Freestanding Retail or Office
For Sale
$525,000
4815 Okemos Road, Okemos, MI 48864
Freestanding 2,669 SF building with an added four-lane drive-thru and established drive-thru infrastructure for flexible user types.
Property Size2,669 SF
Lot Size1.94 Acres
Price / SF$196.70
Days on Market88
Property Features for 4815 Okemos Road
General Information
Standard status
Active
Size
2,669 SF
Lot size
1.94 Acres
Property subtype
Commercial
Zoning
PO
Taxes and HOA fees
Annual Taxes
$19,745
Building Details
Building Size
2,669 SF
Year Built
1989
Units
1
Listing Agency:
NAI Wisinski of West Michigan
(269) 353-0311
Listed By:
Jodi K Milks · License #6506044331
Source:
Carolbollo
Added: Jun 2
Changed: Aug 23
Last Checked: Aug 26 at 9:41AM
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 Wisinski of West Michigan
Investment Insights
Based on property information with market context.
This freestanding 2,669 SF retail or office building sits on a 1.94-acre site and includes an additional 1,500 SF four-lane drive-thru. The property was formerly operated as a bank branch, and it is positioned for professional office, medical, or service-oriented uses that can take advantage of the existing drive-thru configuration. Zoned PO, Professional and Office.
The building is located along Okemos Road in Meridian Charter Township. The surrounding area includes a mix of office, retail, residential, and institutional uses. The property also offers access to Michigan State University, East Lansing, and downtown Lansing.
For tenants, buyers, and operators, the combination of a standalone building and an on-site drive-thru supports a range of service and customer-facing concepts that benefit from convenient vehicle access. The PO zoning provides a framework for professional and office-related uses, and the existing drive-thru infrastructure can reduce buildout complexity for qualified users. Availability is noted for September 2026.
The building is located along Okemos Road in Meridian Charter Township. The surrounding area includes a mix of office, retail, residential, and institutional uses. The property also offers access to Michigan State University, East Lansing, and downtown Lansing.
For tenants, buyers, and operators, the combination of a standalone building and an on-site drive-thru supports a range of service and customer-facing concepts that benefit from convenient vehicle access. The PO zoning provides a framework for professional and office-related uses, and the existing drive-thru infrastructure can reduce buildout complexity for qualified users. Availability is noted for September 2026.
Key Highlights
- Freestanding 2,669 SF retail or office building built in 1989, offering a flexible space for office, medical, or service users.
- Additional 1,500 SF four‑lane drive‑thru provides established drive‑thru infrastructure for suitable user types.
- Property sits on 1.94 acres in Meridian Charter Township with the drive‑thru on‑site for customer access.
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
$22,512
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
4.29%
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%
$450,240
$450.2K
Cap Rate 7%
$321,600
$321.6K
Cap Rate 9%
$250,133
$250.1K
Market Conditions
NOI Build-Up for 2,669 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
$38.4K $14.40/SF
− Vacancy
−$8.4K −$3.15/SF
EGI
$30.0K $11.25/SF
− OpEx
−$7.5K −$2.81/SF
NOI
$22.5K $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%
$450,240
Cap Rate 7%
$321,600
Cap Rate 9%
$250,133
Alternative Uses
Best Use
Office B
$321.6K
$281.4K – $375.2K
NOI $22,512 @ 7.0% cap · market cap 4.29%
Second Best
Retail
$262.9K
$230.1K – $306.8K
NOI $18,406 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$428.8K
$375.2K – $500.3K
NOI $30,017 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
721
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 - Freestanding 2,669 SF building with an added four-lane drive-thru and established drive-thru infrastructure for flexible user types.
Where is this office building located?
The property is located at 4815 Okemos Road Okemos, MI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Freestanding 2,669 SF retail or office building built in 1989, offering a flexible space for office, medical, or service users.; Additional 1,500 SF four‑lane drive‑thru provides established drive‑thru infrastructure for suitable user types.; Property sits on 1.94 acres in Meridian Charter Township with the drive‑thru on‑site for customer access.
