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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2398 Jolly Rd Okemos, MI 48864-6918

    • Strip malls
    • 23,726 SF
    • 24.79 lot acres
    OFF-MARKET
    Value Estimations
    $1,305,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-0233474
    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

    • Cancun Mexican Grill / Latin American Restaurant / Mexican Restaurant
    • Kumon Math and Reading Center of Okemos / Learning Center / After School Program
    • Hartrick Okemos Trail - Hulett Rd Trailhead / Hiking Area
    • Hartrick Okemos Trail - Jolly Rd Trailhead / Hiking Area
    • Valley Wings Okemos / Chicken Wings Restaurant

    Property Details for 2398 Jolly Rd

    Year built
    2001
    Lot size
    24.79 lot acres
    Property size
    23,726 SF
    Zone code
    C-2
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    33-02-02-33-353-015
    APU
    33020233353015

    Description

    This exceptional 2,202 square foot retail space, located within the Okemos Point Plaza at 500 Okemos Road, presents a unique opportunity for a discerning business. Part of a Class A, single-story building constructed in 2001, this property boasts a total of 10,239 square feet and offers ample parking with 70 spaces. Currently vacant, the space is adaptable and ready for immediate occupancy. The landlord is willing to provide a "white box" build-out for a new tenant, making it ideal for a variety of businesses. The plaza enjoys a high-traffic location in a thriving commercial corridor, benefiting from excellent visibility and accessibility. Successful neighboring businesses include Tantay Grill, Juice Nation, Cancun Grill, Valley Wings, and Coast to Coast Cabinets, creating a synergistic environment. The property's strategic location near the I-96/Okemos Road exit and the Jackson National Life corporate offices ensures high foot traffic and convenient access for employees and customers. Additional nearby amenities include the new Sparrow Emergency Center and Joe's on Jolly Sports Bar. The property is zoned commercial and features a single building with one story. The APN is 33-02-02-33-353-020, and the submarket is Meridian. This is a rare opportunity to establish a business in a highly desirable and well-established commercial center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,522,000
      Market price range: $908k - $2.13M
      AI Estimate
      $1,086,000
      Market price range: $671k - $1.48M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,520,000
      Current use
      RETAIL STORES
      $1,880,000
      Change: +24% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,555,000
      Change: +2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Okemos
    County
    Ingham
    State
    Michigan
    Longitude
    -84.4382
    Latitude
    42.6867
    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
    2022
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $715,000
      12,990 SF

      3520 Okemos Rd

      SHOPPING CENTER, STRIP CENTER • 12,990 SF
      3520 Okemos Rd, Okemos, MI 48864-5943
      View Details
    • Value Estimation
      $1,715,000
      21,420 SF

      1871 Grand Riv Ave

      SHOPPING CENTER, STRIP CENTER • 21,420 SF
      1871 Grand Riv Ave, Okemos, MI 48864-1840
      View Details
    • Value Estimation
      $1,995,000
      26,946 SF

      3544 Meridian Crossings

      SHOPPING CENTER, STRIP CENTER • 26,946 SF
      3544 Meridian Crossings, Okemos, MI 48864-6025
      View Details
    • Value Estimation
      $725,000
      8,138 SF

      4750 Central Park Dr

      SHOPPING CENTER, STRIP CENTER • 8,138 SF
      4750 Central Park Dr, Okemos, MI 48864-1968
      View Details
    • Value Estimation
      $1,630,000
      20,802 SF

      3552 Meridian Crossings

      SHOPPING CENTER, STRIP CENTER • 20,802 SF
      3552 Meridian Crossings, Okemos, MI 48864-6916
      View Details
    • Value Estimation
      $1,330,000
      16,451 SF

      3536 Meridian Crossings

      SHOPPING CENTER, STRIP CENTER • 16,451 SF
      3536 Meridian Crossings, Okemos, MI 48864-4584
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      74,000 SF

      Upscale Retail Strip Center

      Prime retail location near Meridian Mall with high traffic volume.
      5100 Marsh Rd, Okemos, MI 48864
      View Details
    • Contact for pricing
      18,800 SF

      Okemos Retail Space Available

      Retail spaces available in a busy Okemos retail center.
      1754 Central Park Dr, Okemos, MI 48864
      View Details
    • Contact for pricing

      Regional Shopping Center For Sale

      240,000 SF shopping center anchored by Kroger, Marshalls and Target.
      4886 Marsh Rd, Okemos, MI 48864
      View Details
    • $2,500,000
      8,057 SF

      Restaurant Site in Okemos

      Restaurant property in high-traffic Meridian Township entertainment and shopping area.
      4880 Marsh Rd, Okemos, MI 48864
      View Details
    • $3,749,000
      29,068 SF

      Okemos Redevelopment Opportunity

      Prime 4.27-acre retail site
      4990 Marsh Rd, Meridian charter Township, MI 48864
      View Details
    • $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

    Similar Nearby for Lease

    • $15 SF/Yr
      24,024 SF

      Okemos Retail Center - Prime Location

      High-traffic retail space, multiple units available.
      2325 Jolly Rd, Okemos, MI 48864
      View Details
    • $14 SF/Yr
      74,000 SF

      Central Park Place Retail Spaces

      Upscale Okemos retail, 3 spaces available.
      5100 Marsh Rd, Meridian charter Township, MI 48864
      View Details
    • $14 SF/Yr
      18,800 SF

      Okemos Office Space for Lease

      Prime Okemos location, multiple suites available.
      1754 Central Park Dr, Meridian charter Township, MI 48864
      View Details
    • Contact for pricing
      7,872 SF

      Okemos Road Retail Space For Lease

      Class A Retail, Restaurant Space Available
      3899 Okemos Rd, Meridian charter Township, MI 48864
      View Details
    • $16 SF/Yr
      64,000 SF

      Meridian Crossing Retail Spaces

      High-visibility retail spaces available.
      3544 Meridian Xing Dr, Meridian charter Township, MI 48864
      View Details
    • Contact for pricing
      4,624 SF

      Meridian Pavilion Retail Space Available

      Okemos Retail Space near MSU: 1,500 SF Available
      4901 Okemos Rd, Meridian charter Township, MI 48864
      View Details
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    2398 Jolly Rd
    Okemos, MI 48864-6918
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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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