East Lansing Office/Condo
1550 Watertower Pl East Lansing, MI 48823
For Sale
$995,000
6,915 SF office/condo space in excellent condition.
Property Size6,915 SF
Lot Size0.26 Acres
Price / SF$143.89
Days on Market144
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
Listing Agency:
Colliers Lansing
(517) 204-7902
Listed By:
Jeff Ridenour · License #6502373144
(517) 204-7902
Source:
Cpix.resimplifi
Added: Mar 1
Changed: Jul 10
Last Checked: Jul 23 at 2:44AM
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
Investment Insights
Based on property information with market context.
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.
Key Highlights
- 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.
Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $124.5k | $18.00 |
| − Vacancy | −$27.3k | −$3.94 |
| EGI | $97.2k | $14.06 |
| − OpEx | −$38.9k | −$5.62 |
| NOI | $58.3k | $8.43 |
6,915 SF · lease $18.00/SF/yr · vacancy 21.90% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$833.2K
$729.1K – $972.1K
NOI $58,327 @ 7.0% cap · market cap 5.86%
Second Best
Office B
$833.2K
$729.1K – $972.1K
NOI $58,327 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$1.11M
$972.1K – $1.30M
NOI $77,769 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
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
Similar Off Market Nearby
- USDA, APHIS, VS, Veterinary Services — 3001 Coolidge Rd #325, East Lansing, MI 48823
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 is the asking price?
The asking price for this property is $995,000.
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.**
