Office Building with
For Sale
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2101 Wood St. & 1807 David St. Lansing, Lansing, MI 48912
11,648 SF office building with 4,998 SF warehouse.
Property Size11,648 SF
Lot Size1.61 Acres
Price / SF$85.42
Days on Market1063
Property Features for 2101 Wood St. & 1807 David St. Lansing
General Information
Standard status
Active
Size
11,648 SF
Class
B
Lot size
1.61 Acres
Property subtype
Office
Zoning
C3
Building Details
Year Built
1970
Listing Agency:
Martin Commercial Properties
(517) 351-2200
Listed By:
Eric Rosekrans · License #MI 6501153826
Source:
Crexi
Added: Sep 12, 2023
Changed: Aug 8
Last Checked: May 12 at 10:39PM
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 Martin Commercial Properties
Investment Insights
Based on property information with market context.
Available for sale is an 11,648 square foot office building accompanied by a 4,998 square foot stand-alone warehouse, situated on a proposed 1.61-acre parcel that is to be divided. Additionally, there is an office suite available for lease, offering 6,600 square feet in white box condition, ready for customization. The suite includes two private offices, one of which is plumbed for a restroom, and five large rooms suitable for either open office layouts or meeting spaces. It also features dual entrances on the east and west sides. A 4,998 square foot warehouse or storage space is also available for lease. This pole building, located at 1807 David St., features a new roof, 12-foot ceilings, concrete floors, and electrical service, with two divided rooms.
Key Highlights
- 11,648 SF office building with a 4,998 SF stand‑alone warehouse on 1.61 acres.
- The 4,998 SF warehouse features a new roof, 12' ceilings, and concrete floors.
- 6,600 SF office suite in white box condition, ready for customization.
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
$75,682
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
7.61%
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%
$1,513,640
$1.5M
Cap Rate 7%
$1,081,171
$1.1M
Cap Rate 9%
$840,911
$840.9K
Market Conditions
NOI Build-Up for 11,648 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
$118.8K $10.20/SF
− Vacancy
−$10.7K −$0.92/SF
EGI
$108.1K $9.28/SF
− OpEx
−$32.4K −$2.78/SF
NOI
$75.7K $6.50/SF
Area
Lansing, MI
Vacancy
9.00%
Lease Rate
$10.20 /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%
$1,513,640
Cap Rate 7%
$1,081,171
Cap Rate 9%
$840,911
Alternative Uses
Best Use
Office B
$1.61M
$1.40M – $1.87M
NOI $112,380 @ 7.0% cap · market cap 11.29%
Second Best
Warehouse
$1.34M
$1.17M – $1.57M
NOI $93,993 @ 7.0% cap · market cap 9.45%
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $167,835 @ 7.0% cap · market cap 16.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,067
Businesses Nearby
Explore this area
Business Placement
Demographics for 48912, MI
17,155
Population
9,064
Households
1.9
Avg Household Size
34
Median Age
40%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
3,299
Density / Sq Mi
$53,072
Median Household Income
$34,598
Median Earnings
$1,037
Median Rent
$139,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 11,648 SF office building with 4,998 SF warehouse.
Where is this office building located?
The property is located at 2101 Wood St. & 1807 David St. Lansing Lansing, MI.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 11,648 SF office building with a 4,998 SF stand‑alone warehouse on 1.61 acres.; The 4,998 SF warehouse features a new roof, 12' ceilings, and concrete floors.; 6,600 SF office suite in white box condition, ready for customization.
