Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    615 N Capitol Ave Lansing, MI 48933

    Property Lookup

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

    615 N Capitol Ave Lansing, MI 48933

    View on Map
    • Office buildings
    • 11,098 SF
    • 0.49 lot acres
    For Sale
    $975,000
    View Listing →
    Historic Office Building in Lansing For Sale
    $975,000
    11,098 SF

    Historic Office Building in Lansing

    Classically finished office space near Lansing Community College.

    615 N Capitol Ave, Lansing, MI 48933
    View Listing
    Property ID
    US43-1049996
    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

    • KennelPro / Kennel & Boarding Facility
    • Kennel Pro Insurance / Insurance Agency

    Property Details for 615 N Capitol Ave

    Year built
    1912
    Lot size
    0.49 lot acres
    Property size
    11,098 SF
    Zone code
    D-1 PRO
    Property type
    Office buildings
    APN
    33-01-01-16-127-101
    APU
    33010116127101

    Description

    This meticulously restored 1912, three-story Class B office building offers 11,098 square feet of classically finished space. Located at 615 N Capitol Ave in Lansing, Michigan, this owner-user opportunity boasts 14 private offices, a formal reception area, open office space, ground floor meeting and conference rooms, a kitchenette, and ample basement storage. The high-profile site provides excellent visibility and accessibility via three roads, along with convenient private parking and an additional 0.25-acre overflow parking lot. Situated across from the Lansing Community College Administration Building and a short 11-minute walk from the State Capitol, this property benefits from a prime downtown location. The 0.74-acre lot is zoned DT-1. Building renovations were completed in 1994. The asking price is $975,000. This exceptional property presents a unique blend of historic charm and modern functionality.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,018,000
      Market price range: $515k - $1.44M
      AI Estimate
      $649,000
      Market price range: $148k - $996k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $915,000
      Current use
      RESTAURANT
      $970,000
      Change: +6% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $945,000
      Change: +3% Conversion: Difficult
      MEDICAL BUILDING
      $945,000
      Change: +3% Conversion: Easy
      RETAIL STORES
      $795,000
      Change: -13% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.5543
    Latitude
    42.7403
    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
    $28,586
    $105,800
    $493,900
    $599,700
    -
    $211,600
    $987,800
    $1,199,400

    Comparable in this City

    • Value Estimation
      $10,300,000
      152,394 SF

      201 Townsend St Fl, Unit 3

      OFFICE BUILDING • 152,394 SF
      201 Townsend St Fl, Lansing, MI 48933-1554
      View Details
    • Value Estimation
      $12,610,000
      157,548 SF

      120 Washington Sq

      OFFICE BUILDING • 157,548 SF
      120 Washington Sq, Lansing, MI 48933-1617
      View Details
    • Value Estimation
      $6,165,000
      90,720 SF

      110 Michigan Ave, Unit 9

      OFFICE BUILDING • 90,720 SF
      110 Michigan Ave, Lansing, MI 48933-1611
      View Details
    • Value Estimation
      $15,210,000
      225,000 SF

      100 Capitol Ave

      OFFICE BUILDING • 225,000 SF
      100 Capitol Ave, Lansing, MI 48933-1363
      View Details
    • Value Estimation
      $885,000
      13,072 SF

      505 Capitol Ave

      OFFICE BUILDING • 13,072 SF
      505 Capitol Ave, Lansing, MI 48933-1209
      View Details
    • Value Estimation
      $1,175,000
      17,364 SF

      214 Shiawassee St

      OFFICE BUILDING • 17,364 SF
      214 Shiawassee St, Lansing, MI 48933
      View Details

    Similar Nearby for Sale

    • $6,567,000
      77,717 SF

      Mixed-Use Landmark Hollister Building

      Six-story mixed-use building in downtown Lansing with retail and office.
      106 W Allegan St, Lansing, MI 48933
      View Details
    • Contact for pricing
      11,098 SF

      Historic Office Building in Lansing

      Classically finished office space near Lansing Community College.
      615 N Capitol Ave, Lansing, MI 48933
      View Details
    • $265,000

      Historic Lansing Office Building For Sale

      Turnkey office property in a desirable downtown location.
      600 West Shiawassee St, Lansing, MI 48933
      View Details
    • Contact for pricing

      Prime Lansing Office Space

      Modern office space near Capitol Building with flexible terms.
      222 N Washington Sq, Lansing, MI 48933
      View Details
    • Contact for pricing

      Modern Building Near Michigan Capitol

      Modern building with loading dock and convenient location.
      610 W Ottawa St, Lansing, MI 48933
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Downtown Lansing Art Deco Building

      190,000 SF Art Deco building in downtown Lansing.
      300 S Washington Sq, Lansing, MI 48933
      View Details
    • Contact for pricing

      Iconic Office Tower in Lansing

      Prestigious downtown Lansing office space with flexible configurations.
      101 N Washington Sq, Lansing, MI 48933
      View Details
    • Contact for pricing

      Downtown Office Space with Views

      Renovated office space in downtown Lansing with Capitol views.
      124 W Allegan St, Lansing, MI 48933
      View Details
    • Contact for pricing
      8,550 SF

      Historic Lansing Building with Creative Space

      Unique creative space in downtown Lansing with historic charm.
      221 West Saginaw St, Lansing, MI 48933
      View Details
    • Contact for pricing

      MI, Lansing - S Capitol Ave

      Flexible workspace in MI, Lansing - S Capitol Ave
      501 Capitol Ave, Lansing, MI 48933
      View Details
    • $27 SF/Yr
      6,000 SF

      Lansing Office Sublease: Prime Downtown Location

      6,000 SF Top Floor Office, Stunning Views
      120 Washington Sq, Lansing, MI 48933
      View Details
    View Listing
    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.
    615 N Capitol Ave
    Lansing, MI 48933
    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

    Thank You for Inquiry

    615 N Capitol Ave, Lansing, MI, 48933

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!