Office Unit with
New
For Sale
$775,000
2104 Jolly Road Suite 200, Okemos, MI 48864
Office condominium includes finished work areas, conference space, and a kitchen/break room.
Property Size4,582 SF
Price / SF$169.14
Days on Market2
Property Features for 2104 Jolly Road Suite 200
General Information
Standard status
Active
Size
4,582 SF
Class
A
Property subtype
Office
Additional Details
Office Units
1
Building Details
Building Size
4,582 SF
Listing Agency:
NAI Mid-Michigan
(517) 749-7914
Listed By:
Steve Slater
(517) 749-7914
Source:
Naiglobal
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 10:17AM
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 NAI Mid-Michigan
Investment Insights
Based on property information with market context.
This office condominium comprises a 4,582-square-foot suite with multiple private offices, executive office space, conference areas, a kitchen/break room, and basement storage. The interior includes finished office buildout and large operational windows throughout the work areas.
The property is identified as Suite 200 at 2104 Jolly Road in Okemos, Michigan. Its existing configuration provides a range of enclosed office, meeting, support, and storage areas within one commercial suite.
The property is identified as Suite 200 at 2104 Jolly Road in Okemos, Michigan. Its existing configuration provides a range of enclosed office, meeting, support, and storage areas within one commercial suite.
Key Highlights
- 4,582 SF office condominium suite
- Suite 200 at 2104 Jolly Road, Okemos, MI 48864
- Multiple private offices and executive office space
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
$38,648
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
4.99%
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%
$772,960
$773.0K
Cap Rate 7%
$552,114
$552.1K
Cap Rate 9%
$429,422
$429.4K
Market Conditions
NOI Build-Up for 4,582 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
$66.0K $14.40/SF
− Vacancy
−$14.4K −$3.15/SF
EGI
$51.5K $11.25/SF
− OpEx
−$12.9K −$2.81/SF
NOI
$38.6K $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%
$772,960
Cap Rate 7%
$552,114
Cap Rate 9%
$429,422
Alternative Uses
Best Use
Office B
$552.1K
$483.1K – $644.1K
NOI $38,648 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$736.2K
$644.1K – $858.9K
NOI $51,531 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
1,006
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 - Office condominium includes finished work areas, conference space, and a kitchen/break room.
Where is this office units located?
The property is located at 2104 Jolly Road Suite 200 Okemos, MI.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 4,582 SF office condominium suite; Suite 200 at 2104 Jolly Road, Okemos, MI 48864; Multiple private offices and executive office space
