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    1492 W Grand River Ave Okemos, MI 48864
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    Property profile & analytics

    1492 W Grand River Ave Okemos, MI 48864

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    • Retail space
    • 2,288 SF
    • 0.61 lot acres
    For Sale
    $1,350,000
    View Listing →
    Retail Development Site on Grand River For Sale
    $1,350,000
    1,948 SF

    Retail Development Site on Grand River

    5.53 acre retail development site with existing building.

    Okemos, MI 48864
    View Listing
    Property ID
    US43-0078808
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 1492 W Grand River Ave

    Year built
    1955
    Lot size
    0.61 lot acres
    Property size
    2,288 SF
    Zone code
    C-2
    Property type
    Retail space
    APN
    33-02-02-23-301-004
    APU
    33020223301004

    Description

    This exceptional 5.53-acre commercial land parcel presents a remarkable opportunity for development in the thriving Okemos, Michigan market. Located at 1492 W Grand River Ave, Meridian Charter Township, Ingham County, MI 48864 (APN 33-02-02-23-301-013), this property boasts excellent visibility and frontage on Grand River Avenue. The permitted Commercial zoning allows for a variety of development options, including retail, freestanding buildings, or mixed-use projects. The existing 1,948 square foot building on the site offers potential for adaptive reuse or demolition to accommodate a new development. This prime location in Okemos offers easy access to major roadways and a strong customer base. The asking price for this exceptional development opportunity is $1,350,000. This 5.53-acre site presents a unique chance to capitalize on the growing demand for commercial space in this desirable area. Serious inquiries are encouraged to explore the full potential of this significant property. The property's strategic location and ample acreage make it an ideal investment for developers seeking a high-impact project in a thriving community. Don't miss this chance to acquire a premier commercial land parcel in a highly sought-after location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Okemos
    County
    Ingham
    State
    Michigan
    Longitude
    -84.4026
    Latitude
    42.7167
    CBSA code
    29620
    CBSA name
    LANSING-EAST LANSING, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2019
    $10,845
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      $10,535,000
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      2055 Grand Riv Ave

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      View Details
    • Value Estimation
      $16,430,000
      223,026 SF

      2055 Grand Riv Ave

      RETAIL STORES (PERSONAL SERVICES) • 223,026 SF
      2055 Grand Riv Ave, Okemos, MI 48864-1706
      View Details
    • Value Estimation
      $1,875,000
      18,442 SF

      1941 Grand Riv Ave

      RETAIL STORES (PERSONAL SERVICES) • 18,442 SF
      1941 Grand Riv Ave, Okemos, MI 48864-1701
      View Details
    • Value Estimation by Request
      7,000 SF

      2364 Jolly Oak Rd, Unit 12

      RETAIL STORES (PERSONAL SERVICES) • 7,000 SF
      2364 Jolly Oak Rd, Okemos, MI 48864
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    • Value Estimation by Request
      4,000 SF

      4708 Okemos Rd

      RETAIL STORES (PERSONAL SERVICES) • 4,000 SF
      4708 Okemos Rd, Okemos, MI 48864-1603
      View Details
    • Value Estimation
      $1,300,000
      1,610 SF

      4696 Okemos Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,610 SF
      4696 Okemos Rd, Okemos, MI 48864-1728
      View Details

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      Retail Development Site on Grand River

      5.53 acre retail development site with existing building.
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      29,068 SF

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      Regional Shopping Center For Sale

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    Similar Nearby for Lease

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      Retail Space Inside Meijer

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      Former Bank Space with Drive-Thru

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      21,168 SF

      Grand River Retail/Light Industrial Space

      Retail and light industrial spaces available in Okemos shopping center.
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      Retail Space on Jolly Road

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      Office Space Available For Lease

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    View Listing
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    Okemos, MI 48864
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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