Medical Office and Activity
For Sale
$690,000
10350 W 9 Mile Road, Oak Park, MI 48237
Move-in-ready suite with multiple treatment rooms and a full-size activity/gym area for flexible professional use.
Property Size3,772 SF
Days on Market85
Property Features for 10350 W 9 Mile Road
General Information
Standard status
Active
Size
3,772 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Sprinkler System
Yes
Office Units
8
Taxes and HOA fees
Annual Taxes
$6,270
Building Details
Building Size
3,772 SF
Year Built
1962
Stories
1
Listing Agency:
Sun Wave Realty
(734) 771-6456
Listed By:
Ann Marie C Paris
(734) 771-6456
Source:
Phgrealty
Added: Jun 1
Changed: Aug 23
Last Checked: Aug 24 at 12:55PM
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 Sun Wave Realty
Investment Insights
Based on property information with market context.
This move-in-ready commercial property offers a practical layout for a wide range of professional and medical users. Entry opens into a foyer with an office reception window, followed by a second interior door to a spacious waiting area. Beyond the lobby is a large open workspace with extensive counter space for multiple computer workstations, supported by two restrooms, a kitchen area, and a utility room.
The property also includes two separate hallways leading to eight private office or treatment rooms, with four of those rooms equipped with sinks. A key differentiator is the expansive full-size gym or activity area, providing additional space that can support fitness, therapy, wellness, and other service-based concepts that benefit from dedicated program space.
Additional improvements and building systems include a newer roof, newer furnace, and AC, along with an asphalt parking lot. The building is equipped with a full fire suppression and security system. With its combination of reception, waiting, private rooms, and a dedicated activity area, the property is well-suited for organizations seeking an all-in-one setup for medical, wellness, learning, or professional services within a business district.
The property also includes two separate hallways leading to eight private office or treatment rooms, with four of those rooms equipped with sinks. A key differentiator is the expansive full-size gym or activity area, providing additional space that can support fitness, therapy, wellness, and other service-based concepts that benefit from dedicated program space.
Additional improvements and building systems include a newer roof, newer furnace, and AC, along with an asphalt parking lot. The building is equipped with a full fire suppression and security system. With its combination of reception, waiting, private rooms, and a dedicated activity area, the property is well-suited for organizations seeking an all-in-one setup for medical, wellness, learning, or professional services within a business district.
Key Highlights
- 1962‑built commercial property featuring a move‑in‑ready interior layout with an office/reception area and a waiting area
- Includes large open workspace with extensive counter space plus 2 restrooms, kitchen area, and a utility room
- 8 private office or treatment rooms, with 4 rooms equipped with sinks for medical, dental, wellness, or professional use
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
$51,044
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
7.40%
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%
$1,020,880
$1.0M
Cap Rate 7%
$729,200
$729.2K
Cap Rate 9%
$567,156
$567.2K
Market Conditions
NOI Build-Up for 3,772 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
$95.1K $25.20/SF
− Vacancy
−$10.0K −$2.65/SF
EGI
$85.1K $22.55/SF
− OpEx
−$34.0K −$9.02/SF
NOI
$51.0K $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%
$1,020,880
Cap Rate 7%
$729,200
Cap Rate 9%
$567,156
Alternative Uses
Best Use
Healthcare Medical
$729.2K
$638.1K – $850.7K
NOI $51,044 @ 7.0% cap · market cap 7.40%
Second Best
Office B
$185.5K
$162.3K – $216.4K
NOI $12,985 @ 7.0% cap · market cap 1.88%
Theoretical Best
Specialty Retail
$813.6K
$711.9K – $949.2K
NOI $56,951 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Office units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48237, MI
29,560
Population
13,036
Households
2.3
Avg Household Size
38
Median Age
39%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
5,796
Density / Sq Mi
$65,882
Median Household Income
$44,992
Median Earnings
$1,354
Median Rent
$198,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Move-in-ready suite with multiple treatment rooms and a full-size activity/gym area for flexible professional use.
Where is this medical office space located?
The property is located at 10350 W 9 Mile Road Oak Park, MI.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: 1962‑built commercial property featuring a move‑in‑ready interior layout with an office/reception area and a waiting area; Includes large open workspace with extensive counter space plus 2 restrooms, kitchen area, and a utility room; 8 private office or treatment rooms, with 4 rooms equipped with sinks for medical, dental, wellness, or professional use
