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    673 E Cedar St Gladwin, MI 48624

    Sponsored
    For Sale
    $144,900

    1 to 4 Units - Gladwin, MI

    Property size:
    5,800 SF
    Lot size:
    0.17 Acres
    Days on Market:
    3
    Last Refresh:
    Jan 28 at 1:06 am

    Property Features for 673 E Cedar St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Professional Office,Commercial
    APN
    170-506-200-21-05
    Parking features
    Leased, Parking Lot
    Interior features
    Cable TV Available
    Size
    5,800 SF
    Lot size
    0.17 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1984
    Building materials
    Brick, Vinyl Siding
    Roof type
    Metal, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    TROY CONDELL

    Condell Wonder Land Realty (989) 539-2771

    Listing agent TROY CONDELL (989) 539-2771 License #6501204982

    Listing date Jan 26, 2026

    MLS# 50198237 Listing URL

    Copyright © 2026 Clare Gladwin Board of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Professional Office Building with Income Potential

    This 3-4 unit professional office building offers approximately 5,800 square feet and presents great income potential. Constructed in 1984, the Cedar Village Professional Building is situated within the City of Gladwin, in a high-traffic strip mall area, conveniently located near Pizza Hut, Car Quest Auto, the Secretary of State office, and The Medicine Shop. The building is suitable for medical offices or other service-based businesses. Currently, two units are rented. The rear unit, previously a medical office, is vacant and provides approximately 2,500 square feet. This space features a large waiting room, multiple offices and exam rooms, a lunch or lounge area, and two reception areas, making it suitable for sharing between two physicians. The office furniture and items owned by the seller in this unit are included in the sale. The middle unit is leased to Beltone Hearing and consists of one room with restroom access. The front unit is leased to Compass Drug Screening and includes approximately 1,000 square feet, with a small waiting room, reception area, meeting rooms, and an office or exam room. The building includes a large common hallway and a spacious shared parking lot, leased and shared with three other properties. City utilities and natural gas are available. Each unit is separately metered, and utilities are paid by the tenants. A Duralast roof was installed around 2009. The property is zoned for Professional Office and Commercial use and sits on a 0.17-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Medical offices

    Suggested Use

    HVAC Service Bar & Pub

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Gladwin
    County
    Gladwin
    State
    Michigan
    Longitude
    -84.360233
    Latitude
    44.154558

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    FAQs

    What type of property is this?
    Medical office - Three to four unit professional office building with great income potential.
    Where is this medical office located?
    The property is located at 673 E Cedar St Gladwin, MI.
    What is the asking price?
    The asking price for this property is $144,900.
    What are key features of this property?
    This property features: - High income potential as a 3-4 unit professional office building.; - Located in a high-traffic area next to established businesses and a government office.; - Vacant 2,500 sq ft rear unit is move-in ready for a medical practice, including furniture and equipment.
    (989) 539-2771
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    673 E Cedar St Gladwin, MI 48624
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    Gladwin, MI 48624
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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
    673 E Cedar St Gladwin, MI 48624
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    We can help!
    Listing Contact
    TROY CONDELL
    Real Estate License ID: 6501204982
    (989) 539-2771
    Learn more
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