Medical Office
New
For Sale
$229,900
10041 Fenkell St, Detroit, MI 48238
A former pharmacy layout is described as adaptable for medical, dental, and other service businesses.
Property Size1,110 SF
Days on Market2
Property Features for 10041 Fenkell St
General Information
Standard status
Active
Size
1,110 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,437
Building Details
Building Size
1,110 SF
Year Built
2010
Listing Agency:
RE/MAX Team 2000
Listed By:
Tim Muflihi · License #6501360292
(313) 561-0900
Source:
Elliman
Added: Oct 1
Last Checked: Oct 1 at 2:15PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Team 2000
Investment Insights
Based on property information with market context.
Built in 2010, this medical office property at 10041 Fenkell St in Detroit previously operated as a pharmacy. Its floor plan is described as flexible, with potential for medical, dental, chiropractic, physical therapy, urgent care, wellness, professional office, and other service-oriented businesses.
The property is near major freeways and key roadways, with established businesses and residential neighborhoods in the surrounding area. Parking is available on site. Walk score is 74, transit score is 50, and bike score is 49.
The property is near major freeways and key roadways, with established businesses and residential neighborhoods in the surrounding area. Parking is available on site. Walk score is 74, transit score is 50, and bike score is 49.
Key Highlights
- Previously operated as a pharmacy
- Built in 2010
- Parking available on site
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
$11,508
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
5.01%
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%
$230,160
$230.2K
Cap Rate 7%
$164,400
$164.4K
Cap Rate 9%
$127,867
$127.9K
Market Conditions
NOI Build-Up for 1,110 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
$21.3K $19.20/SF
− Vacancy
−$2.1K −$1.92/SF
EGI
$19.2K $17.28/SF
− OpEx
−$7.7K −$6.91/SF
NOI
$11.5K $10.37/SF
Area
Detroit, MI
Vacancy
10.00%
Lease Rate
$19.20 /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%
$230,160
Cap Rate 7%
$164,400
Cap Rate 9%
$127,867
Alternative Uses
Best Use
Healthcare Medical
$164.4K
$143.9K – $191.8K
NOI $11,508 @ 7.0% cap · market cap 5.01%
Second Best
Office B
$160.6K
$140.6K – $187.4K
NOI $11,245 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$244.9K
$214.3K – $285.7K
NOI $17,141 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
482
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48238, MI
25,747
Population
16,341
Households
1.6
Avg Household Size
37
Median Age
13%
College-Educated
84%
High-School Grad
5.4 sq mi
ZIP Area
4,768
Density / Sq Mi
$30,286
Median Household Income
$25,948
Median Earnings
$950
Median Rent
$58,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Detroit, MI
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Frequently Asked Questions
What type of property is this?
Medical Office Space - A former pharmacy layout is described as adaptable for medical, dental, and other service businesses.
Where is this medical office space located?
The property is located at 10041 Fenkell St Detroit, MI.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Previously operated as a pharmacy; Built in 2010; Parking available on site
