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    Property profile & analytics

    1209 Turner St, Unit 5 Lansing, MI 48906-4341

    • Retail space
    • 3,007 SF
    • 0.04 lot acres
    OFF-MARKET
    Last Sale
    Feb 16, 2022
    Value Estimations
    $250,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1445022
    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

    • Retail space

    Property Details for 1209 Turner St

    Year built
    1885
    Lot size
    0.04 lot acres
    Property size
    3,007 SF
    Zone code
    F-1 COM
    Property type
    Retail space
    APN
    33-01-01-09-254-051
    APU
    33010109254051

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $250,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $198,000
      Market price range: $91.3k - $237k
      AI Estimate
      $278,000
      Market price range: $134k - $354k

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

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.5498
    Latitude
    42.7478
    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
    2020
    $1,338
    $5,800
    $104,700
    $110,500
    -
    $11,600
    $209,400
    $221,000

    Comparable in this City

    • Value Estimation
      $55,000
      3,384 SF

      2916 Turner St

      RETAIL STORES (PERSONAL SERVICES) • 3,384 SF
      2916 Turner St, Lansing, MI 48906-4029
      View Details
    • Value Estimation by Request
      5,720 SF

      5085 Grand Riv Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,720 SF
      5085 Grand Riv Ave, Lansing, MI 48906-9104
      View Details
    • Value Estimation
      $310,000
      4,000 SF

      4600 Grand Riv Ave Ste C

      RETAIL STORES (PERSONAL SERVICES) • 4,000 SF
      4600 Grand Riv Ave Ste C, Lansing, MI 48906-2572
      View Details
    • Value Estimation
      $635,000
      20,984 SF

      1127 Cedar St

      RETAIL STORES (PERSONAL SERVICES) • 20,984 SF
      1127 Cedar St, Lansing, MI 48906-5262
      View Details
    • Value Estimation
      $225,000
      1,964 SF

      711 Ctr St

      RETAIL STORES (PERSONAL SERVICES) • 1,964 SF
      711 Ctr St, Lansing, MI 48906-5215
      View Details
    • Value Estimation
      $235,000
      1,625 SF

      1501 Cesar E Chavez Ave, Unit 1

      RETAIL STORES (PERSONAL SERVICES) • 1,625 SF
      1501 Cesar E Chavez Ave, Lansing, MI 48906-5442
      View Details

    Similar Nearby for Sale

    • $160,000
      2,705 SF

      Lansing Retail/Office Opportunity

      Retail or office space in prime Lansing location for sale.
      1701 Turner Rd, Lansing, MI 48906
      View Details
    • $199,500
      2,557 SF

      Versatile Commercial Property in Lansing

      2,557 SF building on 0.558 acres, high-traffic location.
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    • $119,900
      1,776 SF

      Lansing Commercial Property with IND-2 Zoning

      Commercial property with IND-2 zoning, suitable for diverse uses.
      901 Call St, Lansing, MI 48906
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    • $399,000
      Pending

      Established Diner in Lansing, MI

      Remodeled diner with parking and a three-car garage.
      516 E Grand River Ave, Lansing, MI 48906
      View Details
    • $450,000
      3,705 SF

      Lansing Restaurant & Bar for Sale

      Established eatery, prime location, high potential.
      5000 Grand River Ave, Lansing, MI 48906
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    • $369,000
      7,376 SF

      Industrial Property with Fenced Storage

      Versatile industrial property with fenced outdoor storage on corner lot.
      2000 Turner St, Lansing, MI 48906
      View Details

    Similar Nearby for Lease

    • $30 SF/Yr
      1,547 SF

      Retail Space Near Michigan State

      Retail space in mixed-use building near Michigan State University.
      918 E Grand River Ave E, Lansing, MI 48906
      View Details
    • $15 SF/Yr
      11,500 SF

      Customizable Retail Space For Lease

      In-line retail space with upgraded facade and improved parking.
      2000 N Larch St, Lansing, MI 48906
      View Details
    • $20 SF/Yr
      28,380 SF

      Lansing Old Town Retail Space

      Historic building, prime location, 909 sq ft.
      502 César E Chávez Ave, Lansing, MI 48906
      View Details
    • $15 SF/Yr
      2,000 SF

      Downtown Lansing Bar - Turnkey Opportunity

      Historic Old Town, Established Bar, 2000 sq ft
      327 César E Chávez Ave, Lansing, MI 48906
      View Details
    • $19 SF/Yr
      12,981 SF

      Lansing Office Space - Prime Location

      12,981 SF Office/Retail, Two Buildings
      1213 Center St, Lansing, MI 48906
      View Details
    • $1,729,000

      Collision Right Repair Center

      Leased auto repair shop with corporate guarantee in Lansing, MI.
      3303 North St East, Lansing, MI 48906
      View Details
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    1209 Turner St, Unit 5
    Lansing, MI 48906-4341
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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
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