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    408-426 Elmwood Dr Lansing, MI 48917

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    For Lease
    $12 SF/Yr ($11,120 /Mo)

    Prime Lansing storefront, multiple suites available.

    Lot size:
    11,120 SF

    Property Features for 408-426 Elmwood Dr

    General Information

    Property type
    Individual retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    11,120 SF
    Total Rate
    11120

    Spaces For Lease

    at 408-426 Elmwood Dr, Lansing, MI 48917 Contact us
    Unit Suite 410

    $12 /Mo

    Size
    3,300 SF
    Contact us
    Unit Suite 420

    $12 /Mo

    Size
    500 SF
    Contact us
    Unit Suite 422

    $12 /Mo

    Size
    1,430 SF
    Contact us

    We can help!

    Listing Contact
    Amanda Hopper

    Listing Agency: NAI Mid-Michigan Listing Agent: Amanda Hopper

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Granger Mall in Lansing, Michigan, offers a fantastic retail opportunity with immediate occupancy. This property, located at 408-426 Elmwood Dr, Lansing, MI 48917, is a single-building retail center totaling 11,120 square feet. Currently, there are three available storefront spaces ranging in size from 500 to 3,300 square feet, providing flexibility for various retail concepts. A total of 3,300 square feet is currently vacant and ready for immediate use. The building features on-site parking for the convenience of both tenants and customers. This prime location in Ingham County offers excellent visibility and accessibility, making it an ideal spot for businesses seeking high foot traffic. The property is classified as a multi-tenant retail storefront, presenting a unique chance to establish a presence in a well-established shopping center. The available space is perfect for businesses needing immediate occupancy and looking for a flexible layout to suit their needs. Don't miss this opportunity to secure your space in this thriving Lansing retail center.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.6210306
    Latitude
    42.7377876

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    FAQs

    What type of property is this?
    Individual retail property - Prime Lansing storefront, multiple suites available.
    Where is this individual retail property located?
    The property is located at 408-426 Elmwood Dr Lansing, MI.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: High-traffic location near Meijer, Lansing Mall, and other major retailers.; Excellent visibility on a busy thoroughfare.; Available immediately.
    (517) 487-9222
    Request Owner's contact information
    408-426 Elmwood Dr Lansing, MI 48917
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    Lansing, MI 48917
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    408-426 Elmwood Dr Lansing, MI 48917
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    Listing Contact
    Amanda Hopper
    (517) 487-9222 (517) 927-9626
    Learn more
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