Okemos Office Building Investment
For Sale
Contact for pricing
2120 University Park Dr, Okemos, MI 48864
Fully leased 13,338 SF office building in Okemos, Michigan.
Property Size13,338 SF
Lot Size1.50 Acres
Price / SF$134.58
Days on Market644
Property Features for 2120 University Park Dr
General Information
Standard status
Active
Size
13,338 SF
Class
B
Lot size
1.50 Acres
Property subtype
Office
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1988
Listing Agency:
Martin Commercial Properties
(517) 351-2200
Listed By:
Eric Rosekrans · License #MI 6501153826
Source:
Crexi
Added: Nov 15, 2024
Changed: Aug 17
Last Checked: Aug 19 at 10:12AM
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 Martin Commercial Properties
Investment Insights
Based on property information with market context.
This is an investment opportunity to acquire a fully leased, 13,338-square-foot office building. The property is located at 2120 University Park Dr., Okemos, Michigan, and is situated on 1.5 acres in a prominent office corridor. The location provides access to Okemos Road, the I-96 interchange, and a variety of restaurants, banks, and retail amenities. The property is anchored by two tenants: Michigan Claim Service, Inc. (operating as The ASU Group) and Alpha Solutions Management (owned by Reyton Ventures, LLC). The first-floor space was recently renovated to the specifications of Alpha Solutions Management. The property offers durable occupancy, recent upgrades, and an exceptional location, presenting a compelling investment opportunity for buyers seeking a quality office property in a high-demand market.
Key Highlights
- Fully leased 13,338 sq ft office building, ensuring immediate cash flow.
- Anchored by two strong, creditworthy tenants: Michigan Claim Service, Inc. (The ASU Group) and Alpha Solutions Management.
- Exceptional location in a prominent office corridor with seamless access to Okemos Road and the I‑96 interchange.
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
$112,503
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
6.27%
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%
$2,250,060
$2.3M
Cap Rate 7%
$1,607,186
$1.6M
Cap Rate 9%
$1,250,033
$1.3M
Market Conditions
NOI Build-Up for 13,338 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
$192.1K $14.40/SF
− Vacancy
−$42.1K −$3.15/SF
EGI
$150.0K $11.25/SF
− OpEx
−$37.5K −$2.81/SF
NOI
$112.5K $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%
$2,250,060
Cap Rate 7%
$1,607,186
Cap Rate 9%
$1,250,033
Alternative Uses
Best Use
Office B
$1.61M
$1.41M – $1.88M
NOI $112,503 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.14M
$1.88M – $2.50M
NOI $150,004 @ 7.0% cap · market cap 8.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
990
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 - Fully leased 13,338 SF office building in Okemos, Michigan.
Where is this office building located?
The property is located at 2120 University Park Dr Okemos, MI.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Fully leased 13,338 sq ft office building, ensuring immediate cash flow.; Anchored by two strong, creditworthy tenants: Michigan Claim Service, Inc. (The ASU Group) and Alpha Solutions Management.; Exceptional location in a prominent office corridor with seamless access to Okemos Road and the I‑96 interchange.
