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

    6500 Mercantile Way Lansing, MI 48916

    • Office buildings
    • 30,401 SF
    • 2.50 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Value Estimations
    $835,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-5174480
    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

    • Great Lakes Recruit Battalion / Federal Government Office / Professional Services
    • Fusion Dance Center / Dance School
    • Wagging tails breeding and boarding / Pet Boarding Service
    • U.S. Army Great Lakes Recruiting Battalion / Military Recruiting Office
    • Mackinac Software LLC / Software Company

    Property Details for 6500 Mercantile Way

    Year built
    1980
    Lot size
    2.50 lot acres
    Property size
    30,401 SF
    Zone code
    G-2 WHO
    Property type
    Office buildings
    APN
    33-01-05-10-176-118
    APU
    33010510176118

    Description

    This single-story, 30,401 square foot Class B office building, constructed in 1980, offers multiple tenancy options ranging from 2,728 to 7,975 square feet. Located at 6500 Mercantile Way in Lansing, Michigan (48916), this property boasts a prime South Lansing location, providing exceptional flexibility and visibility for businesses of all sizes. The building features convenient access to I-96 and Cedar Street, ensuring easy commutes for employees and clients throughout the metro Lansing area. Amenities include bike racks, electric car charging stations, and access to workout facilities, enhancing employee satisfaction and overall value. On-site maintenance and management services are available five days a week. The property is zoned G-2 WHOLESALE and its Ingham County APN is 33-01-05-10-176-118. This property is ideal for businesses seeking executive office suites or corporate headquarters, with both move-in-ready and build-to-suit options available. The building represents the largest single office complex in South Lansing.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $805,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $867,000
      Market price range: $868k - $2.03M

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

    Location Insight

    • Map
    • Local Demand
    City
    Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.5362
    Latitude
    42.665
    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
    $29,434
    $201,600
    $404,900
    $606,500
    -
    $403,200
    $809,800
    $1,213,000

    Comparable in this City

    • Value Estimation
      $645,000
      24,992 SF

      4039 Legacy Pkwy

      OFFICE BUILDING • 24,992 SF
      4039 Legacy Pkwy, Lansing, MI 48911-4336
      View Details
    • Value Estimation by Request
      16,000 SF

      1545 Keystone Ave, Unit 11

      OFFICE BUILDING • 16,000 SF
      1545 Keystone Ave, Lansing, MI 48911-4039
      View Details
    • Value Estimation
      $440,000
      11,849 SF

      3535 Moores Riv Dr

      OFFICE BUILDING • 11,849 SF
      3535 Moores Riv Dr, Lansing, MI 48911-1073
      View Details
    • Value Estimation
      $435,000
      7,608 SF

      3380 Pinetree Rd, Unit 5

      OFFICE BUILDING • 7,608 SF
      3380 Pinetree Rd, Lansing, MI 48911-4207
      View Details
    • Value Estimation
      $760,000
      19,673 SF

      1423 Keystone Ave

      OFFICE BUILDING • 19,673 SF
      1423 Keystone Ave, Lansing, MI 48911
      View Details
    • Value Estimation
      $960,000
      15,000 SF

      1400 Keystone Ave, Unit 26

      OFFICE BUILDING • 15,000 SF
      1400 Keystone Ave, Lansing, MI 48911-4038
      View Details

    Similar Nearby for Sale

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      3850 Circle Dr, Lansing, MI 48911
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      Lansing Medical Office Investment

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      Lansing Warehouse: $510,400

      Prime Lansing warehouse, ideal for commercial use.
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    • $2,000,000
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      Lansing Retail Space: Prime Location

      17,700 SF Retail Building, High Traffic Area
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    • Contact for pricing
      20.00 Acres

      Sherwood Industrial Storage Yard

      Gated Yard, Building, 1.25 Acres
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      Commercial property with dual revenue streams at a high-traffic intersection.
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    Similar Nearby for Lease

    • Contact for pricing
      40,000 SF

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      Spacious Lansing office building, ideal for various businesses.
      5840 Enterprise Dr. Lansing, MI 48911, Lansing, MI 48911
      View Details
    • Contact for pricing
      12,000 SF

      Lansing Office Space: 12,000 SF

      Prime Lansing office space, ideal location.
      5918 - 5920 Enterprise Dr. Lansing, MI 48911, Lansing, MI 48911
      View Details
    • $11 SF/Yr
      736 SF

      Lansing Retail Office Space Available

      South Lansing office suites, 736-1378 sq ft.
      6810 Cedar St, Lansing, MI 48911
      View Details
    • $11 SF/Yr
      1,956 SF

      Lansing Retail Office Suites Available

      Prime Southside location, flexible spaces.
      6810 Cedar St, Lansing, MI 48911
      View Details
    • $11 SF/Yr
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      Lansing Retail Space: I-96 Access

      Prime Southside Retail, 1,220 SF Available
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      View Details
    • $9 SF/Yr
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      Lansing Office Space: 1020 Long Blvd

      Prime Lansing Office, Flexible Suites Available
      1020 Long Blvd, Lansing, MI 48911
      View Details
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    Lansing, MI 48916
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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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