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Property profile & analytics

2489 Lk Lansing Rd East Lansing, MI 48823-9712

  • Drug stores
  • 14,520 SF
  • 2.59 lot acres
OFF-MARKET
Last Sale
Apr 17, 2025
Value Estimations
$740,000
Show details
Cap Rate Potential
Location Intelligence
Property ID
US43-1161464
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

Current Use by Public Records

  • CDReload - Online Bitcoin ATM / Atm / Crypto Atm
  • Coinhub Bitcoin ATM Teller / Atm
  • Rite Aid / Convenience Store / General Store
  • higi / Health Consultant
  • Rite Aid Photo / Photo Lab

Property Details for 2489 Lk Lansing Rd

Year built
2008
Lot size
2.59 lot acres
Property size
14,520 SF
Zone code
B2
Property type
Drug stores
APN
33-20-02-09-101-010
APU
33200209101010

Description

This exceptional investment opportunity presents a 14,520 square foot, free-standing Rite Aid pharmacy in East Lansing, Michigan. Built in 2008 on a 2.29-acre lot, the property boasts a strong location at a highly visible, lighted intersection, adjacent to a newly developed Costco. The building survived a recent bankruptcy restructure, resulting in a new, significantly reduced lease (40% reduction) favorable to the buyer. The current lease is a triple-net (NNN) lease with three years remaining. The property enjoys 100% occupancy and generates a substantial net operating income (NOI) of $257,915, representing an 8.65% cap rate on the $2,980,000 asking price. The strong demographics of the area, with over 124,970 people within five miles and an average household income exceeding $134,389 within one mile, further enhance the investment potential. The property's strategic location near Michigan State University and Capital Region International Airport adds to its appeal. This is a rare opportunity to acquire a well-located, stabilized retail property with a national tenant and a compelling financial profile. The asking price is $2,980,000, with a price per square foot of $205.23.


Value Estimations

based on Realmo’s proprietary methodology
  • AI approach

    Method
    Estimation
    ML approach
    $740,000

Get a detailed, property-specific valuation — fast and free


Location Insight

  • Map
  • Local Demand
City
East Lansing
County
Ingham
State
Michigan
Longitude
-84.4413
Latitude
42.7548
CBSA code
29620
CBSA name
LANSING-EAST LANSING, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2019
$67,719
$203,100
$732,400
$935,500
-
$406,200
$1,464,800
$1,871,000
More about this property
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