Two-Story Brick Office
702 W Lake Lansing Rd East Lansing, MI 48823
702 W Lake Lansing Rd East, Lansing, MI, 48823
$2,395,000
For Sale
$2,395,000
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 Market153
Property Features for 702 W Lake Lansing Rd East
General Information
- Standard status
- Active
- Size
- 9,126 SF
- Property subtype
- Medical/Healthcare
Listing agency
Martin Commercial Properties
(517) 351-2200
Listed by
Eric Rosekrans, CCIM, CPM
(517) 351-2200
Source
Thebrokerlist
Added: Feb 18 Updated: Jul 20 at 5:24PM Checked: Jul 21 at 3:06AM
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
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $175.2k | $19.20 |
| − Vacancy | −$14.0k | −$1.54 |
| EGI | $161.2k | $17.66 |
| − OpEx | −$64.5k | −$7.07 |
| NOI | $96.7k | $10.60 |
9,126 SF · lease $19.20/SF/yr · vacancy 8.00% · expense 40.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office buildings
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FAQs
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
