3500 S Cedar St
Lansing, MI 48910
Library Anchored Shopping Center · Retail Property For Sale

The Everett Plaza, located in the South Lansing sub-market, is ideally situated on the signalized corner of Cedar Street and Holmes Rd. The plaza has long provided a neighborhood retail and service center and is the home of the Capital Area District Library, the Tri County Community Mental Health, nail salon, local food favorite Taco E Mas. Currently 87% occupied, the property is projected to have two additional vacancies which have been used in the proforma and in the project CAP rate. These vacancies will create a significant value add for a new owner. Extensive CapEx in the past 3 years total over $400,000 with roofing improvements, parking lot improvements and build out for a key tenant. A fresh lease renewal with the City of Lansing is in place for the Library which brings rent in line with current market levels plus provides for strong growth in the rental rate. The financial proforma includes a very conservative allocation for lease up vacancy. The property provides a good market rate return at current occupancy and double digit CAP rate being attainable in the next few years. Full offering memorandum available. S Cedar at Homes Rd, South Lansing. Average daily traffic count on Cedar St is 39k+. The plaza is located blocks from Lansing's Everett High School and surrounded by stable neighborhoods of predominantly single family homes. This healthy housing market provides the draw for retail and restaurant tenants where the Everett Plaza provides a highly visible and iconic shopping center in South Lansing.