Office Building With
For Sale
$525,000
4815 Okemos Road, Okemos, MI 48864
Commercial Sale, Okemos, MI
Property Size2,669 SF
Lot Size1.94 Acres
Price / SF$196.70
Days on Market96
Property Features for 4815 Okemos Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
PO
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Interior features
Broadband
Elementary school district
Okemos
Middle school district
Okemos
High school district
Okemos
Standard status
Active
APN
33-02-02-21-254-032
Size
2,669 SF
Lot size
1.94 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MP 490-494, INCL. LOTS 10, 11, 12, 13, 14, 15 & 16 CEDAR BEND HEIGHTS
Tax Annual Amount
19745
Legal Description
MP 490-494, INCL. LOTS 10, 11, 12, 13, 14, 15 & 16 CEDAR BEND HEIGHTS
Utilities
Utilities
Phone Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1989
Floors in Building
1
Number of units
1
Building materials
Brick
Roof type
Composition
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Jodi K Milks · License #6506044331
(269) 459-0439
Added: Jun 2
Changed: Sep 3
Last Checked: Sep 5 at 11:06PM
MLS# 26026464
Copyright © 2026 Michigan Regional Information Center, LLC. 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.
Freestanding office property comprising a 2,669-square-foot building and an attached 1,500-square-foot, four-lane drive-through. The 1.94-acre site includes brick construction, forced-air heating, central air, composition roofing, broadband, phone availability, and two bathrooms. Built in 1989, the property previously operated as a bank branch and includes infrastructure suited to office, medical, and service-oriented operations.
The property is located at 4815 Okemos Road in Okemos, along a major suburban corridor serving the Lansing area. Its setting provides access to Michigan State University, East Lansing, and downtown Lansing, with surrounding office, retail, residential, and institutional uses. PO, Professional and Office zoning applies. Availability is scheduled for September 2026.
The property is located at 4815 Okemos Road in Okemos, along a major suburban corridor serving the Lansing area. Its setting provides access to Michigan State University, East Lansing, and downtown Lansing, with surrounding office, retail, residential, and institutional uses. PO, Professional and Office zoning applies. Availability is scheduled for September 2026.
Key Highlights
- 2,669 SF freestanding office building on a 1.94‑acre site
- Additional 1,500 SF four‑lane drive‑through
- PO, Professional and Office zoning
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
$23,665
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
4.51%
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%
$473,300
$473.3K
Cap Rate 7%
$338,071
$338.1K
Cap Rate 9%
$262,944
$262.9K
Market Conditions
NOI Build-Up for 2,669 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
$38.4K $14.40/SF
− Vacancy
−$6.9K −$2.58/SF
EGI
$31.6K $11.82/SF
− OpEx
−$7.9K −$2.96/SF
NOI
$23.7K $8.87/SF
Area
Ingham County, MI
Vacancy
17.90%
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%
$473,300
Cap Rate 7%
$338,071
Cap Rate 9%
$262,944
Alternative Uses
Best Use
Specialty Retail
$338.1K
$295.8K – $394.4K
NOI $23,665 @ 7.0% cap · market cap 4.51%
Second Best
Office B
$321.6K
$281.4K – $375.2K
NOI $22,512 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$428.8K
$375.2K – $500.3K
NOI $30,017 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
743
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
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 building - Freestanding professional property with dedicated drive-through infrastructure and PO, Professional and Office zoning.
Where is this office building located?
The property is located at 4815 Okemos Road Okemos, MI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2,669 SF freestanding office building on a 1.94‑acre site; Additional 1,500 SF four‑lane drive‑through; PO, Professional and Office zoning
