Professionally Managed Office
For Sale
Contact for pricing
3965 Okemos Rd, Okemos, MI 48864
Nine-building office portfolio totaling over 104,000 SF with easy access to I-96.
Property Size104,783 SF
Price / SF$118.27
Days on Market495
Property Features for 3965 Okemos Rd
General Information
Standard status
Active
Size
104,783 SF
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Building Details
Buildings
9
Listing Agency:
Legacy Commercial Group
(517) 282-2861
Listed By:
Logan McAnallen · License #6501384328
(517) 282-2861
Source:
Moodyscre
Added: Apr 2, 2025
Changed: Jul 30
Last Checked: Aug 9 at 11:28AM
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 Legacy Commercial Group
Investment Insights
Based on property information with market context.
This professionally managed office portfolio features nine (9) buildings totaling 104,783 square feet, offering a multi-building platform for office tenants and operators seeking flexible space options within one managed ownership group.
The portfolio is well-positioned in the East Lansing submarket and provides easy access to I-96, approximately 1 mile away. Michigan State University is approximately 3 miles from the property, supporting a strong local tenant base tied to the university environment, including 49,000+ students and 13,000+ faculty and staff.
The scale of the portfolio may appeal to office users looking for a consolidated, professionally managed arrangement while maintaining the convenience of nearby interstate access.
The portfolio is well-positioned in the East Lansing submarket and provides easy access to I-96, approximately 1 mile away. Michigan State University is approximately 3 miles from the property, supporting a strong local tenant base tied to the university environment, including 49,000+ students and 13,000+ faculty and staff.
The scale of the portfolio may appeal to office users looking for a consolidated, professionally managed arrangement while maintaining the convenience of nearby interstate access.
Key Highlights
- Nine (9) building professionally managed office portfolio
- 104,783 SF total office portfolio
- Easy access to I‑96, approximately 1 mile
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
$883,824
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
7.13%
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%
$17,676,480
$17.7M
Cap Rate 7%
$12,626,057
$12.6M
Cap Rate 9%
$9,820,267
$9.8M
Market Conditions
NOI Build-Up for 104,783 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
$1.51M $14.40/SF
− Vacancy
−$330.4K −$3.15/SF
EGI
$1.18M $11.25/SF
− OpEx
−$294.6K −$2.81/SF
NOI
$883.8K $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%
$17,676,480
Cap Rate 7%
$12,626,057
Cap Rate 9%
$9,820,267
Alternative Uses
Best Use
Office B
$12.63M
$11.05M – $14.73M
NOI $883,824 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$16.83M
$14.73M – $19.64M
NOI $1,178,432 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
456
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 building - Nine-building office portfolio totaling over 104,000 SF with easy access to I-96.
Where is this office building located?
The property is located at 3965 Okemos Rd Okemos, MI.
What is the asking price?
The asking price for this property is $12,393,000.
What are key features of this property?
This property features: Nine (9) building professionally managed office portfolio; 104,783 SF total office portfolio; Easy access to I‑96, approximately 1 mile
