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    1351 E Grand River Ave East Lansing, MI 48823
    Property profile & analytics

    1351 E Grand River Ave, East Lansing, MI 48823

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    • Community centers
    • 37,698 SF
    • 4.01 lot acres
    For Lease
    $18 SF/Yr
    View Listing →
    Retail Space Near MSU Campus For Lease
    $18 SF/Yr

    Retail Space Near MSU Campus

    White box retail space in central East Lansing location.

    1351 E Grand River Ave, East Lansing, MI 48823
    View Listing
    Property ID
    US43-1748487
    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.
    Value Estimations
    $1,620,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Community centers

    Property Details for 1351 E Grand River Ave

    Year built
    1957
    Lot size
    4.01 lot acres
    Zone code
    B2
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    33-20-02-18-416-012
    APU
    33200218416012

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 7, 2018 — Brookfield East Lansing LLC — Grant Deed · related $2.5M · Michigan St Hsng Dev Auth
    Jan 21, 2009 — Brookfield East Lansing LLC — Deed Of Trust · related $2.6M · Fifth Third Bank

    Description

    This exceptional retail and office space, located at 1351 E Grand River Ave in East Lansing, Michigan, offers a unique opportunity for businesses seeking a vibrant and high-traffic location. The property, Brookfield Plaza, is a 38,000 square foot building with multiple tenancies, currently featuring a vacant space ranging from 1,894 to 5,682 square feet. The space is in a "white box" condition, providing flexibility for tenant build-out and customization. Situated on East Grand River Avenue, a major east-west retail corridor, this location boasts exceptional visibility and accessibility. Its proximity to Michigan State University's campus, coupled with its close proximity to over 10 apartment complexes and 6 fraternity houses, ensures a consistent flow of potential customers. The property benefits from strong co-tenancy, including established businesses such as Grand Traverse Pie Company, Peppino's, TOASTE, and Sultan's Mediterranean, with The Morning Post and D'Nulffos Seafood & Chophouse soon to join. The property is in Ingham County, Michigan, with a zip code of 48823, and is conveniently located near the intersection of East Grand River Avenue and Hagadorn Road. This is an ideal location for businesses seeking high visibility and a strong customer base in a thriving college town environment. The minimum divisible space is 1,894 square feet, making it suitable for a variety of businesses. This prime retail space presents a rare opportunity to establish or expand your business in a highly desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $985,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,264,000
      Market price range: $1.44M - $3.39M
      AI Estimate
      $1,616,000
      Market price range: $1.07M - $2.34M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $2,420,000
      Current use
      WAREHOUSE, STORAGE
      $2,470,000
      Change: +2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    East Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.4635
    Latitude
    42.7303
    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
    $76,205
    $698,000
    $703,800
    $1,401,800
    -
    $1,396,000
    $1,407,600
    $2,803,600

    Comparable in this City

    • Value Estimation by Request
      1,922 SF

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      3,724 SF

      3050 Lk Lansing Rd, Unit 23

      MINI-MALL
      3050 Lk Lansing Rd, East Lansing, MI 48823-2284
      View Details
    • Value Estimation
      $785,000
      9,028 SF

      1500 Lk Lansing Rd

      MINI-MALL
      1500 Lk Lansing Rd, East Lansing, MI 48823-1395
      View Details
    • Value Estimation by Request
      8,968 SF

      248 Saginaw St

      MINI-MALL
      248 Saginaw St, East Lansing, MI 48823-2760
      View Details
    • Value Estimation
      $1,330,000
      24,200 SF

      2800 Grand Riv Ave

      SHOPPING CENTER, STRIP CENTER
      2800 Grand Riv Ave, East Lansing, MI 48823-4992
      View Details
    • Value Estimation
      $18,000,000
      208,944 SF

      1350 Lk Lansing Rd

      WHOLESALE OUTLET, DISCOUNT STORE
      1350 Lk Lansing Rd, East Lansing, MI 48823-1314
      View Details

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    East Lansing, MI 48823
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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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    1351 E Grand River Ave, East Lansing, MI, 48823
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