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    Howell Professional Office with Residence Title is generated by Realmo AI

    721 S Michigan, Howell, MI 48843

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    For Sale
    $589,000

    Real Estate Only - Howell, MI

    Property size:
    3,658 SF
    Lot size:
    0.34 Acres
    Price / SF:
    $161/SF
    Added:
    Jan 2, 2026
    Days on Market:
    143
    Last Refresh:
    May 25 at 10:06 am

    Property Features for 721 S Michigan

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial,Office,Residential
    Standard status
    Active
    APN
    471736304018
    Size
    3,658 SF
    Lot size
    0.34 Acres

    Taxes and HOA fees

    Tax Annual Amount
    7772.59

    Building Details

    Year built
    1960
    Architectural style
    Other

    We can help!

    Listing Contact
    Brigel Lulaj

    Listing agent Brigel Lulaj

    Listing office KW Realty Livingston 130 W Grand River, Howell, MI

    Listing date Jan 2, 2026

    MLS# 20261000132 Listing URL

    Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Professional office suite featuring 4 private offices/exam rooms, administrative office, and lobby.
    • Residence upstairs includes 4 bedrooms and 2 full bathrooms.
    • Opportunity to own a location with a residence onsite.
    • Potential for rental income from the residence.
    • Suitable for a variety of professional services.
    • Located on the main corridor from I‑96 to downtown Howell.

    Overview

    Located on the main corridor from I-96 to downtown Howell, this property offers a professional office suite consisting of 4 private offices or exam rooms with an administrative office and lobby area. The property is currently home to Howell Chiropractic but would be an excellent fit for an array of professional services. The residence features 4 bedrooms and 2 full bathrooms upstairs. This is a perfect opportunity to own your location with a residence onsite or rent the residence out for additional income. The property is zoned for commercial, office, and residential use and has a lot size of 0.34 acres. The property size is 3,658 square feet.

    Financial Insights

    Value Estimation Calculated for Healthcare Medical

    Conservative
    $453.2K
    NOI $40,786 @ 9.00% cap · cautious / downside scenario
    Moderate
    $582.7K
    NOI $40,786 @ 7.00% cap · market / base-case scenario
    Aggressive
    $815.7K
    NOI $40,786 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Healthcare Medical

    Component $ $/SF
    Gross rent $78.1k $21.36
    − Vacancy −$10.2k −$2.78
    EGI $68.0k $18.58
    − OpEx −$27.2k −$7.43
    NOI $40.8k $11.15
    3,658 SF · lease $21.36/SF/yr · vacancy 13.00% · expense 40.00%

    Alternative Use Scenarios

    Best Use
    Healthcare Medical
    $582.7K
    $509.8K – $679.8K (±1% cap)
    NOI $40,786 @ 7.0% cap · market cap 6.92%
    Second Best
    Apartment 5plus
    $437.7K
    $383.0K – $510.6K (±1% cap)
    NOI $30,637 @ 7.0% cap · market cap 5.20%
    Theoretical Best
    —
    —
    same as Best Use
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Howell Chiropractic Alternative Medicine Practice Martin Zella Alternative Medicine Practice Pure & Simple Co Business Management Consultant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Similar Places Nearby

    • Town Center Veterinary Associates — 828 E Grand River Ave, Howell, MI 48843

    Location Insight

    • Map
    • Local Demand
    City
    Howell
    County
    Livingston
    State
    Michigan
    Longitude
    -83.926575
    Latitude
    42.612625

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    FAQs

    What type of property is this?
    Medical Office Space - Professional office suite with a 4-bedroom residence.
    Where is this medical office space located?
    The property is located at 721 S Michigan Howell, MI.
    What is the asking price?
    The asking price for this property is $589,000.
    What are key features of this property?
    This property features: Professional office suite featuring **4 private offices/exam rooms**, administrative office, and lobby.; Residence upstairs includes 4 bedrooms and 2 full bathrooms.; Opportunity to own a location with a residence onsite.
    (810) 227-5500
    We can help!
    Listing Contact
    Brigel Lulaj
    Real Estate License ID: 6501448878
    Request Owner's contact information
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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.

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