Add Listing
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

    231 M. A. C. Ave Unit, Unit 2ND East Lansing, MI 48823

    • Retail space
    • 11,232 SF
    • 0.15 lot acres
    For Lease
    View listing
    $10 SF/Yr
    Last Sale
    Sep 23, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1765399
    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 231 M. A. C. Ave Unit

    Year built
    1962
    Lot size
    0.15 lot acres
    Property size
    11,232 SF
    Zone code
    B3
    Property type
    Retail space
    APN
    33-20-02-18-162-003
    APU
    33200218162003

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,290,000
      6.5%
      $1,190,000
      7%
      $1,105,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $894,000
      Market price range: $485k - $1.31M
      AI Estimate
      $1,048,000
      Market price range: $579k - $1.50M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $890,000
      Current use
      MEDICAL BUILDING
      $1,385,000
      Change: +55% Conversion: Difficult
      RESTAURANT
      $1,310,000
      Change: +47% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,285,000
      Change: +44% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,130,000
      Change: +27% Conversion: Difficult
      OFFICE BUILDING
      $1,110,000
      Change: +25% Conversion: Easy
      WAREHOUSE, STORAGE
      $735,000
      Change: -17% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $720,000
      Change: -19% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    East Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.4815
    Latitude
    42.7354
    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
    2023
    $37,117
    $211,700
    $375,800
    $587,500
    -
    $423,400
    $751,600
    $1,175,000

    Comparable in this City

    • Value Estimation
      $1,995,000
      18,390 SF

      401 Grand Riv Ave

      RETAIL STORES (PERSONAL SERVICES) • 18,390 SF
      401 Grand Riv Ave, East Lansing, MI 48823-4432
      View Details
    • Value Estimation by Request
      3,192 SF

      143 Harrison Rd, Unit 6

      RETAIL STORES (PERSONAL SERVICES) • 3,192 SF
      143 Harrison Rd, East Lansing, MI 48823-4153
      View Details
    • Value Estimation
      $2,600,000
      21,873 SF

      201 Grand Riv Ave, Unit 1

      RETAIL STORES (PERSONAL SERVICES) • 21,873 SF
      201 Grand Riv Ave, East Lansing, MI 48823-4323
      View Details
    • Value Estimation by Request
      3,354 SF

      211 Mac Ave, Unit 13

      RETAIL STORES (PERSONAL SERVICES) • 3,354 SF
      211 Mac Ave, East Lansing, MI 48823-4328
      View Details
    • Value Estimation
      $1,720,000
      26,714 SF

      2655 Grand Riv Ave

      RETAIL STORES (PERSONAL SERVICES) • 26,714 SF
      2655 Grand Riv Ave, East Lansing, MI 48823-5617
      View Details
    • Value Estimation
      $725,000
      6,101 SF

      2649 Grand Riv Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,101 SF
      2649 Grand Riv Ave, East Lansing, MI 48823-5607
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      14,564 SF

      East Lansing Retail Building For Sale

      14,564 SF free-standing building in East Lansing, Michigan.
      111 E Saginaw St, East Lansing, MI 48823
      View Details
    • $99,500
      1,338 SF

      East Lansing Restaurant - Turnkey Operation

      Profitable eatery near Michigan State University.
      219 East Grand River Avenue, East Lansing, MI 48823
      View Details
    • $375,000
      2,890 SF

      Grand River Ave Medical Office

      East Lansing medical office building, $375,000
      415 Grand River Ave, East Lansing, MI 48823
      View Details
    • Contact for pricing
      95,421 SF

      Noca Lofts

      Student Housing at Michigan State University
      16820 Chandler Rd, East Lansing, MI 48823
      View Details
    • $89,900
      0.40 Acres

      Land in East Lansing, MI

      Land available for sale in East Lansing, Michigan.
      2127 Isaac Ln, East Lansing, MI 48823
      View Details
    • Contact for pricing

      East Lansing Office Space

      Office property for sale in East Lansing, Michigan.
      310 W Lake Lansing Rd, East Lansing, MI 48823
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,500 SF

      Retail Space Near MSU Campus

      Retail space in a 3-tenant building across from MSU.
      1105 East Grand River Ave, East Lansing, MI 48823
      View Details
    • Contact for pricing
      2,598 SF

      Retail Space Near Michigan State

      Retail space with drive-up window near Michigan State University.
      1034 Trowbridge Rd, East Lansing, MI 48823
      View Details
    • Contact for pricing

      East Lansing Retail Space Available

      Retail and quick-service spaces in downtown East Lansing.
      311 W Grand River Ave, East Lansing, MI 48823
      View Details
    • Contact for pricing

      Retail Space Near MSU Campus

      White box retail space in central East Lansing location.
      1351 E Grand River Ave, East Lansing, MI 48823
      View Details
    • Contact for pricing

      Mixed-Use Space Near Michigan State

      Mixed-use space with venting, near Michigan State University.
      100 W Grand River Ave, East Lansing, MI 48823
      View Details
    • Contact for pricing

      Retail Space Near MSU Campus

      Endcap retail space with high visibility near Michigan State.
      601 E Grand River Ave, East Lansing, MI 48823
      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.
    231 M. A. C. Ave Unit, Unit 2ND
    East Lansing, MI 48823
    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.
    Sign Up Successful!
    You now have access to more from Realmo!