Medical Office
For Sale
$290,000
9252 W Lake City Road, Houghton Lake, MI 48629
COMMERCIAL - Houghton Lake, MI
Property Size2,680 SF
Price / SF$108.21
Days on Market330
Property Features for 9252 W Lake City Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMERCIAL
Parking features
Parking Lot
Basement
Partial, Unfinished
Subdivision
T23N R4W
Directions
M55 JUST EAST OF US127
Standard status
Active
APN
006-033-015-0120
Size
2,680 SF
Taxes and HOA fees
Tax Description
COM 200 FT N OF SE COR OF SW 1/4 OF SE 1/ TH N 23' W 155 FT TH S 89 DEG 59' W 200 FT TH S 23' E 315 FT TO HWY R/W TH EON R/W 100 FT TH N 23' E 160 FT TH E 100FT TO POB PART OF SW 1/4 OF SE 1/4 SEC 33 T23N R4W
Tax Annual Amount
3750
Legal Description
COM 200 FT N OF SE COR OF SW 1/4 OF SE 1/ TH N 23' W 155 FT TH S 89 DEG 59' W 200 FT TH S 23' E 315 FT TO HWY R/W TH EON R/W 100 FT TH N 23' E 160 FT TH E 100FT TO POB PART OF SW 1/4 OF SE 1/4 SEC 33 T23N R4W
Utilities
Water source
Well
Building Details
Floors in Building
1
Listing Agency:
Homewaters, LLC - Houghton Lake
(989) 302-2951
Listed By:
Kimberly Kaminski · License #6501381142
(989) 302-2951
Added: Sep 26, 2025
Changed: Aug 4
Last Checked: Aug 21 at 8:06AM
MLS# 201837306
Copyright © 2026 Water Wonderland 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.
Investment Insights
Based on property information with market context.
This commercial building for sale is approximately 2,680 square feet and was previously used as a dental office. The layout includes eight operatory rooms, a large reception area, a waiting room, storage rooms, and a large central work room with access to both hallways. The space also has two half bathrooms, with one off the waiting room and one in the employee lounge/kitchen area. An unfinished partial basement provides additional storage.
The property is positioned conveniently off the US 127 and M55 corridor. Improvements include forced air heating, central A/C, and a spacious asphalt parking lot with landscaping.
While the building’s operatory configuration supports medical-style use, the interior plan also centers around reception, patient/client waiting, and multiple back-of-house rooms connected by hallways.
The property is positioned conveniently off the US 127 and M55 corridor. Improvements include forced air heating, central A/C, and a spacious asphalt parking lot with landscaping.
While the building’s operatory configuration supports medical-style use, the interior plan also centers around reception, patient/client waiting, and multiple back-of-house rooms connected by hallways.
Key Highlights
- Convenient location off US 127 and M55 corridor.
- 2680 sq. ft. commercial building.
- Features 8 operatory rooms, previously a dental office.
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
$24,120
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
8.32%
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%
$482,400
$482.4K
Cap Rate 7%
$344,571
$344.6K
Cap Rate 9%
$268,000
$268.0K
Market Conditions
NOI Build-Up for 2,680 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
$40.2K $15.00/SF
− Vacancy
−$8.0K −$3.00/SF
EGI
$32.2K $12.00/SF
− OpEx
−$8.0K −$3.00/SF
NOI
$24.1K $9.00/SF
Area
Roscommon County, MI
Vacancy
20.00%
Lease Rate
$15.00 /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%
$482,400
Cap Rate 7%
$344,571
Cap Rate 9%
$268,000
Alternative Uses
Best Use
Office B
$344.6K
$301.5K – $402.0K
NOI $24,120 @ 7.0% cap · market cap 8.32%
Second Best
Healthcare Medical
$249.1K
$218.0K – $290.7K
NOI $17,439 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$441.1K
$385.9K – $514.6K
NOI $30,874 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48629, MI
7,420
Population
7,248
Households
1
Avg Household Size
56
Median Age
18%
College-Educated
90%
High-School Grad
77.5 sq mi
ZIP Area
96
Density / Sq Mi
$54,622
Median Household Income
$33,544
Median Earnings
$784
Median Rent
$142,300
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 - Commercial office building with 8 operatory rooms, reception and waiting areas, and forced-air HVAC.
Where is this medical office space located?
The property is located at 9252 W Lake City Road Houghton Lake, MI.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Convenient location off US 127 and M55 corridor.; 2680 sq. ft. commercial building.; Features 8 operatory rooms, previously a dental office.
