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    Property profile & analytics

    2815 Pennsylvania Ave Lansing, MI 48910-3495

    • Medical Office Space
    • 43,296 SF
    • 1.97 lot acres
    OFF-MARKET
    Value Estimations
    $3,400,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-5286928
    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

    • Dr. Jenny Y. Ha, DDS / Dental Office
    • Dr. Maie M. Shabana, DDS / Dental Office
    • Dr. Elena C. Coppola, DO / Physician
    • Clark Weathing Edwin MD / Physician
    • MSU Adult Medicine: Ross Jonathan M MD / Physician

    Property Details for 2815 Pennsylvania Ave

    Year built
    1987
    Lot size
    1.97 lot acres
    Property size
    43,296 SF
    Zone code
    D-1 PRO
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    33-01-01-27-327-042
    APU
    33010127327042

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,389,000
      Market price range: $858k - $5.46M
      AI Estimate
      $2,353,000
      Market price range: $914k - $3.68M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $3,680,000
      Current use
      RESTAURANT
      $3,780,000
      Change: +3% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $3,695,000
      Change: +0% Conversion: Difficult
      OFFICE BUILDING
      $3,020,000
      Change: -18% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.536
    Latitude
    42.7029
    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
    $101,612
    $163,300
    $1,437,500
    $1,600,800
    -
    $326,600
    $2,875,000
    $3,201,600

    Comparable in this City

    • Value Estimation by Request
      3,840 SF

      2025 Holmes Rd, Unit 4

      MEDICAL BUILDING • 3,840 SF
      2025 Holmes Rd, Lansing, MI 48910-0376
      View Details
    • Value Estimation
      $550,000
      4,997 SF

      312 Jolly Rd

      MEDICAL BUILDING • 4,997 SF
      312 Jolly Rd, Lansing, MI 48910
      View Details
    • Value Estimation
      $740,000
      26,840 SF

      3394 Jolly Rd Ste C

      MEDICAL BUILDING • 26,840 SF
      3394 Jolly Rd Ste C, Lansing, MI 48910-8595
      View Details
    • Value Estimation by Request
      1,969 SF

      1505 Holmes Rd

      MEDICAL BUILDING • 1,969 SF
      1505 Holmes Rd, Lansing, MI 48910-4330
      View Details
    • Value Estimation by Request
      5,805 SF

      1515 Mt Hope Ave

      MEDICAL BUILDING • 5,805 SF
      1515 Mt Hope Ave, Lansing, MI 48910-2664
      View Details
    • Value Estimation by Request
      15,534 SF

      3333 Pennsylvania Ave, Unit 2

      MEDICAL BUILDING • 15,534 SF
      3333 Pennsylvania Ave, Lansing, MI 48910-4755
      View Details

    Similar Nearby for Sale

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      South Lansing Redevelopment Opportunity

      13.76 Acres, 240K SF, Vacant
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    • $310,000
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      Lansing Medical Office Building

      4,508 SF Medical Office - $310K
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    • $150,000
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    • Contact for pricing

      South Lansing Office Suites Available

      Office suites for sale in South Lansing with ample parking.
      3139-3145 S Pennsylvania Ave, Lansing, MI 48910
      View Details
    • $845,000

      Two-Level Office Building For Sale

      Two-level office building with private offices and conference spaces.
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      Commercial building suitable for office or professional use with parking.
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    Similar Nearby for Lease

    • $11 SF/Yr
      11,364 SF

      Lansing Medical Office Building

      Prime Lansing location, 5 suites, 5,494 SF vacant.
      1808 Pennsylvania Ave, Lansing, MI 48910
      View Details
    • $80 SF/Yr
      3,840 SF

      Lansing Office Space For Lease

      Versatile 1,075 SF Office Suite
      2025 Holmes Rd, Lansing, MI 48910
      View Details
    • $17 SF/Yr
      20,000 SF

      Lansing Medical Office Building

      Prime Medical Office Space, 9,698 SF Available
      3370 Jolly Rd, Lansing, MI 48910
      View Details
    • $12 SF/Yr
      1,200 SF

      Lansing Office Space: Prime Location

      1200 sq ft Single-Tenant Office in Lansing, MI
      3500 Cedar St, Lansing, MI 48910
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    • $1,600 /Mo
      2,500 SF

      High-Traffic Commercial Space Available

      Retail, office, or restaurant space in high-traffic Lansing location.
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      View Details
    • $325 /Mo
      225 SF

      Studio Office Flex Space

      Secure studio office flex space with utilities included.
      3315 S Pennsylvania Ave, Lansing, MI 48910
      View Details
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    Lansing, MI 48910-3495
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    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
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