511 Washington Ave Lansing, MI 48933-2301
- Office buildings
- 10,665 SF
- 0.54 lot acres
Current Use by Public Records
- Principal Financial Group / Insurance Broker
- Centennial Investment Planning / Banking And Finance / Insurance Agency
- All of God’s Children / Non-Profit Organization
Property Details for 511 Washington Ave
- Year built
- 1950
- Lot size
- 0.54 lot acres
- Property size
- 10,665 SF
- Zone code
- G-1 BUS
- Property type
- Office buildings
- APN
- 33-01-01-16-455-031
- APU
- 33010116455031
Description
This historic, two-story, 10,665-square-foot office building in downtown Lansing, Michigan, presents a unique investment opportunity. Built in 1950 and renovated in 2001, this Class C building (APN 33-01-01-16-455-031) is currently vacant and offers a compelling price per square foot of $112.05. The property features a spacious first floor with a reception area, restrooms, mailroom, multiple private offices of varying sizes, several conference rooms with ample natural light, 22 individual work stations, and a large training/presentation room. An original staircase leads to the second floor, which includes a large break room and additional private offices or conference rooms overlooking the first floor. The building offers convenient surface-level parking and a covered back area suitable for outdoor use. Its prime downtown location provides easy access to the Capitol, other government buildings, local businesses, and I-496. This free-standing building, formerly a transportation station, offers a blend of historic charm and modern functionality. The asking price is $1,195,000.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $395,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $420,000
- 6.5%
- $485,000
- 7%
- $505,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $485,000
- Geo Method
- $435,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $350,000
- Retail
- $420,000
- Mixed-Use
- $360,000
- Hospitality
- $420,000
- Educational
- $415,000
- Residential Income
- $405,000
- Energy
- $475,000
- Income-Based Land
- $370,000
- Food Service
- $345,000
Location Insight
- Map
- Local Demand
- City
- Lansing
- County
- Ingham
- State
- Michigan
- Longitude
- -84.5518
- Latitude
- 42.7282
- CBSA code
- 29620
- CBSA name
- LANSING-EAST LANSING, MI METROPOLITAN STATISTICAL AREA