Main-Level Office
For Sale
$299,000
4780 Okemos Road, Okemos, MI 48864
Commercial Sale, Okemos, MI
Property Size1,688 SF
Lot Size0.50 Acres
Price / SF$177.13
Days on Market221
Property Features for 4780 Okemos Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Zoning
Parking features
Parking Lot
Appliances
Disposal, Ice Maker, Microwave, Refrigerator
Elementary school district
Okemos
Middle school district
Okemos
High school district
Okemos
Directions
Grand River south on Okemos Road. Just south of the drive into Meijer
Standard status
Active
APN
33-02-02-21-277-002
Size
1,688 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT 2, MERIDIAN BEND PROFESSIONAL CENTRE, INGHAM CO. CONDO SUB PLAN NO 188 SEC. 21, T4N R1W
Tax Annual Amount
10287
Legal Description
UNIT 2, MERIDIAN BEND PROFESSIONAL CENTRE, INGHAM CO. CONDO SUB PLAN NO 188 SEC. 21, T4N R1W
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2004
Floors in Building
1
Flooring type
Carpet
Building materials
Brick
Listing Agency:
Keller Williams Realty Lansing
(517) 853-1200
Listed By:
Deborah Federau · License #6506046372
(517) 202-4232
Added: Feb 2
Changed: Aug 19
Last Checked: Sep 11 at 10:06AM
MLS# 293768
Copyright © 2026 Greater Lansing Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This main-level office condominium contains 1,688 square feet arranged as two distinct suites with two entrances, including one private entry. The interior offers four private offices, a reception foyer, conference room, kitchen, dedicated work space, and two lavatories. Two offices are currently occupied, and each suite has its own lavatory. Brick construction, carpeted flooring, forced-air heating, and central air conditioning contribute to the existing office configuration.
The property is located at 4780 Okemos Road in Okemos, Michigan, near dining, shopping, and major thoroughfares. On-site parking is provided in a parking lot, with public water and public sewer serving the property. Built in 2004, the office condominium is part of a four-owner building and occupies a 0.5-acre parcel.
The property is located at 4780 Okemos Road in Okemos, Michigan, near dining, shopping, and major thoroughfares. On-site parking is provided in a parking lot, with public water and public sewer serving the property. Built in 2004, the office condominium is part of a four-owner building and occupies a 0.5-acre parcel.
Key Highlights
- 1,688‑square‑foot main‑level office condominium
- Two distinct suites with two entrances, including one private entrance
- Four private offices, conference room, reception foyer, kitchen, and work space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,238
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$284,760
$284.8K
Cap Rate 7%
$203,400
$203.4K
Cap Rate 9%
$158,200
$158.2K
Market Conditions
NOI Build-Up for 1,688 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$24.3K $14.40/SF
− Vacancy
−$5.3K −$3.15/SF
EGI
$19.0K $11.25/SF
− OpEx
−$4.7K −$2.81/SF
NOI
$14.2K $8.43/SF
Area
Ingham County, MI
Vacancy
21.90%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$284,760
Cap Rate 7%
$203,400
Cap Rate 9%
$158,200
Alternative Uses
Best Use
Office B
$203.4K
$178.0K – $237.3K
NOI $14,238 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$271.2K
$237.3K – $316.4K
NOI $18,984 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Office units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
Explore this area
Business Placement
Demographics for 48864, MI
22,804
Population
9,903
Households
2.3
Avg Household Size
38
Median Age
76%
College-Educated
98%
High-School Grad
20.1 sq mi
ZIP Area
1,135
Density / Sq Mi
$113,145
Median Household Income
$64,120
Median Earnings
$1,281
Median Rent
$358,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two suites, private entrances, and abundant parking support owner occupancy or separate office users.
Where is this office units located?
The property is located at 4780 Okemos Road Okemos, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1,688‑square‑foot main‑level office condominium; Two distinct suites with two entrances, including one private entrance; Four private offices, conference room, reception foyer, kitchen, and work space
