Medical Office Space with
For Sale
$130,000
1302 N Eaton Street, Albion, MI 49224
Commercial Sale, Albion, MI
Property Size960 SF
Lot Size0.24 Acres
Price / SF$135.42
Days on Market157
Property Features for 1302 N Eaton Street
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1
Interior features
Broadband
Elementary school district
Marshall
Middle school district
Marshall
High school district
Marshall
Directions
South off I-94 to 1302 N Eaton
Standard status
Active
APN
51-014-105-00
Size
960 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
ALBION CITY, WEINER'S ASSESSORS PLAT 105
Tax Annual Amount
1599
Legal Description
ALBION CITY, WEINER'S ASSESSORS PLAT 105
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1984
Number of units
1
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 501-7085
Listed By:
Kevin Lee
(517) 614-1614
Added: Mar 17
Changed: Aug 20
Last Checked: Aug 20 at 11:06PM
MLS# 26010703
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This medical office property includes 960 square feet of building area on a 0.24-acre parcel. The interior includes a finished basement, two bathrooms, and broadband service, providing a practical configuration for professional operations. Vinyl siding, a composition roof, forced-air heating, and central air conditioning are among the property improvements. Built in 1984, the building was originally designed for use as a doctor's office and offers a layout suited to medical office occupancy.
Key Highlights
- 960 square feet of building area on a 0.24‑acre parcel
- Finished basement adds usable interior space
- Two bathrooms included
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$10,576
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.14%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$211,520
$211.5K
Cap Rate 7%
$151,086
$151.1K
Cap Rate 9%
$117,511
$117.5K
Market Conditions
NOI Build-Up for 960 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$16.4K $17.04/SF
− Vacancy
−$2.3K −$2.35/SF
EGI
$14.1K $14.69/SF
− OpEx
−$3.5K −$3.67/SF
NOI
$10.6K $11.02/SF
Area
Calhoun County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$211,520
Cap Rate 7%
$151,086
Cap Rate 9%
$117,511
Alternative Uses
Best Use
Healthcare Medical
$11.39M
$9.96M – $13.29M
NOI $797,150 @ 7.0% cap · market cap 613.19%
Second Best
Office B
$151.1K
$132.2K – $176.3K
NOI $10,576 @ 7.0% cap · market cap 8.14%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
185
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49224, MI
13,199
Population
5,277
Households
2.5
Avg Household Size
36
Median Age
19%
College-Educated
88%
High-School Grad
99.9 sq mi
ZIP Area
132
Density / Sq Mi
$52,552
Median Household Income
$28,136
Median Earnings
$846
Median Rent
$119,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Adaptable professional layout with finished lower-level space and central air conditioning.
Where is this medical office space located?
The property is located at 1302 N Eaton Street Albion, MI.
What is the asking price?
The asking price for this property is $130,000.
What are key features of this property?
This property features: 960 square feet of building area on a 0.24‑acre parcel; Finished basement adds usable interior space; Two bathrooms included
