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    Property profile & analytics

    2591 Jolly Rd Okemos, MI 48864-6500

    • Warehouses
    • 4,725 SF
    • 16.71 lot acres
    OFF-MARKET
    Last Sale
    Jan 31, 2020
    Value Estimations
    $485,000
    Show details
    Cap Rate Potential
    7.6%
    Warehouses
    Location Intelligence
    Property ID
    US43-1713411
    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

    • CubeSmart Self Storage / Self-Storage Facility / Automobile Storage Facility

    Property Details for 2591 Jolly Rd

    Year built
    1995
    Lot size
    16.71 lot acres
    Property size
    4,725 SF
    Zone code
    B-1
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    33-06-06-05-200-029
    APU
    33060605200029

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $480,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $735,000
      6.5%
      $680,000
      7%
      $630,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $485,000
      Market price range: $162k - $485k
      AI Estimate
      $427,000
      Market price range: $121k - $427k

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

    Location Insight

    • Map
    • Local Demand
    City
    Okemos
    County
    Ingham
    State
    Michigan
    Longitude
    -84.4455
    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
    2022
    $118,959
    $1,091,800
    $970,100
    $2,061,900
    -
    $2,183,600
    $1,940,200
    $4,123,800

    Comparable in this City

    • Value Estimation
      $370,000
      7,718 SF

      2861 Jolly Rd

      WAREHOUSE, STORAGE • 7,718 SF
      2861 Jolly Rd, Okemos, MI 48864-3667
      View Details
    • Value Estimation by Request
      10,000 SF

      2446 Jolly Rd

      WAREHOUSE, STORAGE • 10,000 SF
      2446 Jolly Rd, Okemos, MI 48864-3514
      View Details
    • Value Estimation
      $425,000
      8,400 SF

      2867 Jolly Rd

      WAREHOUSE, STORAGE • 8,400 SF
      2867 Jolly Rd, Okemos, MI 48864-3547
      View Details
    • Value Estimation
      $360,000
      11,956 SF

      1870 Grand Riv Ave

      WAREHOUSE, STORAGE • 11,956 SF
      1870 Grand Riv Ave, Okemos, MI 48864-1806
      View Details
    • Value Estimation by Request
      2,100 SF

      Grand Riv Ave

      WAREHOUSE, STORAGE • 2,100 SF
      Grand Riv Ave, Okemos, MI 48864
      View Details
    • Value Estimation by Request
      9,040 SF

      2360 Jolly Oak Rd Ste, Unit 2

      WAREHOUSE, STORAGE • 9,040 SF
      2360 Jolly Oak Rd Ste, Okemos, MI 48864-6928
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.84 Acres

      Fountain Pointe Office Park Lots

      Okemos, MI development lots. Prime location.
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      Okemos Commercial Land - 5.53 Acres

      Prime Retail Development Site, Excellent Frontage
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    • $5,000,000
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      Woodlands Office Park Gem

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      20 SF

      Okemos Development Property on Grand River

      20.99 acres of commercial land with 700' frontage.
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      Okemos Road Office Building

      High-profile office building on Okemos Road available for sale.
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      8,057 SF

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      Restaurant property in high-traffic Meridian Township entertainment and shopping area.
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    Similar Nearby for Lease

    • $12 SF/Yr
      8,400 SF

      Okemos Flex Space: 8,400 SF

      Rare Okemos flex space; warehouse & office.
      2859 Jolly Rd, Okemos, MI 48864
      View Details
    • Contact for pricing
      36,000 SF

      Hagadorn Road Office Space Available

      Prime Okemos Office/Flex Space, 17,701 SF Vacant
      4440 Hagadorn Rd, Meridian charter Township, MI 48864
      View Details
    • Contact for pricing
      28,592 SF

      Okemos Industrial Space Available

      Industrial property available for lease in Okemos, Michigan.
      4440 S Hagadorn Rd, Okemos, MI 48864
      View Details
    • $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
    • $16 SF/Yr
      14,000 SF

      Heritage Office Park Suites

      Executive Suites, Meridian Twp, MI
      3800 Heritage Ave, Meridian charter Township, MI 48864
      View Details
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    2591 Jolly Rd
    Okemos, MI 48864-6500
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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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