Property profile

115 Washington Sq 6 Lansing, MI 48933

OFF-MARKET
Turn key restaurants
Property ID
US43-1606887
2,662 SF 0.03 ac lot Built 2002
Entity Owned 6-yr Hold ~ Est. High Equity
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Property summary

AI-generated overview

This 3,387 square foot restaurant space, built in 1985 and renovated in 2002, is ideally situated in downtown Lansing at 115 S Washington Square, zip code 48933. The single-tenant property boasts a spacious dining area easily accommodating numerous booths and tables, along with built-in features such as buffet warming stations and a drink filling station. The well-equipped kitchen includes multiple prep stations, a large walk-in freezer and refrigerator, a three-compartment sink, and a substantial 25-foot hood covering six wok stations. Its prime location offers exceptional walkability to state buildings, the Capitol, and numerous downtown apartments. The property benefits from high visibility and foot traffic, nestled between W. Michigan Ave and E Allegan St. This vibrant area is home to a diverse mix of quick-service and sit-down restaurants, including established businesses such as Jimmy John's, Juice Nation, AnQi Sushi Express, La Cocina Cubana, Sahara Delight, and the Peanut Shop, creating a thriving culinary environment. This turnkey restaurant space presents a unique opportunity for a variety of food service concepts. The property is classified as Retail and Restaurant, specifically suited for quick-service, fast food, and dine-in establishments.

Property profile

Verified
Property type Turn key restaurants
Use group RESTAURANT
Year built 2002
Total area 2,662 SF
Lot 0.03 ac (1,437 SF)
Zoning code G-1 BUS
APN 33-01-01-16-401-054
UPID US43-1606887

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

115 Washington Sq, Unit 6 Lansing, MI 48933-1703
Lansing metro Census 6700 LANSING-EAST LANSING, MI METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$265k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$265k

Owner & transaction history

since 2019
2 recorded transactions
2019
Price N/A
1969
Price N/A

Zoning & alternative use

G-1 BUS · Lansing, MI

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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