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    Property profile & analytics

    2342 Woodlake Dr Okemos, MI 48864

    • Office buildings
    • 5,921 SF
    • 1.10 lot acres
    For Sale
    View listing
    $13
    Last Sale
    Jun 09, 2023
    $550,000
    Value Estimations
    Cap Rate Potential
    6.9%
    Office buildings
    Location Intelligence
    Property ID
    US43-0108797
    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

    • MPHI Office of Accreditation and Quality Improvement / Association Or Organization

    Property Details for 2342 Woodlake Dr

    Year built
    1995
    Lot size
    1.10 lot acres
    Property size
    5,921 SF
    Zone code
    B-1
    Property type
    Office buildings
    APN
    33-06-06-04-101-019
    APU
    33060604101019

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $775,000
      ML approach
      $685,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $890,000
      6.5%
      $820,000
      7%
      $760,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $679,000
      Market price range: $588k - $972k
      AI Estimate
      $635,000
      Market price range: $278k - $1.04M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $785,000
      Current use
      MEDICAL BUILDING
      $730,000
      Change: -7% Conversion: Easy
      RESTAURANT
      $690,000
      Change: -12% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $675,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Okemos
    County
    Ingham
    State
    Michigan
    Longitude
    -84.4358
    Latitude
    42.6817
    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
    $12,434
    $71,900
    $185,400
    $257,300
    -
    $143,800
    $370,800
    $514,600

    Comparable in this City

    • Value Estimation by Request
      1,588 SF

      2172 Cmns Pkwy

      OFFICE BUILDING • 1,588 SF
      2172 Cmns Pkwy, Okemos, MI 48864-3986
      View Details
    • Value Estimation by Request
      1,588 SF

      2200 Cmns Pkwy, Unit 1

      OFFICE BUILDING • 1,588 SF
      2200 Cmns Pkwy, Okemos, MI 48864-3988
      View Details
    • Value Estimation by Request
      664 SF

      4131 Okemos Rd Ste, Unit 10

      OFFICE BUILDING • 664 SF
      4131 Okemos Rd Ste, Okemos, MI 48864-2823
      View Details
    • Value Estimation by Request
      1,792 SF

      2160 Cmns Pkwy, Unit 38

      OFFICE BUILDING • 1,792 SF
      2160 Cmns Pkwy, Okemos, MI 48864-3986
      View Details
    • Value Estimation by Request
      3,889 SF

      4736 Marsh Rd

      OFFICE BUILDING • 3,889 SF
      4736 Marsh Rd, Okemos, MI 48864-2145
      View Details
    • Value Estimation by Request
      1,673 SF

      4111 Okemos Rd, Unit 6

      OFFICE BUILDING • 1,673 SF
      4111 Okemos Rd, Okemos, MI 48864-3235
      View Details

    Similar Nearby for Sale

    • $695,000
      6,950 SF

      Okemos Road Office Building

      High-profile office building on Okemos Road available for sale.
      4084 Okemos Rd, Okemos, MI 48864
      View Details
    • Contact for pricing
      14,490 SF

      Class A Office Building For Sale

      Finely finished office building with easy I-96 access.
      2365 Woodlake Dr, Okemos, MI 48864
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      5,921 SF

      Prime Commercial Property in Okemos

      Flexible office space with access to I-96 and local amenities.
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    • $12,393,000
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      East Lansing Office Portfolio

      Professionally managed office portfolio in East Lansing submarket.
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      7,218 SF

      Okemos Stand-Alone Office Building

      Stand-alone office building with flexible lease terms and easy access.
      2465 Woodlake Cir, Okemos, MI 48864
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    • Contact for pricing
      5,454 SF

      Okemos Office Building For Sale

      5,500 SF office building in The Woodlands office park.
      2410 Woodlake Dr, Okemos, MI 48864
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    Similar Nearby for Lease

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      Executive Suites Okemos, MI

      Prime Office Space, Ingham County
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    • $15 SF/Yr
      12,492 SF

      Okemos Executive Office Suites Available

      Class A Office Space, Ample Parking
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    • $16 SF/Yr
      5,529 SF

      Prime Meridian Township Office Space

      Class A Executive Office Suite - 5,529 SF
      3893 Okemos Rd, Meridian charter Township, MI 48864
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    • $15 SF/Yr
      27,240 SF

      Okemos Office Space: 27,240 SF

      Prime Okemos office space, 1-story building.
      2395 Jolly Rd, Okemos, MI 48864
      View Details
    • Contact for pricing
      13,000 SF

      Prime Meridian Twp Executive Office Space

      13,000 SF Class A Office - Available Now
      3965 Okemos Rd, Meridian charter Township, MI 48864
      View Details
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    2342 Woodlake Dr
    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.

    More about this property
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