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

    615 Waverly Rd Lansing, MI 48917-3670

    • Retail space
    • 6,120 SF
    • 0.55 lot acres
    OFF-MARKET
    Value Estimations
    $510,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1210695
    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

    • Doty Mechanical / HVAC Service / General Contractor

    Property Details for 615 Waverly Rd

    Year built
    1987
    Lot size
    0.55 lot acres
    Property size
    6,120 SF
    Zone code
    E LOCAL
    Property type
    Retail space
    APN
    33-21-01-18-351-016
    APU
    33210118351016

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $412,000
      Market price range: $271k - $624k
      AI Estimate
      $487,000
      Market price range: $302k - $649k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $435,000
      Current use
      OFFICE BUILDING
      $760,000
      Change: +74% Conversion: Easy
      RESTAURANT
      $535,000
      Change: +22% Conversion: Easy
      AUTO REPAIR, GARAGE
      $520,000
      Change: +19% Conversion: Difficult
      MEDICAL BUILDING
      $520,000
      Change: +19% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $395,000
      Change: -10% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $385,000
      Change: -12% Conversion: Difficult
      WAREHOUSE, STORAGE
      $355,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.6023
    Latitude
    42.7275
    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
    $12,965
    $43,100
    $220,500
    $263,600
    -
    $86,200
    $441,000
    $527,200

    Comparable in this City

    • Value Estimation
      $695,000
      11,086 SF

      6201 Saginaw Hwy

      RETAIL STORES (PERSONAL SERVICES) • 11,086 SF
      6201 Saginaw Hwy, Lansing, MI 48917-2468
      View Details
    • Value Estimation
      $1,500,000
      14,432 SF

      6421 Saginaw Hwy

      RETAIL STORES (PERSONAL SERVICES) • 14,432 SF
      6421 Saginaw Hwy, Lansing, MI 48917-1107
      View Details
    • Value Estimation by Request
      4,000 SF

      602 Elmwood Rd

      RETAIL STORES (PERSONAL SERVICES) • 4,000 SF
      602 Elmwood Rd, Lansing, MI 48917-2658
      View Details
    • Value Estimation
      $580,000
      7,066 SF

      105 Waverly Rd

      RETAIL STORES (PERSONAL SERVICES) • 7,066 SF
      105 Waverly Rd, Lansing, MI 48917-2844
      View Details
    • Value Estimation by Request
      2,511 SF

      3105 Saginaw St

      RETAIL STORES (PERSONAL SERVICES) • 2,511 SF
      3105 Saginaw St, Lansing, MI 48917-2308
      View Details
    • Value Estimation by Request
      2,944 SF

      517 Waverly Rd, Unit 23

      RETAIL STORES (PERSONAL SERVICES) • 2,944 SF
      517 Waverly Rd, Lansing, MI 48917-3617
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      11,120 SF

      Granger Mall Retail Space

      Retail/office space in Granger Mall with immediate occupancy.
      408-426 Elmwood Dr, Lansing, MI 48917
      View Details
    • $369,000
      6,200 SF

      Lansing Retail/Office Investment Opportunity

      Versatile 6,200 SF building in a high-traffic Lansing location.
      3320 W Saginaw St, Lansing, MI 48917
      View Details
    • $1,950,000
      15,352 SF

      Retail Center on Saginaw Highway

      Retail center with high exposure in Lansing's west sub-market.
      6240 W Saginaw Hwy, Lansing, MI 48917
      View Details
    • Contact for pricing
      8,300 SF

      Modern Retail/Office Space Available

      Newly renovated retail/office space with customizable floor plans.
      4233-4239 West Saginaw Hwy, Lansing, MI 48917
      View Details
    • $889,000
      2,856 SF

      Lansing Drive-Thru Restaurant

      Prime QSR location, high traffic area.
      4021 Saginaw Hwy, Lansing, MI 48917
      View Details
    • $1,295,000
      21,000 SF

      Retail Space in Lansing Mall Outlot

      Available retail space in high-visibility Lansing location.
      5206-5210 West Saginaw Hwy, Lansing, MI 48917
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      14,335 SF

      Versatile Industrial Space in Lansing

      Adaptable retail, industrial, and warehouse space with heavy-duty features.
      1340 S Waverly Rd, Lansing, MI 48917
      View Details
    • Contact for pricing
      20,000 SF

      Retail Space Near Major Retailers

      Retail space in high-traffic area near I-96 and Saginaw Highway.
      8757 Delta Market Dr, Lansing, MI 48917
      View Details
    • Contact for pricing
      111,715 SF

      Lansing Medical Office Space For Lease

      Prime Medical & Retail Space in Lansing, MI
      5415-5503 Saginaw Hwy, Lansing, MI 48917
      View Details
    • $28 SF/Yr
      20,550 SF

      Delta Township Retail Center

      High-traffic retail space available.
      430 Marketplace Blvd, Lansing, MI 48917
      View Details
    • $11 SF/Yr
      1,410 SF

      Retail Space with Drive-Thru

      End-cap retail space with drive-up window in C and N Plaza.
      3233 W Saginaw Hwy, Lansing, MI 48917
      View Details
    • $12 SF/Yr
      11,120 SF

      Lansing Retail Space: Granger Mall

      Prime Lansing storefront, multiple suites available.
      408-426 Elmwood Dr, Lansing, MI 48917
      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.
    615 Waverly Rd
    Lansing, MI 48917-3670
    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!