Turnkey Medical Office
For Sale
Contact for pricing
1500 Watertower Pl, East Lansing, MI 48823
Turnkey medical office condo with six exam rooms, dedicated X-ray room, waiting area, reception desk, and two restrooms.
Property Size2,816 SF
Price / SF$159.80
Days on Market148
Property Features for 1500 Watertower Pl
General Information
Standard status
Active
Size
2,816 SF
Property subtype
OFFICE
Additional Details
Office Units
1
Building Details
Tenancy
Multi
Listing Agency:
RE/MAX Commercial Group
(517) 980-9299
Listed By:
Matthew Wisniewski, CCIM · License #6501360426
(517) 980-9299
Source:
Moodyscre
Added: Mar 12
Changed: Jul 29
Last Checked: Aug 6 at 11:13AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Commercial Group
Investment Insights
Based on property information with market context.
Turnkey 2,816-square-foot former podiatry office condominium unit designed for efficient patient flow. The layout includes a welcoming waiting area with a built-in reception desk, a separate check-out area, and a dedicated X-ray room. Just off reception are a total of six exam rooms and the X-ray room, with a break room and physicians’ offices beyond. The unit also features two restrooms, including one with a shower.
The building includes both monument signage and building signage on the front and back. As part of a condo association, common area maintenance such as landscaping, snow removal, and exterior upkeep is handled professionally.
The building is occupied exclusively by medical users, supporting a collaborative healthcare environment for medical, dental, therapy, or similar practices.
The building includes both monument signage and building signage on the front and back. As part of a condo association, common area maintenance such as landscaping, snow removal, and exterior upkeep is handled professionally.
The building is occupied exclusively by medical users, supporting a collaborative healthcare environment for medical, dental, therapy, or similar practices.
Key Highlights
- 2,816 SF former podiatry office condominium unit at 1500 Watertower Place in East Lansing, MI 48823
- Move‑in‑ready turnkey space with a waiting area and built‑in reception desk
- Six exam rooms plus a dedicated X‑ray room off the reception area
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
$23,752
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
5.28%
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%
$475,040
$475.0K
Cap Rate 7%
$339,314
$339.3K
Cap Rate 9%
$263,911
$263.9K
Market Conditions
NOI Build-Up for 2,816 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
$50.7K $18.00/SF
− Vacancy
−$11.1K −$3.94/SF
EGI
$39.6K $14.06/SF
− OpEx
−$15.8K −$5.62/SF
NOI
$23.8K $8.43/SF
Area
Ingham County, MI
Vacancy
21.90%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
40.00%
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%
$475,040
Cap Rate 7%
$339,314
Cap Rate 9%
$263,911
Alternative Uses
Best Use
Healthcare Medical
$339.3K
$296.9K – $395.9K
NOI $23,752 @ 7.0% cap · market cap 5.28%
Second Best
Office B
$339.3K
$296.9K – $395.9K
NOI $23,752 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$452.4K
$395.9K – $527.8K
NOI $31,670 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
913
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48823, MI
51,793
Population
23,757
Households
2.2
Avg Household Size
28
Median Age
64%
College-Educated
98%
High-School Grad
23.6 sq mi
ZIP Area
2,195
Density / Sq Mi
$50,837
Median Household Income
$19,837
Median Earnings
$1,127
Median Rent
$261,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Turnkey medical office condo with six exam rooms, dedicated X-ray room, waiting area, reception desk, and two restrooms.
Where is this medical office space located?
The property is located at 1500 Watertower Pl East Lansing, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,816 SF former podiatry office condominium unit at 1500 Watertower Place in East Lansing, MI 48823; Move‑in‑ready turnkey space with a waiting area and built‑in reception desk; Six exam rooms plus a dedicated X‑ray room off the reception area
