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    4021 W Saginaw Hwy Lansing, MI 48917
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    4021 W Saginaw Hwy Lansing, MI 48917

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    • Drive through restaurants
    • 2,984 SF
    • 0.55 lot acres
    For Sale
    $889,000
    View Listing →
    Restaurant with Drive-Thru For Sale For Sale
    $889,000
    2,856 SF

    Restaurant with Drive-Thru For Sale

    Free-standing restaurant with drive-thru on 1.32 acres.

    4021 W Saginaw Hwy, Lansing, MI 48917
    View Listing
    Property ID
    US43-2110541
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Big John Steak & Onion / Restaurant
    • Hibachi House / Bar & Pub / Restaurant

    Property Details for 4021 W Saginaw Hwy

    Year built
    1960
    Lot size
    0.55 lot acres
    Property size
    2,984 SF
    Zone code
    NONE
    Property type
    Drive through restaurants
    APN
    040 013 200 040 00
    APU
    4001320004000

    Description

    This exceptional free-standing restaurant building, totaling 2,856 square feet, presents a compelling investment opportunity or owner-user scenario. Located at 4021 W Saginaw Hwy in Lansing, Michigan, this property boasts a highly desirable drive-thru, ensuring convenient customer access. Situated on 1.32 acres comprised of four parcels (APN: 040-013-200-040-00, 040-043-900-030-00, 040-043-900-010-00, 040-043-900-020-00), the ample space provides extensive parking and convenient ingress/egress from W. Saginaw and N Dibble Ave. Built in 1980 and renovated in 2013, the building is zoned C and currently enjoys 100% occupancy with a long-term tenant (lease details available upon request). The property's strategic location across from McDonald's and one block from the Waverly Rd intersection places it within a thriving commercial corridor. Nearby establishments include Arby's, Advance Auto Parts, Little Caesars Pizza, CVS Pharmacy, Walgreens, Wendy's, AutoZone, Popeye's, and JoAnn Fabrics, among others, indicating strong surrounding retail activity. This prime location benefits from easy access to nearby neighborhoods and a new multi-family/commercial development at the corner of Waverly and Saginaw. The asking price is $889,000 ($311.27 per square foot). This is a NNN lease property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Eaton
    State
    Michigan
    Longitude
    -84.6056
    Latitude
    42.7406
    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
    $7,633
    $0.00
    $0.00
    $178,600
    -
    $0.00
    $0.00
    $357,200

    Comparable in this City

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      1,536 SF

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      DRIVE-THRU RESTAURANT, FAST FOOD • 1,536 SF
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      View Details
    • Value Estimation by Request
      3,410 SF

      4510 Saginaw Hwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,410 SF
      4510 Saginaw Hwy, Lansing, MI 48917-2703
      View Details
    • Value Estimation
      $645,000
      5,100 SF

      7240 Saginaw Hwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 5,100 SF
      7240 Saginaw Hwy, Lansing, MI 48917-1129
      View Details
    • Value Estimation by Request
      2,339 SF

      4721 Saginaw Hwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,339 SF
      4721 Saginaw Hwy, Lansing, MI 48917-2602
      View Details
    • Value Estimation
      $565,000
      4,463 SF

      5212 Saginaw Hwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,463 SF
      5212 Saginaw Hwy, Lansing, MI 48917-1913
      View Details
    • Value Estimation by Request
      411 SF

      327 Waverly Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 411 SF
      327 Waverly Rd, Lansing, MI 48917-3615
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,856 SF

      Restaurant with Drive-Thru For Sale

      Free-standing restaurant with drive-thru on 1.32 acres.
      4021 W Saginaw Hwy, Lansing, MI 48917
      View Details
    • $399,000
      5,192 SF

      Freestanding Retail Building with Drive-Thru

      Former CVS retail building with drive-thru on 1.72 acres.
      632 N Dibble Ave, Lansing, MI 48917
      View Details
    • Contact for pricing

      Lansing Industrial Building For Sale

      17,080 SF industrial building in active logistics corridor.
      4600 S Creyts Rd, Lansing, MI 48917
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      Granger Mall Retail Space

      Retail/office space in Granger Mall with immediate occupancy.
      408-426 Elmwood Dr, Lansing, MI 48917
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    Similar Nearby for Lease

    • $12 SF/Yr
      1,508 SF

      Retail Space with Drive-Thru

      End-cap retail space with drive-up window in C and N Plaza.
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      View Details
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      Retail Space Inside Meijer Store

      High-traffic retail spaces available within Meijer stores in Midwest.
      5125 W Saginaw Hwy, Lansing, MI 48917
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    • $12 SF/Yr

      Retail Space with High Visibility

      Retail space with convenient parking and pylon signage available for rent.
      1701 S Waverly Rd, Lansing, MI 48917
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      Marketplace Retail Space Available

      Retail space available at Marketplace in Delta Township.
      430 N Marketplace Blvd, Lansing, MI 48917
      View Details
    • Contact for pricing
      6,000 SF

      Lansing Retail Space - 6000 SF

      High-traffic retail building, ideal for restaurant or other uses.
      1601 S. Waverly Rd. Lansing, MI 48917, Lansing, MI 48917
      View Details
    • Contact for pricing

      Retail Space in Granger Mall

      Retail suite available for immediate occupancy in Granger mall.
      408-426 Elmwood Dr, Lansing, MI 48917
      View Details
    View Listing
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    Lansing, MI 48917
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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.

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