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    Property profile & analytics

    1664 Grand Riv Ave Okemos, MI 48864-1892

    • Retail space
    • 11,068 SF
    • 1.86 lot acres
    OFF-MARKET
    Value Estimations
    $885,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-1047656
    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.

    Current Use by Public Records

    • CDReload - Online Bitcoin ATM / Atm / Crypto Atm
    • higi / Physician
    • Rite Aid / Pharmacy
    • Rite Aid Photo / (Bike/Boat/Book/etc) Store
    • Western Union / Bank / Credit Union

    Property Details for 1664 Grand Riv Ave

    Year built
    1998
    Lot size
    1.86 lot acres
    Property size
    11,068 SF
    Zone code
    C-3
    Property type
    Retail space
    APN
    33-02-02-22-401-009
    APU
    33020222401009

    Description

    This exceptional 11,180-square-foot freestanding retail building presents a unique investment or owner-user opportunity. Located at 1664 W Grand River Ave in Meridian Charter Township, Michigan (48864), this vacant property boasts a desirable C3 zoning and sits on a spacious 1.86-acre lot (81,022 square feet). Built in 1998, the building features a convenient drive-through window, ideal for various retail uses. Its strategic location on a signalized hard corner offers exceptional visibility and accessibility. The property benefits from a strong demographic profile, with over 85,000 people residing within a 5-mile radius and an average household income exceeding $105,000 within just 1 mile. Furthermore, the area boasts over 2.6 million square feet of retail space within a 1-mile radius, indicating a thriving commercial environment. The presence of major employers like Michigan State University, Sparrow Hospital, and General Motors' Lansing Grand River Plant ensures a stable and robust local economy. This property is offered fee simple and presents a compelling opportunity for businesses seeking a high-visibility location in a densely populated and affluent area. The parcel number is 22-401-009. This is a former Rite Aid pharmacy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $620,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,270,000
      6.5%
      $1,175,000
      7%
      $1,090,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $942,000
      Market price range: $478k - $1.29M
      AI Estimate
      $808,000
      Market price range: $379k - $1.18M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $880,000
      Current use
      OFFICE BUILDING
      $1,465,000
      Change: +67% Conversion: Easy
      MEDICAL BUILDING
      $1,365,000
      Change: +55% Conversion: Difficult
      RESTAURANT
      $1,290,000
      Change: +47% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,265,000
      Change: +44% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,115,000
      Change: +27% Conversion: Difficult
      WAREHOUSE, STORAGE
      $725,000
      Change: -17% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $710,000
      Change: -19% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Okemos
    County
    Ingham
    State
    Michigan
    Longitude
    -84.4102
    Latitude
    42.7184
    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
    $43,244
    $336,200
    $410,900
    $747,100
    -
    $672,400
    $821,800
    $1,494,200

    Comparable in this City

    • 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
    • Value Estimation
      $880,000
      8,000 SF

      2360 Jolly Rd, Unit 1

      RETAIL STORES (PERSONAL SERVICES) • 8,000 SF
      2360 Jolly Rd, Okemos, MI 48864-6927
      View Details
    • Value Estimation
      $1,880,000
      30,333 SF

      5135 Times Sq Pl

      RETAIL STORES (PERSONAL SERVICES) • 30,333 SF
      5135 Times Sq Pl, Okemos, MI 48864-1100
      View Details
    • Value Estimation by Request
      3,904 SF

      2287 Grand Riv Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,904 SF
      2287 Grand Riv Ave, Okemos, MI 48864-1649
      View Details
    • Value Estimation by Request
      6,678 SF

      4690 Okemos Rd, Unit 5

      RETAIL STORES (PERSONAL SERVICES) • 6,678 SF
      4690 Okemos Rd, Okemos, MI 48864-1728
      View Details

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      Okemos Commercial Property For Sale

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      Okemos Commercial Property For Sale

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      Retail Development Site on Grand River

      5.53 acre retail development site with existing building.
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    • $2,500,000
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    Similar Nearby for Lease

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      Okemos Retail Space Available

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    1664 Grand Riv Ave
    Okemos, MI 48864-1892
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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.

    More about this property
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