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    2359 Grand Riv Ave Okemos, MI 48864
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    Property profile & analytics

    2359 Grand Riv Ave, Okemos, MI 48864

    View on Map
    • Retail space
    • 5,050 SF
    • 0.51 lot acres
    Off-Market
    Last Sale Oct 8, 2020
    $700,000
    Property ID
    US43-1621125
    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
    $715,000
    Show details
    Cap Rate Potential
    4.2%
    Retail space
    Location Intelligence

    Current Use by Public Records

    • Château Coffee Co. / Cafe & Coffee Shop
    • Pivox Beauty / (Bike/Boat/Book/etc) Store / Cosmetic Store

    Property Details for 2359 Grand Riv Ave

    Year built
    1986
    Lot size
    0.51 lot acres
    Zone code
    C-2
    Property type
    Retail space
    APN
    33-02-02-21-131-001
    APU
    33020221131001

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 22, 2021 — Ward Investment Group LLC — Deed · related $590k · Elga Credit Union
    Oct 8, 2020 $700,000 Ward Investment Group LLC Bruce C Walter II Warranty Deed —
    Dec 13, 2019 — Bruce C Walter II Bruce C Walter II Quit Claim Deed · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $825,000
      ML approach
      $805,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $580,000
      6.5%
      $535,000
      7%
      $500,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $432,000
      Market price range: $218k - $590k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $670,000
      MEDICAL BUILDING
      $620,000
      RESTAURANT
      $590,000
      COMMERCIAL (GENERAL)
      $575,000
      AUTO REPAIR, GARAGE
      $510,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Okemos
    County
    Ingham
    State
    Michigan
    Longitude
    -84.4366
    Latitude
    42.7232
    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
    $19,638
    $99,400
    $243,200
    $342,600
    -
    $198,800
    $486,400
    $685,200

    Comparable in this City

    • Value Estimation
      $885,000
      11,068 SF

      1664 Grand Riv Ave

      RETAIL STORES (PERSONAL SERVICES)
      1664 Grand Riv Ave, Okemos, MI 48864-1892
      View Details
    • Value Estimation by Request
      4,000 SF

      4708 Okemos Rd

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

      4696 Okemos Rd

      RETAIL STORES (PERSONAL SERVICES)
      4696 Okemos Rd, Okemos, MI 48864-1728
      View Details
    • Value Estimation by Request
      3,904 SF

      2287 Grand Riv Ave

      RETAIL STORES (PERSONAL SERVICES)
      2287 Grand Riv Ave, Okemos, MI 48864-1649
      View Details
    • Value Estimation
      $880,000
      8,000 SF

      2360 Jolly Rd, Unit 1

      RETAIL STORES (PERSONAL SERVICES)
      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)
      5135 Times Sq Pl, Okemos, MI 48864-1100
      View Details

    Similar Nearby for Sale

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      $525,000
      2,669 SF

      Freestanding Retail and Office Building

      Freestanding building with a drive-thru offers flexible space for professional office, medical, or service users.
      4815 Okemos Rd, Okemos, MI 48864
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    • $2,950,000
      1.12 Acres

      Okemos Commercial Property For Sale

      Commercial property in Okemos retail corridor with high traffic and visibility.
      1930 W Grand River Ave, Okemos, MI 48864
      View Details
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      Retail Development Site on Grand River

      5.53 acre retail development site with existing building.
      1492 W Grand River Ave, Okemos, MI 48864
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      8,057 SF

      Restaurant Site in Okemos

      Restaurant property in high-traffic Meridian Township entertainment and shopping area.
      4880 Marsh Rd, Okemos, MI 48864
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      29,068 SF

      Redevelopment Opportunity Near Meridian Mall

      4.27 acres with frontage on Marsh Road.
      4990 Marsh Rd, Okemos, MI 48864
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      21,168 SF

      Grand River Retail/Light Industrial Space

      Retail and light industrial spaces available in Okemos shopping center.
      1850 W Grand River Ave, Okemos, MI 48864
      View Details
    • Contact for pricing

      Retail Space on Jolly Road

      Retail space for rent with on-site parking and easy access.
      2325 Jolly Rd, Okemos, MI 48864
      View Details
    • Contact for pricing

      Retail Space Inside Meijer

      Prime retail opportunity within high-traffic Meijer stores in the Midwest.
      2055 W Grand River Ave, Okemos, MI 48864
      View Details
    • Contact for pricing

      Former Bank Space with Drive-Thru

      Former bank space with drive-thru, expansion potential, high-traffic location.
      1575 W Grand River Ave, Okemos, MI 48864
      View Details
    • Contact for pricing

      Okemos Retail Strip Center Space

      Retail and office spaces for rent in Okemos, Michigan.
      1754 Central Park Dr, Okemos, MI 48864
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      Office Space Available For Rent

      Office space for rent in Okemos, Michigan.
      2405 Woodlake Dr, Okemos, MI 48864
      View Details
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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.

    More about this property
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