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

    240 Museum Dr Lansing, MI 48933-1905

    • Commercial real estate
    • 25,853 SF
    • 1.44 lot acres
    OFF-MARKET
    Value Estimations
    $1,855,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1888538
    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

    • R.E. Olds Transportation Museum / Historical Place Museum / Museum

    Property Details for 240 Museum Dr

    Lot size
    1.44 lot acres
    Property size
    25,853 SF
    Property type
    Commercial real estate
    APN
    33-01-01-16-403-083
    APU
    33010116403083

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,250,000
      Market price range: $126k - $2.34M
      AI Estimate
      $2,461,000
      Market price range: $405k - $3.82M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,250,000
      Current use
      RESTAURANT
      $2,255,000
      Change: +80% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $2,205,000
      Change: +76% Conversion: Difficult
      MEDICAL BUILDING
      $2,200,000
      Change: +76% Conversion: Easy
      OFFICE BUILDING
      $2,135,000
      Change: +71% Conversion: Easy
      RETAIL STORES
      $1,845,000
      Change: +48% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,660,000
      Change: +33% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $1,620,000
      Change: +30% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.5481
    Latitude
    42.7312
    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
    2022
    $499
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.08 Acres

      411 Ionia St

      Land • 0.08 Acres
      411 Ionia St, Lansing, MI 48933
      View Details
    • Value Estimation by Request
      4,158 SF

      227/229 Washington Sq

      Commercial real estate • 4,158 SF
      227/229 Washington Sq, Lansing, MI 48933
      View Details
    • Value Estimation by Request
      0.22 Acres

      11 Capitol Ave

      COMMERCIAL (GENERAL) • 0.22 Acres
      11 Capitol Ave, Lansing, MI 48933
      View Details
    • Value Estimation by Request
      0.80 Acres

      501 Saginaw St

      COMMERCIAL (GENERAL) • 0.80 Acres
      501 Saginaw St, Lansing, MI 48933-1043
      View Details
    • Value Estimation by Request
      0.55 Acres

      501 Saginaw St

      COMMERCIAL (GENERAL) • 0.55 Acres
      501 Saginaw St, Lansing, MI 48933-1043
      View Details
    • Value Estimation by Request
      2.00 Acres

      510 Ottawa St

      COMMERCIAL (GENERAL) • 2.00 Acres
      510 Ottawa St, Lansing, MI 48933-8017
      View Details

    Similar Nearby for Sale

    • $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
    • $975,000
      11,098 SF

      Historic Lansing Office Building

      Prime Capitol Ave location, 11,098 sq ft
      615 Capitol Ave, 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
    • 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
    • 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
      3,083 SF

      Downtown Lansing Storefront Opportunity

      Storefront in downtown Lansing shopping district near Grewal Hall.
      228 S Washington Sq, 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
    • $13 SF/Yr
      3,206 SF

      Lansing Retail Space: Prime Location

      Downtown Lansing retail, two suites available.
      109 Washington Sq, 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
    • $20 SF/Yr
      1,740 SF

      Lansing Restaurant Space For Sale

      Prime Downtown Lansing Restaurant, 1740 sq ft
      107 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
    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.
    240 Museum Dr
    Lansing, MI 48933-1905
    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.