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115-119 E Grand River Ave 25,659 SF 100% Leased Retail Building East Lansing, MI 48823 $7,500,000 ($292.30/SF) 7.47% Cap Rate
Investment Highlights
- Surrounded by national brands, dining, and service retailers fostering strong synergy and year-round traffic.
- Prime location in Downtown East Lansing directly across from Michigan State University’s main campus.
Executive Summary
Generational opportunity to acquire this fully leased mixed use property. Three retail spaces currently 100% leased to Rally House and Chandler Crossing. Additional income derived from two student apartments, totaling 9 beds, which have not experienced a day of vacancy since they were built new in 2012, and fully leased through the 2026-2027 academic year.
The property delivers exceptional frontage along a heavily traveled Grand River Avenue, a commercial artery serving both the MSU student body (50,000 plus) and a growing local population. Also direct access to the pedestrian path and city parking deck adjacent to the north.
Its B-3 zoning supports a versatile mix of commercial uses, making the site ideal for retailers, restaurants, or experiential concepts seeking to leverage substantial pedestrian traffic.
Multi story redevelopment a potential for future improvement.
The property delivers exceptional frontage along a heavily traveled Grand River Avenue, a commercial artery serving both the MSU student body (50,000 plus) and a growing local population. Also direct access to the pedestrian path and city parking deck adjacent to the north.
Its B-3 zoning supports a versatile mix of commercial uses, making the site ideal for retailers, restaurants, or experiential concepts seeking to leverage substantial pedestrian traffic.
Multi story redevelopment a potential for future improvement.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
25,659 SF
Building Class
B
Year Built
1927
Price
$7,500,000
Price Per SF
$292.30
Cap Rate
7.47%
NOI
$560,250
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.59
Lot Size
0.37 AC
Zoning
B3 - Zoning will allow for a variety of CBD uses including Retail, Office and institutional and service, perhaps up to 10 story high rise re development.
Frontage
Amenities
- Bus Line
- Air Conditioning
Space Availability
- Space
- Size
- Space Use
- Position
- Available
| Space | Size | Space Use | Position | Available |
| 1st Floor | 2,000 SF | Office/Retail | - | 30 Days |
1st Floor
| Size |
| 2,000 SF |
| Space Use |
| Office/Retail |
| Position |
| - |
| Available |
| 30 Days |
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1st Floor
| Size | 2,000 SF |
| Space Use | Office/Retail |
| Position | - |
| Available | 30 Days |
Moderately walkable
70/100
Exceptionally drivable
90/100
Good public transit
70/100
Very bikeable
80/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 20-02-18-163-002 | Improvements Assessment | $638,800 |
| Land Assessment | $518,800 | Total Assessment | $1,157,600 |
Property Taxes
Parcel Number
20-02-18-163-002
Land Assessment
$518,800
Improvements Assessment
$638,800
Total Assessment
$1,157,600
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
Contact the Sale Advisor
115-119 E Grand River Ave