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    East Lansing Office/Condo Space Title is generated by Realmo AI

    1550 Watertower Pl, East Lansing, MI 48823

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    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:
    99
    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

    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.
    • Ample parking with ±75 vehicle spaces.
    • Multiple points of ingress/egress from West Road and Coolidge Road.
    • Convenient location: 0.6 Miles NW of US‑127, 1.1 Miles from Eastwood Towne Center.

    Overview

    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

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    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
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    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.

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    1550 Watertower Pl, East Lansing, MI, 48823
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