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

    500 Homer St Lansing, MI 48912-4743

    • Office buildings
    • 8,548 SF
    • 0.39 lot acres
    OFF-MARKET
    Value Estimations
    $1,095,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0148433
    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

    • Dart Bank Frandor & Loan Center / Loan Service / Bank

    Property Details for 500 Homer St

    Year built
    1977
    Lot size
    0.39 lot acres
    Property size
    8,548 SF
    Zone code
    F COMME
    Property type
    Office buildings
    APN
    33-21-01-14-205-025
    APU
    33210114205025

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,465,000
      6.5%
      $1,355,000
      7%
      $1,255,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,065,000
      Market price range: $397k - $1.11M
      AI Estimate
      $865,000
      Market price range: $289k - $871k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $705,000
      Current use
      RESTAURANT
      $745,000
      Change: +6% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $730,000
      Change: +3% Conversion: Difficult
      MEDICAL BUILDING
      $725,000
      Change: +3% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.5093
    Latitude
    42.7387
    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
    $35,002
    $31,500
    $564,100
    $595,600
    -
    $63,000
    $1,128,200
    $1,191,200

    Comparable in this City

    • Value Estimation
      $9,075,000
      69,768 SF

      2425 Grand Riv Ave, Unit 3

      OFFICE BUILDING • 69,768 SF
      2425 Grand Riv Ave, Lansing, MI 48912-3291
      View Details
    • Value Estimation by Request
      4,050 SF

      601 Larch St

      OFFICE BUILDING • 4,050 SF
      601 Larch St, Lansing, MI 48912-1211
      View Details
    • Value Estimation by Request
      1,000 SF

      1710 Michigan Ave, Unit 4

      OFFICE BUILDING • 1,000 SF
      1710 Michigan Ave, Lansing, MI 48912-2825
      View Details
    • Value Estimation by Request
      2,640 SF

      617 Michigan Ave, Unit 28

      OFFICE BUILDING • 2,640 SF
      617 Michigan Ave, Lansing, MI 48912-1169
      View Details
    • Value Estimation by Request
      1,362 SF

      709 Pennsylvania Ave

      OFFICE BUILDING • 1,362 SF
      709 Pennsylvania Ave, Lansing, MI 48912-1734
      View Details
    • Value Estimation by Request
      1,470 SF

      1809 Lk Lansing Rd

      OFFICE BUILDING • 1,470 SF
      1809 Lk Lansing Rd, Lansing, MI 48912-3711
      View Details

    Similar Nearby for Sale

    • $1,600,000
      49,700 SF

      The Penn Building

      Distribution centers • 49,700 SF
      1115 Pennsylvania Ave, Lansing, MI 48912
      View Details
    • Contact for pricing

      Professional Office Building Near Frandor

      Single-story office building with suites available near Frandor area.
      416 N Homer St, Lansing, MI 48912
      View Details
    • $339,900
      4,631 SF

      Remodeled Firehouse with Living Units

      Historic firehouse converted to office and residential units.
      230 Bingham St, Lansing, MI 48912
      View Details
    • $599,000
      5,747 SF

      Lansing Medical Office Building

      Prime Medical Office, Redevelopment Opportunity
      1433 Michigan Ave, Lansing, MI 48912
      View Details
    • $995,000
      11,648 SF

      Lansing Office & Warehouse Complex

      Prime Lansing location, office & warehouse space.
      2101 David St, Lansing, MI 48912
      View Details
    • $185,000
      Pending

      Lansing Warehouse with Flexible Suites

      Well-maintained warehouse with high ceilings and flexible suite options.
      536 Beech St, Lansing, MI 48912
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,701 SF

      Downtown Lansing Loft Office Space

      Two-story loft office in downtown Lansing with gated parking.
      119 Pere Marquette Dr, Lansing, MI 48912
      View Details
    • $14 SF/Yr
      120,000 SF

      Frandor Plus Executive Office Space

      Prime Ingham County Office Suite Available
      3315 Michigan Ave, Lansing, MI 48912
      View Details
    • $18 SF/Yr
      5,747 SF

      Lansing Medical Office Building

      Prime Lansing location, 5,747 SF, high visibility.
      1433 Michigan Ave, Lansing, MI 48912
      View Details
    • $18 SF/Yr
      1,897 SF

      SkyVue Frandor Creative Office Space

      1,897 SF Retail Space Available Now
      3165 Michigan Ave, Lansing, MI 48912
      View Details
    • Contact for pricing

      Lansing Office Space Available

      Office space available for rent in Lansing, Michigan.
      1701 Lake Lansing Rd, Lansing, MI 48912
      View Details
    • $20 SF/Yr
      16,570 SF

      Lansing Office Space: Kerry Street

      Prime Lansing Office, Excellent Location
      2500 Kerry St, Lansing, MI 48912
      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.
    500 Homer St
    Lansing, MI 48912-4743
    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!