Remodeled Medical Office
New
For Sale
$975,000
1050 Corporate Office Drive, Milford, MI 48381
Specialized office layout with exam, procedure, laboratory, imaging, administrative, and patient reception areas.
Property Size3,418 SF
Days on Market2
Property Features for 1050 Corporate Office Drive
General Information
Standard status
Active
Size
3,418 SF
Class
Class A
Property subtype
Commercial
Zoning
Commercial
Additional Details
Cap Rate
7.4%
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,240
Building Details
Building Size
3,418 SF
Year Built
1998
Year Renovated
2025
Construction
brick
Tenancy
Single
Listing Agency:
Remerica United Realty-Brighton
Listed By:
Daniel T Novak · License #6501302967
(248) 560-7545
Source:
Erareardonrealty
Added: Sep 16
Changed: Sep 17
Last Checked: Aug 25 at 9:15AM
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 Remerica United Realty-Brighton
Investment Insights
Based on property information with market context.
Suite 6 at 1050 Corporate Office Dr. is a medical office property within an all-brick office building constructed in 1998. The interior includes 7 exam rooms, 1 procedure room, 1 lab, 1 X-ray room, 2 offices, a lobby and waiting area, kitchenette, and separate men’s and women’s restrooms. The building received a full remodel in 2023 and a new roof in 2025.
The property is positioned between I-96 and Downtown Milford, with access from Milford, Novi, Brighton, Wixom, South Lyon, Livonia, Flint, Howell, Fenton, Pontiac, Auburn Hills, and Farmington Hills. It has a 20-year tenant history, a current lease with 1.5 years remaining, and renewal cycles typically structured in 5-year terms. The reported cap rate is 7.4%.
The property is positioned between I-96 and Downtown Milford, with access from Milford, Novi, Brighton, Wixom, South Lyon, Livonia, Flint, Howell, Fenton, Pontiac, Auburn Hills, and Farmington Hills. It has a 20-year tenant history, a current lease with 1.5 years remaining, and renewal cycles typically structured in 5-year terms. The reported cap rate is 7.4%.
Key Highlights
- 7 exam rooms, 1 procedure room, 1 lab, and 1 X‑ray room
- Full interior remodel completed in 2023
- New roof installed in 2025
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
$46,254
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
4.74%
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%
$925,080
$925.1K
Cap Rate 7%
$660,771
$660.8K
Cap Rate 9%
$513,933
$513.9K
Market Conditions
NOI Build-Up for 3,418 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
$86.1K $25.20/SF
− Vacancy
−$9.0K −$2.65/SF
EGI
$77.1K $22.55/SF
− OpEx
−$30.8K −$9.02/SF
NOI
$46.3K $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%
$925,080
Cap Rate 7%
$660,771
Cap Rate 9%
$513,933
Alternative Uses
Best Use
Healthcare Medical
$660.8K
$578.2K – $770.9K
NOI $46,254 @ 7.0% cap · market cap 4.74%
Second Best
Office B
$168.1K
$147.1K – $196.1K
NOI $11,766 @ 7.0% cap · market cap 1.21%
Theoretical Best
Specialty Retail
$737.2K
$645.1K – $860.1K
NOI $51,606 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48381, MI
13,794
Population
5,588
Households
2.5
Avg Household Size
45
Median Age
45%
College-Educated
96%
High-School Grad
19.5 sq mi
ZIP Area
707
Density / Sq Mi
$103,156
Median Household Income
$61,929
Median Earnings
$1,146
Median Rent
$386,800
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 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 - Specialized office layout with exam, procedure, laboratory, imaging, administrative, and patient reception areas.
Where is this medical office space located?
The property is located at 1050 Corporate Office Drive Milford, MI.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 7 exam rooms, 1 procedure room, 1 lab, and 1 X‑ray room; Full interior remodel completed in 2023; New roof installed in 2025
