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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4750 Hagadorn Rd East Lansing, MI 48823

    • Turn key restaurants
    • 12,240 SF
    • 3.10 lot acres
    For Lease
    View listing
    $14 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1561883
    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

    • Elite Dance Company / Dance School / Recreation
    • Royal Pot / Chinese Restaurant / American Restaurant
    • Sree Saffron / Indian Restaurant
    • Chapelure / Bakery / Coffee Shop
    • Hannah Plaza / Business Center / Shopping Mall

    Property Details for 4750 Hagadorn Rd

    Year built
    1988
    Lot size
    3.10 lot acres
    Property size
    12,240 SF
    Zone code
    C-2
    Property type
    Turn key restaurants
    APN
    33-02-02-20-152-008
    APU
    33020220152008

    Description

    Hannah Plaza, located at 4750-4790 Hagadorn Rd in East Lansing, Michigan, presents a unique opportunity for retail businesses seeking a vibrant and high-traffic location. This single-story, well-established retail center boasts a total of two suites, offering flexible space options ranging from a minimum of 4,007 square feet to a maximum contiguous area of 13,897 square feet. The property's strategic location in Ingham County places it within easy walking distance of Michigan State University, the Michigan Athletic Club, Suburban Ice East Lansing, and the Sparrow Health Science Pavilion. This proximity ensures a consistent flow of students, alumni, event attendees, and local residents, creating a diverse and substantial customer base. The property's "street retail, restaurant, end-cap, shopping center" subtype designation highlights its versatility and suitability for a range of retail concepts. The address is further enhanced by its cross street designation of Grand River Ave, providing excellent visibility and accessibility. This prime retail space in a thriving East Lansing location offers exceptional potential for businesses seeking to capitalize on a high-density population and significant foot traffic. The zip code for this property is 48823.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,042,000
      Market price range: $712k - $2.34M
      AI Estimate
      $1,960,000
      Market price range: $876k - $1.96M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,425,000
      Current use
      MEDICAL BUILDING
      $1,510,000
      Change: +6% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,400,000
      Change: -2% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,230,000
      Change: -14% Conversion: Difficult
      OFFICE BUILDING
      $1,210,000
      Change: -15% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    East Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.461
    Latitude
    42.7195
    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
    $82,735
    $354,500
    $827,200
    $1,181,700
    -
    $709,000
    $1,654,400
    $2,363,400

    Comparable in this City

    • Value Estimation
      $710,000
      5,144 SF

      2701 Grand Riv Ave

      RESTAURANT • 5,144 SF
      2701 Grand Riv Ave, East Lansing, MI 48823-4710
      View Details
    • Value Estimation
      $600,000
      3,351 SF

      1050 Trowbridge Rd

      RESTAURANT • 3,351 SF
      1050 Trowbridge Rd, East Lansing, MI 48823-5220
      View Details
    • Value Estimation
      $950,000
      14,636 SF

      2838 Grand Riv Ave

      RESTAURANT • 14,636 SF
      2838 Grand Riv Ave, East Lansing, MI 48823-4911
      View Details
    • Value Estimation by Request
      1,188 SF

      1518 Grand Riv Ave

      RESTAURANT • 1,188 SF
      1518 Grand Riv Ave, East Lansing, MI 48823-3055
      View Details
    • Value Estimation
      $510,000
      3,820 SF

      720 Michigan Ave

      RESTAURANT • 3,820 SF
      720 Michigan Ave, East Lansing, MI 48823-4220
      View Details
    • Value Estimation
      $4,980,000
      3,255 SF

      2703 Grand Riv Ave, Unit 4

      RESTAURANT • 3,255 SF
      2703 Grand Riv Ave, East Lansing, MI 48823-4710
      View Details

    Similar Nearby for Sale

    • $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
    • $4,995,000
      39.38 Acres

      East Lansing Commercial Land - 39 Acres

      Prime C-2 zoned land, ideal for large-scale development.
      6365 Newton Rd, East Lansing, MI 48823
      View Details
    • 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
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    • $995,000
      10.87 Acres

      East Lansing Development Land

      10.87 Acres, Meijer Adjacent, Highway Access
      16850 Chadwell Rd, East Lansing, MI 48823
      View Details
    • $2,300,000
      19.70 Acres

      Coleman Corners Parcel C: Prime East Lansing Land

      19.7 Acres, Mixed-Use Potential, $2.3M
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    • $399,000
      2.15 Acres

      East Lansing Commercial Land - $399K

      2.15-acre commercial lot, prime East Lansing location.
      0 Earl Ave, East Lansing, MI 48823
      View Details

    Similar Nearby for Lease

    • $35 SF/Yr
      2,930 SF

      Abbot Road Executive Office Space

      Prime East Lansing Office Suite, MSU Views
      100 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
    • $22 SF/Yr
      69,193 SF

      Downtown East Lansing Retail Space

      Prime Retail/Office, MSU Area, 69,193 SF
      300 Grand River Ave, East Lansing, MI 48823
      View Details
    • $40 SF/Yr
      1,174 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
    • $20 SF/Yr
      16,000 SF

      Grand River Ave Retail Space

      East Lansing retail, restaurant opportunity.
      311 Grand River Ave, East Lansing, MI 48823
      View Details
    • $276 SF/Yr
      3,500 SF

      Grand River Ave Retail Space

      High-Visibility East Lansing Restaurant Space
      601 Grand River Ave, East Lansing, MI 48823
      View Details
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    4750 Hagadorn Rd
    East Lansing, MI 48823
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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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