properties
Listed By:
Thomas Jamieson · License #6501346719
(517) 243-4300
Source:
Cpix.resimplifi
Added: Dec 16, 2025
Changed: Oct 26
Last Checked: Oct 28 at 4:44AM
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 Martin Commercial Properties
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Investment Insights
Based on property information with market context.
This historic three-story office building, constructed in 1912 and renovated in 1994, features turn-of-the-century architecture. The 11,098-square-foot space includes 14 private offices, a formal reception area, and open office space. Ground-floor amenities include meeting and conference rooms and a kitchenette. Basement storage is also available. The property is situated on a 0.48-acre parcel with an additional 0.25-acre paved overflow parking lot. Located on Capitol Avenue, the site offers access from three streets and private on-site parking. The building is located across from the Lansing Community College Administration Building and is an 11-minute walk to the State Capitol. The property is intended for use as office space.
Key Highlights
- Premier downtown Lansing location, directly across from Lansing Community College Administration Building and an 11‑minute walk to the State Capitol.
- Ample parking with private on‑site parking and an additional 0.25‑acre overflow parking lot.
- Spacious 11,098 SF office space plus basement storage.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$107,074
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,141,480
$2.1M
Cap Rate 7%
$1,529,629
$1.5M
Cap Rate 9%
$1,189,711
$1.2M
Market Conditions
NOI Build-Up for 11,098 SF
Gross rent
$178.5K $16.08/SF
− Vacancy
−$35.7K −$3.22/SF
EGI
$142.8K $12.86/SF
− OpEx
−$35.7K −$3.22/SF
NOI
$107.1K $9.65/SF
Area
Lansing, MI
Vacancy
20.00%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,141,480
Cap Rate 7%
$1,529,629
Cap Rate 9%
$1,189,711
Alternative Uses
Best Use
Office B
$1.53M
$1.34M – $1.78M
NOI $107,074 @ 7.0% cap · market cap 713,826.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.28M
$2.00M – $2.67M
NOI $159,910 @ 7.0% cap · market cap 1,066,066.67%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,833
Businesses Nearby
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Business Placement
Demographics for 48933, MI
2,467
Population
2,103
Households
1.2
Avg Household Size
33
Median Age
35%
College-Educated
88%
High-School Grad
1.0 sq mi
ZIP Area
2,467
Density / Sq Mi
$36,895
Median Household Income
$34,549
Median Earnings
$919
Median Rent
$130,200
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Classically finished office space near Lansing Community College.
Where is this office building located?
The property is located at 615 N Capitol Ave Lansing, MI.
What are key features of this property?
This property features: Premier downtown Lansing location, directly across from Lansing Community College Administration Building and an 11‑minute walk to the State Capitol.; Ample parking with private on‑site parking and an additional 0.25‑acre overflow parking lot.; Spacious 11,098 SF office space plus basement storage.
