East Lansing Office/Condo
For Sale
$695,000
1550 Watertower Pl, East Lansing, MI 48823
6,915 SF office/condo space in excellent condition.
Property Size6,915 SF
Lot Size0.26 Acres
Price / SF$100.51
Days on Market236
Property Features for 1550 Watertower Pl
General Information
Standard status
Active
Size
6,915 SF
Total Parking Spaces
75
Lot size
0.26 Acres
Property subtype
Office
Zoning
B-4
Building Details
Building Size
6,915 SF
Year Built
2008
Listing Agency:
Colliers Lansing
Listed By:
Jeff Ridenour · License #6502373144
(517) 204-7902
Source:
Cpix.resimplifi
Added: Mar 1
Changed: Oct 16
Last Checked: Oct 23 at 3:19AM
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
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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
Estimated NOI and Cap Rate
NOI / Yr
$58,327
Cap Rate
8.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,166,540
$1.2M
Cap Rate 7%
$833,243
$833.2K
Cap Rate 9%
$648,078
$648.1K
Market Conditions
NOI Build-Up for 6,915 SF
Gross rent
$124.5K $18.00/SF
− Vacancy
−$27.3K −$3.94/SF
EGI
$97.2K $14.06/SF
− OpEx
−$38.9K −$5.62/SF
NOI
$58.3K $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 Rate 5%
$1,166,540
Cap Rate 7%
$833,243
Cap Rate 9%
$648,078
Alternative Uses
Best Use
Healthcare Medical
$833.2K
$729.1K – $972.1K
NOI $58,327 @ 7.0% cap · market cap 8.39%
Second Best
Office B
$833.2K
$729.1K – $972.1K
NOI $58,327 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$1.11M
$972.1K – $1.30M
NOI $77,769 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
767
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Similar Off Market Nearby
- USDA, APHIS, VS, Veterinary Services — 3001 Coolidge Rd #325, East Lansing, MI 48823
Frequently Asked Questions
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 $695,000.
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.**
