Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1550 Watertower Pl East Lansing, MI 48823

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    6,915 SF office/condo space in excellent condition.

    Type:Office
    Property size:
    6,915 SF
    Lot size:
    0.26 Acres
    Added:
    Mar 1, 2026
    Days on Market:
    53
    Last Refresh:
    Apr 3 at 6:25 am

    Property Features for 1550 Watertower Pl

    General Information

    Standard status
    Active
    Size
    6,915 SF
    Lot size
    0.26 Acres
    Property subtype
    Office

    Building Details

    Year Built
    2008

    We can help!

    Listing Contact
    Jeff Ridenour
    Jeff Ridenour

    Listing agent Jeff Ridenour License #6502373144

    Listing office Colliers Lansing

    Listing date Mar 1, 2026

    Source Cpix.resimplifi

    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 Colliers Lansing

    Overview

    East Lansing Office/Condo Space

    The property features a 6,915 square foot office/condo space within an 11,984 square foot building, constructed in 2008, situated on a 0.26-acre lot. The space is in very good condition. The build-out includes 12 exam rooms with sinks, numerous medical amenities, and specialty rooms, accommodating approximately 17 staff members. Previously occupied by The Cancer & Hematology Center/Red Cedar Oncology, the current tenant is Hall Matson Garver Thomas Law Offices. The location is 0.6 miles northwest of US-127, 2.4 miles northeast of the US-127 and Business 69 Interchange, and 1.1 miles from Eastwood Towne Center. There are multiple points of ingress/egress from West Road and Coolidge Road, with parking for approximately 75 vehicles. Traffic volume is moderate in the immediate area at 9,591 VPD, increasing to 25,631 VPD on W Lake Lansing Road. The 2025 SEV and Taxable Value is $359,400, with 2025 taxes totaling $26,023.
    Location Intelligence

    Current Use by Public Records

    Empower Therapy Solutions Crisis Center Red Cedar Oncology Physician Hall Matson LAW ... Law Firm Madigan Counseling Foster Care Service Premier Financial II Financial Advisor

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • USDA, APHIS, VS, Veterinary Services — 3001 Coolidge Rd #325, East Lansing, MI 48823

    Location Insight

    • Map
    • Local Demand
    City
    East Lansing
    County
    Ingham
    State
    Michigan
    Longitude
    -84.505003
    Latitude
    42.767045

    Nearby Similar for Sale

    • $714,900
      11,715 SF

      East Lansing Commercial Ranch Property

      Versatile East Lansing property suitable for various commercial or community uses.
      1635 Coolidge Road, East Lansing, MI 48823
      View Details
    • $419,900
      2,487 SF

      East Lansing Office Investment Opportunity

      Well-maintained office building with up to 12 individual spaces.
      3448 E Lake Lansing Road, East Lansing, MI 48823
      View Details
    • $229,000

      Multi-Unit Property Near Michigan State

      Investment opportunity near Michigan State University with strong income potential.
      1611 River Terrace, East Lansing, MI 48823
      View Details
    • $2,175,000
      20,410 SF

      East Lansing Specialty/School Investment Opportunity

      20,410 SF building in prime East Lansing location.
      1575 Ramblewood Dr, East Lansing, MI, 48823
      View Details
    • $15
      10,533 SF

      Asher Court Office Park Offices

      Office suites available in Asher Court Office Park near MSU.
      231 W Lake Lansing Rd, East Lansing, MI 48823
      View Details
    • $475
      10,000 SF

      East Lansing Office Space Available

      Office space for sale near MSU campus and US-127.
      790 West Lake Lansing Road, East Lansing, MI 48823
      View Details
    • $20
      17,434 SF

      East Lansing Office Suites Near MSU

      Finely finished office suites near MSU at Hagadorn and Grand River.
      1504 E Grand River Ave, East Lansing, MI 48823
      View Details
    • $15
      8,000 SF

      East Lansing Office Space Available

      Office suite for sale in East Lansing near MSU.
      740 W Lake Lansing Rd, East Lansing, MI 48823
      View Details
    • $20
      34,608 SF

      Professional Office Building Near MSU

      Office building near Michigan State University with fiber internet access.
      4572 S Hagadorn Rd, East Lansing, MI 48823
      View Details
    • $15
      14,912 SF

      East Lansing Office Suite For Sale

      Well-appointed office suite in East Lansing's Watertower Place Office Park.
      1675 Watertower Place, East Lansing, MI 48823
      View Details
    • Contact for pricing
      14,564 SF

      East Lansing Retail Building

      14,564 SF free-standing building in East Lansing, Michigan.
      111 E Saginaw St, East Lansing, MI, 48823
      View Details
    • $8
      19,000 SF

      Harrison Crossings Office Building

      Office building with visibility, ample parking, and convenient location.
      780 W Lake Lansing Rd, East Lansing, MI 48823
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - 6,915 SF office/condo space in excellent condition.
    Where is this medical office space located?
    The property is located at 1550 Watertower Pl East Lansing, MI.
    What are key features of this property?
    This property features: 6,915 SF office/condo space in a 11,984 SF building on a 0.26‑acre lot.; Built in 2008 and in very good condition.; **Suitable for 17 staff members with (12) exam rooms with sinks and numerous medical amenities.**
    (517) 204-7902
    We can help!
    Listing Contact
    Jeff Ridenour
    Jeff Ridenour
    Real Estate License ID: 6502373144
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!