For Sale
$500,000
827 W Saginaw Street, Lansing, MI 48915
COMMERCIAL - Lansing, MI
Property Size4,256 SF
Lot Size0.10 Acres
Price / SF$117.48
Days on Market118
Property Features for 827 W Saginaw Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Residential
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Subdivision
Whites
Elementary school district
Lansing
Middle school district
Lansing
High school district
Lansing
Standard status
Active
APN
33-01-01-17-227-321
Size
4,256 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
DIST:01-01 CITY/MUNI/TWP:LANSING CITY W 1/2 LOT 15 WHITES SUB E OF BUTLER REC L 1 P 15 MAP REF:P -4040 -0031
Tax Annual Amount
4938
Legal Description
DIST:01-01 CITY/MUNI/TWP:LANSING CITY W 1/2 LOT 15 WHITES SUB E OF BUTLER REC L 1 P 15 MAP REF:P -4040 -0031
Utilities
Utilities
Cable Available
Heating system
Hot Water(Heating), Steam
Building Details
Year built
1959
Number of units
4
Building materials
Brick
Listing Agency:
Re/Max Real Estate Professionals
(517) 321-8255
Listed By:
Karen Fisher-Austin
(517) 290-4493
Added: Apr 17
Changed: Aug 5
Last Checked: Aug 12 at 1:06PM
MLS# 26040679
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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
$38,521
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
7.70%
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%
$770,420
$770.4K
Cap Rate 7%
$550,300
$550.3K
Cap Rate 9%
$428,011
$428.0K
Market Conditions
NOI Build-Up for 4,256 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
$63.8K $15.00/SF
− Vacancy
−$8.8K −$2.07/SF
EGI
$55.0K $12.93/SF
− OpEx
−$16.5K −$3.88/SF
NOI
$38.5K $9.05/SF
Area
Lansing, MI
Vacancy
13.80%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$770,420
Cap Rate 7%
$550,300
Cap Rate 9%
$428,011
Alternative Uses
Best Use
Retail
$550.3K
$481.5K – $642.0K
NOI $38,521 @ 7.0% cap · market cap 7.70%
Second Best
Multifamily LT 5
$549.2K
$480.5K – $640.7K
NOI $38,441 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$876.1K
$766.6K – $1.02M
NOI $61,324 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48915, MI
9,176
Population
4,768
Households
1.9
Avg Household Size
35
Median Age
36%
College-Educated
90%
High-School Grad
1.8 sq mi
ZIP Area
5,098
Density / Sq Mi
$51,653
Median Household Income
$34,460
Median Earnings
$1,087
Median Rent
$112,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
Where is this storefront property located?
The property is located at 827 W Saginaw Street Lansing, MI.
What is the asking price?
The asking price for this property is $500,000.
