REO-Town Freestanding Building For
For Sale
Contact for pricing
1102 S Washington Ave, Lansing, MI 48910
Free-standing building suitable for restaurant/bar/coffee shop in REO-Town.
Property Size1,812 SF
Price / SF$109.82
Days on Market2054
Property Features for 1102 S Washington Ave
General Information
Standard status
Active
Size
1,812 SF
Property subtype
Retail
Lease Type
NNN
Building Details
Year Built
1925
Year Renovated
2018
Buildings
1
Stories
1
Listing Agency:
Woodworth Commercial Okemos
(517) 679-8633
Listed By:
Todd Kosta · License #MI 6501346341
Source:
Crexi
Added: Jan 5, 2021
Changed: Aug 11
Last Checked: Aug 19 at 1:00AM
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 building is located in REO-Town, at the corner of South Washington Avenue and West Elm Street. The property offers a suitable location for a restaurant, bar, or coffee shop. Architectural features include large garage door style windows. A large parking lot is available. The property benefits from excellent visibility and is situated close to the Grand River, near the West Elm entrance to the Lansing River Trail. The building has a size of 1812 square feet.
Key Highlights
- Excellent visibility due to corner lot location.
- Large parking lot for your customers and staff.
- Great location for restaurant/bar/coffee shop.
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
$16,400
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
8.24%
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%
$328,000
$328.0K
Cap Rate 7%
$234,286
$234.3K
Cap Rate 9%
$182,222
$182.2K
Market Conditions
NOI Build-Up for 1,812 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
$27.2K $15.00/SF
− Vacancy
−$3.8K −$2.07/SF
EGI
$23.4K $12.93/SF
− OpEx
−$7.0K −$3.88/SF
NOI
$16.4K $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%
$328,000
Cap Rate 7%
$234,286
Cap Rate 9%
$182,222
Alternative Uses
Best Use
Retail
$234.3K
$205.0K – $273.3K
NOI $16,400 @ 7.0% cap · market cap 8.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$373.0K
$326.4K – $435.2K
NOI $26,109 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
731
Businesses Nearby
Explore this area
Business Placement
Demographics for 48910, MI
33,702
Population
17,119
Households
2
Avg Household Size
35
Median Age
32%
College-Educated
91%
High-School Grad
14.2 sq mi
ZIP Area
2,373
Density / Sq Mi
$52,154
Median Household Income
$36,643
Median Earnings
$1,003
Median Rent
$117,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Free-standing building suitable for restaurant/bar/coffee shop in REO-Town.
Where is this retail space located?
The property is located at 1102 S Washington Ave Lansing, MI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Excellent visibility due to corner lot location.; Large parking lot for your customers and staff.; Great location for restaurant/bar/coffee shop.
