Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1923 Washington Ave, Unit 8 Lansing, MI 48910-9152
    Property profile & analytics

    1923 Washington Ave, Unit 8 Lansing, MI 48910-9152

    View on Map
    • Auto shops
    • 2,277 SF
    • 0.20 lot acres
    Off-Market
    Last Sale Jul 2, 2021
    $60,000
    Property ID
    US43-0098279
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • SKY VIEW AUTOMOTIVE LLC / Car Dealership

    Property Details for 1923 Washington Ave

    Year built
    1937
    Lot size
    0.20 lot acres
    Property size
    2,277 SF
    Zone code
    F COMM
    Property type
    Auto shops
    APN
    33-01-01-21-455-015
    APU
    33010121455015

    Description

    This exceptional commercial property, situated at 1923 S Washington in Lansing, Michigan, presents a compelling investment opportunity. The 2,277 square foot building, constructed in 1937, is ideally positioned near the intersection of Washington Avenue and Mt. Hope Avenue, offering excellent visibility and accessibility. The property sits on a 0.199-acre lot, measuring 90 feet by 125 feet, and boasts ample asphalt parking for customers and employees. Currently configured for auto service, the building's versatile layout allows for a variety of potential uses, subject to zoning regulations. The foundation is substantial, measuring 6,075 square feet, providing a solid base for the structure. The building features forced-air heating, a shingle roof, and is connected to public sewer services. Its strategic location near I-496 ensures convenient access for customers and employees, enhancing its overall appeal and potential for success. The property is zoned for commercial use, making it suitable for a range of businesses. This well-established location offers a unique blend of history and potential, making it an attractive investment in a thriving Lansing commercial district.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.552
    Latitude
    42.7121
    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
    $3,362
    $17,300
    $37,200
    $54,500
    -
    $34,600
    $74,400
    $109,000

    Comparable in this City

    • Value Estimation by Request
      613 SF

      1328 Washington Ave

      AUTO REPAIR, GARAGE • 613 SF
      1328 Washington Ave, Lansing, MI 48910-1653
      View Details
    • Value Estimation
      $620,000
      6,393 SF

      520 Glendale Ave

      AUTO REPAIR, GARAGE • 6,393 SF
      520 Glendale Ave, Lansing, MI 48910-4613
      View Details
    • Value Estimation by Request
      440 SF

      1709 Mt Hope Ave

      AUTO REPAIR, GARAGE • 440 SF
      1709 Mt Hope Ave, Lansing, MI 48910-1904
      View Details
    • Value Estimation by Request
      660 SF

      564 Paris Ave

      AUTO REPAIR, GARAGE • 660 SF
      564 Paris Ave, Lansing, MI 48910-3442
      View Details
    • Value Estimation by Request
      2,560 SF

      2901 Cedar St

      AUTO REPAIR, GARAGE • 2,560 SF
      2901 Cedar St, Lansing, MI 48910-3032
      View Details
    • Value Estimation by Request
      680 SF

      700 Barnes Ave

      AUTO REPAIR, GARAGE • 680 SF
      700 Barnes Ave, Lansing, MI 48910-1302
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,836 SF

      Freestanding Building on Corner Lot

      1,836 SF building on 0.434 acres, versatile MX-C zoning.
      4304 S Pennsylvania Ave, Lansing, MI 48910
      View Details
    • Contact for pricing
      1,836 SF

      Freestanding Building on Corner Lot

      1,836 SF building on 0.434 acres, versatile usage options.
      4304 S Pennsylvania Ave, Lansing, MI 48910
      View Details
    • Contact for pricing
      13,992 SF

      Renovated Flagship Facility For Sale

      Masterfully renovated 13,992 SF facility with modern, industrial-chic finishes.
      2508 S Cedar St, Lansing, MI 48910
      View Details
    • $225,000

      Retail/Restaurant Space on Mt. Hope

      Versatile retail or restaurant space with high foot traffic.
      1404 W Mount Hope Ave, Lansing, MI 48910
      View Details
    • $1,950,000
      25,986 SF

      Grand Riverfront Commercial Opportunity

      Over 25,000 SF of flexible space in Lansing, MI.
      1212 S Washington Ave Ave, Lansing, MI 48910
      View Details
    • Contact for pricing
      2,328 SF

      Former Bank Building Opportunity

      2,328 sq ft former bank branch on 0.6 acres.
      2521 S Cedar St, Lansing, MI 48910
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Everette Plaza

      Commercial space in Lansing, MI with high visibility.
      3500 South Cedar St, Lansing, MI 48910
      View Details
    • Contact for pricing

      Retail Space in Lansing Center

      Well-maintained retail space with excellent visibility in Lansing, Michigan.
      3525 S Martin Luther King Jr Blvd, Lansing, MI 48910
      View Details
    • Contact for pricing

      Prime Retail Space in Lansing

      Versatile retail/commercial space with high visibility and ample parking.
      2524 S Cedar St, Lansing, MI 48910
      View Details
    • $1,300 /Mo

      Retail Space on Busy Street

      High-visibility retail space ideal for a new business.
      4405 S Martin Luther King Jr Blvd, Lansing, MI 48910
      View Details
    • $1,600 /Mo
      2,500 SF

      High-Traffic Commercial Space Available

      Retail, office, or restaurant space in high-traffic Lansing location.
      3318 S Cedar St, Lansing, MI 48910
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1923 Washington Ave, Unit 8
    Lansing, MI 48910-9152
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1923 Washington Ave, Lansing, MI, 48910
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!