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

    206 Michigan Ave, Unit 1 Lansing, MI 48933-1431

    • Office buildings
    • 101,893 SF
    • 0.40 lot acres
    OFF-MARKET
    Value Estimations
    $1,315,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1253469
    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

    • Michigan Department of Corrections / Correctional Services Department / Prison
    • Parole Board / Probation Office
    • Mi Department Corr Prisoner Grievanc / State Government Office
    • Doc Cafe / Software Company / Employment Search Service

    Property Details for 206 Michigan Ave

    Year built
    1930
    Lot size
    0.40 lot acres
    Property size
    101,893 SF
    Zone code
    G-1 BUS
    Property type
    Office buildings
    APN
    33-01-01-16-402-002
    APU
    33010116402002

    Description

    This exceptional investment opportunity presents a Class B, three-story office building totaling 101,893 square feet (96,990 net rentable) situated on a 0.402-acre lot in downtown Lansing, Michigan. The property, located at 206 E Michigan Ave, is currently 100% occupied by the State of Michigan Corrections Department under a lease extending to September 30, 2028, with a single five-year renewal option. The building underwent substantial renovations in 2020, showcasing the tenant's long-term commitment. This single-tenant building offers a compelling investment profile with an asking price of $14,900,000, translating to a price per square foot of $146.23 and an attractive 10.73% cap rate. The property is zoned for commercial use and features a modified lease type. The building's address is 206 E Michigan Ave, Lansing, MI 48933, with the APN 33-01-01-16-402-002. This is a fee-simple ownership opportunity. The property's prime downtown location and strong tenant occupancy make it an ideal addition to any commercial real estate portfolio. The building's substantial size and recent renovations ensure a stable and lucrative investment for years to come.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,315,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.5503
    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
    $282,425
    $87,500
    $5,566,600
    $5,654,100
    -
    $175,000
    $11,133,200
    $11,308,200

    Comparable in this City

    • Value Estimation
      $1,260,000
      92,790 SF

      106 Allegan St, Unit 8

      OFFICE BUILDING • 92,790 SF
      106 Allegan St, Lansing, MI 48933-1700
      View Details
    • Value Estimation
      $545,000
      3,444 SF

      311 Washington Sq

      OFFICE BUILDING • 3,444 SF
      311 Washington Sq, Lansing, MI 48933
      View Details
    • Value Estimation
      $1,095,000
      150,589 SF

      400 Pne St

      OFFICE BUILDING • 150,589 SF
      400 Pne St, Lansing, MI 48933-2250
      View Details
    • Value Estimation
      $1,230,000
      50,391 SF

      200 Washington Sq

      OFFICE BUILDING • 50,391 SF
      200 Washington Sq, Lansing, MI 48933-1320
      View Details
    • Value Estimation by Request
      129,853 SF

      124 Michigan Ave

      OFFICE BUILDING • 129,853 SF
      124 Michigan Ave, Lansing, MI 48933-1646
      View Details
    • Value Estimation by Request
      6,555 SF

      602 Ionia St

      OFFICE BUILDING • 6,555 SF
      602 Ionia St, Lansing, MI 48933-1015
      View Details

    Similar Nearby for Sale

    • $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
      158,083 SF

      Modern Building Near Michigan Capitol

      Modern building with loading dock and convenient location.
      610 W Ottawa St, Lansing, MI 48933
      View Details
    • Contact for pricing
      69,715 SF

      Prime Lansing Office Space

      Modern office space near Capitol Building with flexible terms.
      222 N Washington Sq, Lansing, MI 48933
      View Details
    • $1,600,000
      11,200 SF

      Two-Story Office Building For Sale

      Two-story office building featuring above-average finishes and well-kept grounds.
      332 Townsend 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
    • $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

    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
    • $20 SF/Yr
      6,594 SF

      Lansing Executive Office Space

      Downtown Lansing, 6,594 SF Office
      110 Washtenaw St, Lansing, MI 48933
      View Details
    • $23 SF/Yr
      190,000 SF

      Knapp's Centre: Lansing Executive Suites

      Prestigious Lansing office space, multiple suites available.
      300 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
    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.
    206 Michigan Ave, Unit 1
    Lansing, MI 48933-1431
    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.