Built-Out Medical Office
For Sale
$185,000
2277 Science Pkwy, Okemos, MI 48864
A turnkey former dental/medical suite with exam rooms and plumbing hookups for immediate clinical occupancy.
Property Size1,250 SF
Price / SF$148
Days on Market126
Property Features for 2277 Science Pkwy
General Information
Standard status
Active
Size
1,250 SF
Property subtype
Office, Other
Zoning
RP
Building Details
Building Size
1,250 SF
Year Built
1978
Listing Agency:
Colliers Lansing
Listed By:
Julie O'Brien
(517) 230-8944
Source:
Cpix.resimplifi
Added: May 1
Changed: Aug 25
Last Checked: Sep 2 at 1:25PM
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.
This well-appointed former dental/medical suite is ready for immediate occupancy and comes with existing plumbing and equipment hookups. The space features a fully built-out clinical layout, including four exam rooms, a welcoming waiting room, and a professional reception area. In addition, there is a private office plus a dedicated lab area, along with an in-suite staff restroom for day-to-day operations.
Conveniently located just off Okemos Road, the suite offers strong accessibility for both patients and staff. It is positioned centrally between I-96/Jolly Road and Grand River Avenue, supporting easy connectivity from surrounding corridors.
With its exam room configuration, reception and waiting area, and dedicated lab space, this suite is a practical fit for healthcare providers seeking an efficient, clinically oriented environment. The presence of a secondary staff exit also adds operational convenience, making the layout well-suited for organizations that need smooth patient flow alongside back-of-house access.
Conveniently located just off Okemos Road, the suite offers strong accessibility for both patients and staff. It is positioned centrally between I-96/Jolly Road and Grand River Avenue, supporting easy connectivity from surrounding corridors.
With its exam room configuration, reception and waiting area, and dedicated lab space, this suite is a practical fit for healthcare providers seeking an efficient, clinically oriented environment. The presence of a secondary staff exit also adds operational convenience, making the layout well-suited for organizations that need smooth patient flow alongside back-of-house access.
Key Highlights
- Former dental/medical suite built out for clinical use, with existing plumbing and equipment hookups
- Includes (4) exam rooms plus a dedicated lab area
- Reception and waiting room area for patient check‑in
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
$10,543
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
5.70%
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%
$210,860
$210.9K
Cap Rate 7%
$150,614
$150.6K
Cap Rate 9%
$117,144
$117.1K
Market Conditions
NOI Build-Up for 1,250 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
$22.5K $18.00/SF
− Vacancy
−$4.9K −$3.94/SF
EGI
$17.6K $14.06/SF
− OpEx
−$7.0K −$5.62/SF
NOI
$10.5K $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 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%
$210,860
Cap Rate 7%
$150,614
Cap Rate 9%
$117,144
Alternative Uses
Best Use
Office B
$150.6K
$131.8K – $175.7K
NOI $10,544 @ 7.0% cap · market cap 5.70%
Second Best
Healthcare Medical
$150.6K
$131.8K – $175.7K
NOI $10,543 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$200.8K
$175.7K – $234.3K
NOI $14,058 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
440
Businesses Nearby
Balanced
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - A turnkey former dental/medical suite with exam rooms and plumbing hookups for immediate clinical occupancy.
Where is this medical office space located?
The property is located at 2277 Science Pkwy Okemos, MI.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Former dental/medical suite built out for clinical use, with existing plumbing and equipment hookups; Includes (4) exam rooms plus a dedicated lab area; Reception and waiting room area for patient check‑in
