Two-Suite Office
For Sale
$299,000
2-4780 Okemos Road, Okemos, MI 48864
Main-level professional office with separate-entry flexibility, private work areas, meeting space, and on-site parking.
Property Size1,688 SF
Price / SF$177.13
Days on Market210
Property Features for 2-4780 Okemos Road
General Information
Standard status
Active
Size
1,688 SF
Class
Class A
Additional Details
Floor
Main
HOA Fee
$495.29
Office Units
2
Taxes and HOA fees
Annual Taxes
$10,287
Listing Agency:
Keller Williams Realty Lansing
(517) 202-4232
Listed By:
Deborah Federau · License #6506046372
(517) 202-4232
Source:
Exprealty
Added: Feb 2
Changed: Aug 31
Last Checked: Aug 31 at 1:36AM
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 Keller Williams Realty Lansing
Investment Insights
Based on property information with market context.
This 1,688-square-foot office condominium occupies the main level and is configured as two distinct suites. The layout includes two entrances, including one private entrance, with four private offices, a reception foyer, conference room, kitchenette, dedicated work area, and two lavatories. Two offices are currently occupied, and each suite has its own lavatory. Custom built-in book shelving spans one wall of the conference room.
The property is part of a four-owner building with abundant on-site parking. Its location at 2-4780 Okemos Road in Okemos provides access to nearby dining, shopping, and major thoroughfares. Water and sewer are included, and the space supports either single-occupant use or separation into multiple office suites.
The property is part of a four-owner building with abundant on-site parking. Its location at 2-4780 Okemos Road in Okemos provides access to nearby dining, shopping, and major thoroughfares. Water and sewer are included, and the space supports either single-occupant use or separation into multiple office suites.
Key Highlights
- 1,688‑square‑foot main‑level office condominium
- Two distinct suites with two entrances, including one private entrance
- Four private offices; two are currently occupied
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
$14,238
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
4.76%
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%
$284,760
$284.8K
Cap Rate 7%
$203,400
$203.4K
Cap Rate 9%
$158,200
$158.2K
Market Conditions
NOI Build-Up for 1,688 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
$24.3K $14.40/SF
− Vacancy
−$5.3K −$3.15/SF
EGI
$19.0K $11.25/SF
− OpEx
−$4.7K −$2.81/SF
NOI
$14.2K $8.43/SF
Area
Ingham County, MI
Vacancy
21.90%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$284,760
Cap Rate 7%
$203,400
Cap Rate 9%
$158,200
Alternative Uses
Best Use
Office B
$203.4K
$178.0K – $237.3K
NOI $14,238 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$271.2K
$237.3K – $316.4K
NOI $18,984 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
1,045
Businesses Nearby
Explore this area
Business Placement
Demographics for 48864, MI
22,804
Population
9,903
Households
2.3
Avg Household Size
38
Median Age
76%
College-Educated
98%
High-School Grad
20.1 sq mi
ZIP Area
1,135
Density / Sq Mi
$113,145
Median Household Income
$64,120
Median Earnings
$1,281
Median Rent
$358,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Main-level professional office with separate-entry flexibility, private work areas, meeting space, and on-site parking.
Where is this office units located?
The property is located at 2-4780 Okemos Road Okemos, MI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1,688‑square‑foot main‑level office condominium; Two distinct suites with two entrances, including one private entrance; Four private offices; two are currently occupied
