Restaurant with Drive-Thru For
For Sale
Contact for pricing
4021 W Saginaw Hwy, Lansing, MI 48917
Free-standing restaurant with drive-thru on 1.32 acres.
Property Size2,856 SF
Lot Size1.32 Acres
Price / SF$311.27
Days on Market1393
Property Features for 4021 W Saginaw Hwy
General Information
Standard status
Active
Size
2,856 SF
Lot size
1.32 Acres
Property subtype
Retail
Zoning
C
Occupancy
100%
Lease Type
NNN
Building Details
Year Built
1980
Year Renovated
2013
Tenancy
Single
Listing Agency:
Woodworth Commercial Okemos
(517) 679-8633
Listed By:
Todd Kosta · License #MI 6501346341
Source:
Crexi
Added: Nov 9, 2022
Changed: Aug 23
Last Checked: Sep 1 at 6:03PM
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 Woodworth Commercial Okemos
Investment Insights
Based on property information with market context.
This free-standing restaurant, complete with a drive-thru, is situated on W. Saginaw Hwy, adjacent to McDonald's and one block from the Waverly Rd intersection. The property, comprising four parcels, totals 1.32 acres, offering ample parking and ingress/egress from both W. Saginaw and N Dibble Ave. The location is suitable for various fast-casual restaurant concepts, including fast-food, coffee shops, and sandwich shops. It is easily accessible to nearby residential areas and a new multi-family/commercial development at the corner of Waverly and Saginaw. Located across from West Saginaw Plaza, the surrounding area includes Arby's, Advance Auto Parts, Little Caesars Pizza, CVS Pharmacy, Walgreen's, Wendy's, AutoZone, Popeye's and JoAnn Fabric. The existing tenant has occupied the 2,856 square foot building for 10 years.
Key Highlights
- Prime location on W. Saginaw Hwy next to McDonald's
- Free‑standing restaurant with drive‑thru
- High‑traffic area with excellent visibility and accessibility
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
$30,536
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
3.43%
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%
$610,720
$610.7K
Cap Rate 7%
$436,229
$436.2K
Cap Rate 9%
$339,289
$339.3K
Market Conditions
NOI Build-Up for 2,856 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
$46.3K $16.20/SF
− Vacancy
−$5.6K −$1.94/SF
EGI
$40.7K $14.26/SF
− OpEx
−$10.2K −$3.56/SF
NOI
$30.5K $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%
$610,720
Cap Rate 7%
$436,229
Cap Rate 9%
$339,289
Alternative Uses
Best Use
Specialty Retail
$436.2K
$381.7K – $508.9K
NOI $30,536 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$587.9K
$514.4K – $685.9K
NOI $41,152 @ 7.0% cap · market cap 4.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
457
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Drive through restaurant - Free-standing restaurant with drive-thru on 1.32 acres.
Where is this drive through restaurant located?
The property is located at 4021 W Saginaw Hwy Lansing, MI.
What is the asking price?
The asking price for this property is $889,000.
What are key features of this property?
This property features: Prime location on W. Saginaw Hwy next to McDonald's; Free‑standing restaurant with drive‑thru; High‑traffic area with excellent visibility and accessibility
