Medical Office with Full
For Sale
$450,000
2561 Elizabeth Lake Road, Waterford, MI 48328
Commercial Sale, Waterford, MI
Property Size2,500 SF
Lot Size1.90 Acres
Price / SF$180
Days on Market302
Property Features for 2561 Elizabeth Lake Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
B1
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 1, Bathroom 3, Bathroom 2
Interior features
Broadband
Elementary school district
Waterford
Middle school district
Waterford
High school district
Waterford
Directions
West of Telegraph on Elizabeth Lake Road.
Subdivision
Oakland County - 70
Standard status
Active
APN
13-25-328-011
Size
2,500 SF
Lot size
1.90 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
T3N, R9E, SEC 25 SUPERVISORS PLAT NO 1 LOT 3
Tax Annual Amount
9558
Legal Description
T3N, R9E, SEC 25 SUPERVISORS PLAT NO 1 LOT 3
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1962
Number of units
1
Building materials
Brick
Listing Agency:
@properties Christie's Int'l
(248) 850-8632
Listed By:
Robert Lawrence · License #6506022838
(248) 705-2086
Added: Oct 27, 2025
Changed: Aug 24
Last Checked: Aug 24 at 10:06PM
MLS# 25055101
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 2,500-square-foot medical office occupies a brick building constructed in 1962 on a 1.9-acre parcel. The existing plan includes multiple exam rooms, three bathrooms, laboratory space, and reception areas organized for separate sick and well visits. A full basement adds a staff break room and storage capacity. Forced-air heating and central air conditioning serve the building, with cable availability and broadband access also identified.
The property is located at 2561 Elizabeth Lake Road in Waterford, Michigan, within Oakland County. Its setting includes nearby retail, residential neighborhoods, and major thoroughfares. The building is currently configured for an operating pediatric practice and supports continued medical use, subject to the purchaser’s requirements and applicable approvals.
The property is located at 2561 Elizabeth Lake Road in Waterford, Michigan, within Oakland County. Its setting includes nearby retail, residential neighborhoods, and major thoroughfares. The building is currently configured for an operating pediatric practice and supports continued medical use, subject to the purchaser’s requirements and applicable approvals.
Key Highlights
- 2,500‑square‑foot medical office on a 1.9‑acre parcel
- Existing layout includes multiple exam rooms and separate sick and well reception areas
- Full basement with staff break room and storage
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
$33,831
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
7.52%
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%
$676,620
$676.6K
Cap Rate 7%
$483,300
$483.3K
Cap Rate 9%
$375,900
$375.9K
Market Conditions
NOI Build-Up for 2,500 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
$63.0K $25.20/SF
− Vacancy
−$6.6K −$2.65/SF
EGI
$56.4K $22.55/SF
− OpEx
−$22.6K −$9.02/SF
NOI
$33.8K $13.53/SF
Area
Oakland County, MI
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$676,620
Cap Rate 7%
$483,300
Cap Rate 9%
$375,900
Alternative Uses
Best Use
Healthcare Medical
$483.3K
$422.9K – $563.9K
NOI $33,831 @ 7.0% cap · market cap 7.52%
Second Best
Office B
$122.9K
$107.6K – $143.4K
NOI $8,606 @ 7.0% cap · market cap 1.91%
Theoretical Best
Specialty Retail
$539.2K
$471.8K – $629.1K
NOI $37,746 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
504
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48328, MI
24,178
Population
11,938
Households
2
Avg Household Size
43
Median Age
27%
College-Educated
93%
High-School Grad
8.9 sq mi
ZIP Area
2,717
Density / Sq Mi
$69,788
Median Household Income
$42,084
Median Earnings
$1,041
Median Rent
$210,800
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 - Functional medical layout with exam rooms, separate reception areas, laboratory space, and staff support areas.
Where is this medical office space located?
The property is located at 2561 Elizabeth Lake Road Waterford, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,500‑square‑foot medical office on a 1.9‑acre parcel; Existing layout includes multiple exam rooms and separate sick and well reception areas; Full basement with staff break room and storage
