Ground-Leased Retail/Restaurant
For Sale
Contact for pricing
6524 W Saginaw Hwy, Lansing, MI 48917
Well-maintained 6,893 SF ground-leased building built in 2003, zoned C, with newly extended 15-year lease.
Property Size6,893 SF
Price / SF$371.71
Days on Market79
Property Features for 6524 W Saginaw Hwy
General Information
Standard status
Active
Size
6,893 SF
Property subtype
Retail
Zoning
C
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$153,731
Building Details
Year Built
2003
Tenancy
Single
Listing Agency:
Fortis Net Lease
(248) 254-3406
Listed By:
Robert Bender · License #MI 6501323470
Source:
Crexi
Added: Jun 4
Changed: Aug 13
Last Checked: Aug 20 at 3:18PM
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 Fortis Net Lease
Investment Insights
Based on property information with market context.
Fortis Net Lease presents a well-maintained 6,893 SF ground-leased retail/restaurant building constructed in 2003. The property has been issued a 15-year lease extension, supporting continuity for an operator or investor aligned with a long-term ground lease structure. The building is described as having a versatile layout and modern infrastructure, designed to support retail and restaurant concepts within the existing improvements.
Located at 6524 W Saginaw Hwy in Lansing, Michigan, the site is positioned along West Saginaw Highway, providing straightforward access for customers and deliveries. The property is identified as zoned C, which should be reviewed for specific retail and restaurant uses during due diligence.
This offering may be well-suited for tenants, buyers, and brokers seeking a ground-leased retail/restaurant asset with established improvements and recently extended lease continuity. The combination of a maintained building, an existing versatile configuration, and a C zoning designation can support a range of retail and restaurant operators evaluating a committed, long-duration occupancy structure. For transaction guidance, confirm remaining lease details, permitted uses, and any applicable ground lease terms with the leasing representative.
Located at 6524 W Saginaw Hwy in Lansing, Michigan, the site is positioned along West Saginaw Highway, providing straightforward access for customers and deliveries. The property is identified as zoned C, which should be reviewed for specific retail and restaurant uses during due diligence.
This offering may be well-suited for tenants, buyers, and brokers seeking a ground-leased retail/restaurant asset with established improvements and recently extended lease continuity. The combination of a maintained building, an existing versatile configuration, and a C zoning designation can support a range of retail and restaurant operators evaluating a committed, long-duration occupancy structure. For transaction guidance, confirm remaining lease details, permitted uses, and any applicable ground lease terms with the leasing representative.
Key Highlights
- Well‑maintained 6,893 SF building constructed in 2003 on a low rent ground lease
- 15‑year lease extension just received
- Zoned C
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
$73,700
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
2.88%
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%
$1,474,000
$1.5M
Cap Rate 7%
$1,052,857
$1.1M
Cap Rate 9%
$818,889
$818.9K
Market Conditions
NOI Build-Up for 6,893 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
$111.7K $16.20/SF
− Vacancy
−$13.4K −$1.94/SF
EGI
$98.3K $14.26/SF
− OpEx
−$24.6K −$3.56/SF
NOI
$73.7K $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%
$1,474,000
Cap Rate 7%
$1,052,857
Cap Rate 9%
$818,889
Alternative Uses
Best Use
Specialty Retail
$1.05M
$921.3K – $1.23M
NOI $73,700 @ 7.0% cap · market cap 2.88%
Second Best
Retail
$891.3K
$779.9K – $1.04M
NOI $62,389 @ 7.0% cap · market cap 2.43%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,321 @ 7.0% cap · market cap 3.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
357
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?
Retail space - Well-maintained 6,893 SF ground-leased building built in 2003, zoned C, with newly extended 15-year lease.
Where is this retail space located?
The property is located at 6524 W Saginaw Hwy Lansing, MI.
What is the asking price?
The asking price for this property is $2,562,183.
What are key features of this property?
This property features: Well‑maintained 6,893 SF building constructed in 2003 on a low rent ground lease; 15‑year lease extension just received; Zoned C
