Two-Story Brick Office
For Sale
$2,395,000
702 W Lake Lansing Rd East, Lansing, MI 48823
Well-maintained two-story brick office building with elevator service, full sprinklers, and a backup generator.
Property Size9,126 SF
Price / SF$262.44
Days on Market199
Property Features for 702 W Lake Lansing Rd East
General Information
Standard status
Active
Size
9,126 SF
Property subtype
Medical/Healthcare
Additional Details
Highway Access
Yes
Sprinkler System
Yes
Building Details
Stories
2
Tenancy
Multi
Listing Agency:
Martin Commercial Properties
Listed By:
Eric Rosekrans, CCIM, CPM
(517) 351-2200
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 8
Last Checked: Sep 5 at 3:34AM
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
Investment Insights
Based on property information with market context.
702 W Lake Lansing Road is a well-maintained, two-story brick office building designed for professional and medical use. The property includes an elevator-served interior and is fully sprinklered, with a backup generator to support continuity of operations. The second floor is fully leased to Michigan Psychiatric Primary Care, while the first floor totaling 9,126 SF is available for occupancy. A portion of the first floor has been recently renovated with fresh paint and carpet and is laid out with numerous private offices and four large multipurpose rooms that can support a range of office-based functions.
The building is situated along W Lake Lansing Road in East Lansing, positioned between Abbot Road and Harrison Road. The site includes ample grade-level parking for staff and visitors.
This offering presents an owner-user option alongside in-place rental income, with renovated first-floor space suitable for occupancy and a stabilized, leased second floor.
The building is situated along W Lake Lansing Road in East Lansing, positioned between Abbot Road and Harrison Road. The site includes ample grade-level parking for staff and visitors.
This offering presents an owner-user option alongside in-place rental income, with renovated first-floor space suitable for occupancy and a stabilized, leased second floor.
Key Highlights
- $17.00 PSF/yr lease rate for office space plus utilities and janitorial
- Two‑story, well‑maintained brick office building with elevator service
- Fully sprinklered building with backup generator
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
$96,721
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
4.04%
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%
$1,934,420
$1.9M
Cap Rate 7%
$1,381,729
$1.4M
Cap Rate 9%
$1,074,678
$1.1M
Market Conditions
NOI Build-Up for 9,126 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
$175.2K $19.20/SF
− Vacancy
−$14.0K −$1.54/SF
EGI
$161.2K $17.66/SF
− OpEx
−$64.5K −$7.07/SF
NOI
$96.7K $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%
$1,934,420
Cap Rate 7%
$1,381,729
Cap Rate 9%
$1,074,678
Alternative Uses
Best Use
Healthcare Medical
$1.38M
$1.21M – $1.61M
NOI $96,721 @ 7.0% cap · market cap 4.04%
Second Best
Office B
$1.26M
$1.10M – $1.47M
NOI $88,048 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,496 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
Explore this area
Business Placement
Demographics for 48823, MI
51,793
Population
23,757
Households
2.2
Avg Household Size
28
Median Age
64%
College-Educated
98%
High-School Grad
23.6 sq mi
ZIP Area
2,195
Density / Sq Mi
$50,837
Median Household Income
$19,837
Median Earnings
$1,127
Median Rent
$261,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained two-story brick office building with elevator service, full sprinklers, and a backup generator.
Where is this office building located?
The property is located at 702 W Lake Lansing Rd East Lansing, MI.
What is the asking price?
The asking price for this property is $2,395,000.
What are key features of this property?
This property features: $17.00 PSF/yr lease rate for office space plus utilities and janitorial; Two‑story, well‑maintained brick office building with elevator service; Fully sprinklered building with backup generator
