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    5815 Pennsylvania Ave Lansing, MI 48911-5230
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    Property profile & analytics

    5815 Pennsylvania Ave, Lansing, MI 48911-5230

    View on Map
    • Retail space
    • 15,290 SF
    • 1.28 lot acres
    Off-Market
    Property ID
    US43-1633966
    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
    $625,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Pure Options Weed Dispensary Lansing South / (Bike/Boat/Book/etc) Store

    Property Details for 5815 Pennsylvania Ave

    Year built
    1985
    Lot size
    1.28 lot acres
    Zone code
    J & H
    Property type
    Retail space
    APN
    33-01-05-03-376-007
    APU
    33010503376007

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jun 14, 2016 $535,000 Rr Holdings 1 LLC Wlaj-tv LLC Warranty Deed —
    Mar 18, 2013 $749,352 Wlaj-tv LLC Sinclair Communications LLC Grant Deed —
    Apr 16, 2012 $1,300,000 Sinclair Communications LLC Freedom Broadcasting Of Mi INC Grant Deed —
    May 27, 2004 — Freedom Broadcasting Of Michigan — Deed Of Trust · related $1,100M · J P Morgan Chase Bank
    — — Freedom Broadcasting Of Mi INC — Deed Of Trust · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $425,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $742,000
      Market price range: $678k - $1.56M
      AI Estimate
      $702,000
      Market price range: $481k - $1.56M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $980,000
      INDUSTRIAL (GENERAL)
      $960,000
      WAREHOUSE, STORAGE
      $890,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.5371
    Latitude
    42.6729
    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
    $25,173
    $96,600
    $339,800
    $436,400
    -
    $193,200
    $679,600
    $872,800

    Comparable in this City

    • Value Estimation
      $1,485,000
      3,060 SF

      6019 Cedar St

      RETAIL STORES (PERSONAL SERVICES)
      6019 Cedar St, Lansing, MI 48911-5108
      View Details
    • Value Estimation by Request
      4,766 SF

      1615 Miller Rd

      STORE, RETAIL OUTLET
      1615 Miller Rd, Lansing, MI 48911-5326
      View Details
    • Value Estimation
      $690,000
      8,000 SF

      6001 Pennsylvania Ave

      RETAIL STORES (PERSONAL SERVICES)
      6001 Pennsylvania Ave, Lansing, MI 48911-5234
      View Details
    • Value Estimation by Request
      1,914 SF

      5751 Cedar St, Unit 11

      RETAIL STORES (PERSONAL SERVICES)
      5751 Cedar St, Lansing, MI 48911-5102
      View Details
    • Value Estimation
      $1,225,000
      14,200 SF

      5829 Executive Dr, Unit 42

      RETAIL STORES (PERSONAL SERVICES)
      5829 Executive Dr, Lansing, MI 48911-5337
      View Details
    • Value Estimation by Request
      2,704 SF

      2215 Holmes Rd

      RETAIL STORES (PERSONAL SERVICES)
      2215 Holmes Rd, Lansing, MI 48911-2402
      View Details

    Similar Nearby for Sale

    • $500,000

      High-Traffic Commercial Property for Sale

      Commercial property with dual revenue streams at a high-traffic intersection.
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      Commercial Strip with Grocery Store

      Commercial strip featuring a Middle Eastern grocery store and office space.
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    • $1,150,000

      Commercial Strip on Pennsylvania Avenue

      Commercial strip with retail, office, and storage space.
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      Pending

      Retail Space For Sale

      Retail space available, 8,654 SF, 6.15% CAP rate.
      6300 South Cedar St, Lansing, MI 48911
      View Details
    • Contact for pricing
      3,750 SF

      Retail Space For Sale

      Retail space available with a 6.26% CAP rate.
      5705 S Cedar St, Lansing, MI 48911
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    • Contact for pricing
      8,450 SF

      Two-Tenant Retail Strip Investment

      Fully occupied retail strip with long-term tenants in Lansing.
      5400 S Pennsylvania Ave, Lansing, MI 48911
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,665 SF

      Retail Space in Lansing Center

      4,665 SF retail, office, or medical space for lease.
      5058 S Waverly Rd, Lansing, MI 48911
      View Details
    • Contact for pricing
      3,400 SF

      Contiguous Retail Suites A and C

      Contiguous office/retail suites with strong frontage and high daily vehicle counts on a major bus line.
      5400 S Pennsylvania Ave, Lansing, MI 48911
      View Details
    • Contact for pricing

      Lansing Office and Retail Space

      Office and retail spaces for rent in Lansing, Michigan.
      6810 S Cedar St, Lansing, MI 48911
      View Details
    • Contact for pricing

      South Lansing Retail/Event Space

      17,700 SF building in South Lansing's retail corridor.
      134 E Edgewood Blvd, Lansing, MI 48911
      View Details
    • Contact for pricing

      Redeveloped Commercial/Industrial Space Available

      Former Sam's Club redeveloped for multiple tenants.
      340 E Edgewood Blvd, Lansing, MI 48911
      View Details
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    Lansing, MI 48911-5230
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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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