Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2 Michigan Ave Lansing, MI 48933

    • Commercial land
    • 0.34 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-3938558
    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

    • Commercial land

    Property Details for 2 Michigan Ave

    Lot size
    0.34 lot acres
    Zone code
    G-1 BUS
    Property type
    Commercial land
    APN
    33-01-01-16-401-161
    APU
    33010116401161

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.551
    Latitude
    42.7332
    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
    $16,367
    $89,800
    $34,600
    $124,400
    -
    $179,600
    $69,200
    $248,800

    Comparable in this City

    • Value Estimation by Request
      0.08 Acres

      326 Washington Sq

      VACANT COMMERCIAL LAND • 0.08 Acres
      326 Washington Sq, Lansing, MI 48933
      View Details
    • Value Estimation by Request
      0.07 Acres

      St Joseph St, Unit 4

      VACANT COMMERCIAL LAND • 0.07 Acres
      St Joseph St, Lansing, MI 48933
      View Details
    • Value Estimation by Request
      0.83 Acres

      Lenawee St

      VACANT COMMERCIAL LAND • 0.83 Acres
      Lenawee St, Lansing, MI 48933
      View Details
    • Value Estimation by Request
      0.52 Acres

      Grand Ave

      VACANT COMMERCIAL LAND • 0.52 Acres
      Grand Ave, Lansing, MI 48933
      View Details
    • Value Estimation by Request
      1.92 Acres

      137 Grand Ave

      VACANT COMMERCIAL LAND • 1.92 Acres
      137 Grand Ave, Lansing, MI 48933-1305
      View Details
    • Value Estimation by Request
      0.09 Acres

      238 Michigan Ave

      VACANT COMMERCIAL LAND • 0.09 Acres
      238 Michigan Ave, Lansing, MI 48933-1431
      View Details

    Similar Nearby for Sale

    • $49,500

      Corner Site in Opportunity Zone

      0.153 acre corner site, gateway to downtown Lansing.
      Pine St, Lansing, MI 48933
      View Details
    • $49,500
      0.15 Acres

      Lansing Land: Prime Downtown Site

      High-profile corner lot, DT-1 zoning.
      0 Pine St, Lansing, MI 48933
      View Details
    • $255,000
      0.13 Acres

      Two Houses and Vacant Lot

      Investment opportunity: two houses, three units, and a vacant lot.
      513 W Hillsdale St, Lansing, MI 48933
      View Details
    • $105,900
      900 SF

      Kalamazoo Street Retail/Office Space

      900 SF space suitable for office, retail, or storage.
      109 W Kalamazoo St, Lansing, MI 48933
      View Details
    • $795,000
      9,681 SF

      Historic Lansing Church Conversion

      Unique creative space in downtown Lansing, blending history and modernity.
      221 West Saginaw St, Lansing, MI 48933
      View Details
    • Contact for pricing
      2,461 SF

      Downtown Lansing Professional Office Suite

      Modern office suite in downtown Lansing, near amenities.
      401 W Ionia St, Lansing, MI 48933
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      35,000 SF

      Comerica Building Executive Suites

      Prestigious CBD Office Space Available
      101 Washington Sq, Lansing, MI 48933
      View Details
    • $18 SF/Yr
      43,875 SF

      Prime Lansing Office Space Near Capitol

      Exceptional Office Space in Downtown Lansing
      300 Michigan Ave, Lansing, MI 48933
      View Details
    • $27 SF/Yr
      6,000 SF

      Lansing Office Sublease: Prime Downtown Location

      6,000 SF Top Floor Office, Stunning Views
      120 Washington Sq, Lansing, MI 48933
      View Details
    • $22 SF/Yr
      215,150 SF

      Boji Tower: Lansing Office Space

      Prestigious Downtown Lansing Office Tower
      124 Allegan St, Lansing, MI 48933
      View Details
    • $20 SF/Yr
      9,677 SF

      Downtown Lansing Retail Space

      Prime Lansing location, 9,677 SF available
      228 Washington Sq, Lansing, MI 48933
      View Details
    • $15 SF/Yr
      30,375 SF

      Downtown Lansing Executive Suites

      Prime Capitol location, flexible office space.
      200 Washington Sq, Lansing, MI 48933
      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.
    2 Michigan Ave
    Lansing, MI 48933
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.