2727 Pennsylvania AveLansing, MI 48910

Property Details for 2727 Pennsylvania Ave

Year built

1984

Lot size

15.64 AC

Zone code

D-1 PRO

Property type

Hospitals

APN

33-01-01-27-327-114

APU

33010127327114

Description

This exceptional 13.76-acre redevelopment opportunity in Lansing, Michigan, presents a unique chance to transform a former medical office campus. The property, located at 2727 S Pennsylvania Ave, features a vacant 242,362 square foot building constructed in 1977, offering significant potential for various uses. Currently zoned G-2 (Wholesale) and DM-4 (Residential), the site is ideally suited for industrial development, multi-family housing, or a mixed-use project. Its prime location boasts 778 feet of frontage on Health Care Court and 600 feet on Alpha Street, offering excellent visibility and accessibility. The property's proximity to a large park and Sycamore Creek enhances its appeal. Two easements exist—a reciprocal parking easement and a utility easement—details of which are available upon request. The adjacent office building at 2815 S. Pennsylvania Avenue has expressed interest in collaborating on any redevelopment plans. This substantial property, priced at $2,500,000 ($10.32/sq ft), represents a compelling investment opportunity in a rapidly growing area. The irregular shape of the lot adds to its unique development potential.

• CAP approach

  CAP return

  Valuation

  6%

  $62,886,200

  6.5%

  $58,048,800

  7%

  $53,902,400

• Comparable approach

  Method

  Valuation

  Relative Method

  $65,638,500

  Geo Method

  $65,638,500

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $124,987,000

  Retail / Commercial

  $56,808,900

  Mixed-Use / Specialty

  $50,866,800

  Hospitality / Lodging

  $29,846,600

  Office

  $44,586,400

  Institutional / Educational

  $50,829,600

  Residential Income

  $59,470,600

  Multifamily

  $103,145,000

  Automotive / Energy

  $43,568,200

  Parking / Income-Based Land

  $20,705,500

  Restaurant / Food Service

  $14,206,800

Location Insight

City

Lansing

County

Ingham

State

Michigan

Latitude

42.7031

Longitude

-84.5347

CBSA code

29620

CBSA name

LANSING-EAST LANSING, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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