Building Details

Year Built 1980

Year Renovated 2013

Tenancy Single

Listing Agency: Woodworth Commercial Okemos

Listed By: Todd Kosta · License #MI 6501346341 Show Phone

Source: Crexi

Added: Nov 9, 2022 Changed: Oct 10 Last Checked: Oct 16 at 6:20AM

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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 / Yr

$30,536

Cap Rate

3.43%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$610,720 $610.7K

Cap Rate 7%

$436,229 $436.2K

Cap Rate 9%

$339,289 $339.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,856 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $41,152 @ 7.0% cap · market cap 4.63%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Big John Steak ... Restaurant Hibachi House Bar & Pub

Suggested Use

Top Pick Real Estate Agency Building Supply Big Box & Wholesale Store Auto Parts Store Auto Repair Shop Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

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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