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    Historic Office Building in Lansing Title is generated by Realmo AI

    615 N Capitol Ave, Lansing, MI 48933

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    Classically finished office space near Lansing Community College.

    Type:Office
    Property size:
    11,098 SF
    Lot size:
    0.48 Acres
    Price / SF:
    $87/SF
    Added:
    Jul 10, 2024
    Days on Market:
    698
    Last Refresh:
    May 12 at 10:42 pm

    Property Features for 615 N Capitol Ave

    General Information

    Standard status
    Active
    Size
    11,098 SF
    Lot size
    0.48 Acres
    Property subtype
    Office

    Building Details

    Year Built
    1912

    We can help!

    Listing Contact
    Eric Rosekrans

    Listing agent Eric Rosekrans License #MI 6501153826

    Listing office Martin Commercial Properties

    Listing date Jul 10, 2024

    Source Crexi

    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

    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.
    • Features 14 private offices, formal reception area, open office space, ground‑floor meeting and conference rooms, and a kitchenette.
    • High‑end finishes throughout.
    • Historic three‑story office building with elegant turn‑of‑the‑century architecture.

    Overview

    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.
    Property Profile Location Intelligence

    Current Use by Public Records

    KennelPro Kennel & Boarding Facility Kennel Pro Insurance Insurance Agency

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Law Firm Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Eaton
    State
    Michigan
    Longitude
    -84.554325
    Latitude
    42.740322

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    FAQs

    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 is the asking price?
    The asking price for this property is $975,000.
    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.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Eric Rosekrans
    Real Estate License ID: MI 6501153826
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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