Medical Office Investment
For Sale
$1,620,000
11174 HIGHLAND Rd, Hartland, MI 48353
Three medical office condos with secure tenants in thriving community.
Property Size7,753 SF
Lot Size0.46 Acres
Price / SF$186.36
Days on Market152
Property Features for 11174 HIGHLAND Rd
General Information
Standard status
Active
Size
7,753 SF
Lot size
0.46 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,565
Building Details
Building Size
7,753 SF
Year Built
2005
Listing Agency:
RE/MAX Platinum-Hartland
(810) 632-5050
Listed By:
John E Luke · License #6502357281
(810) 632-5050
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 2:59PM
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 Platinum-Hartland
Investment Insights
Based on property information with market context.
This offering presents an investment opportunity featuring three medical office condominium units with leases from secure tenants. Detroit Medical Center leases 4,313 square feet, and Mercy Plus Health Care leases a total of 4,380 square feet across two units. These three units represent the majority of the condominium units in the building. The remaining unit is occupied by Advance Physical Therapy, a complementary user to the existing tenants. All leases are structured as triple net leases. The property is situated within a three-building medical complex off M-59, specifically in the Hartland Millennium Center, located less than 1 mile east of US-23 on the south side of M-59. This location is part of the M-59/US-23 corridor, an area experiencing rapid commercial development. The building roof was replaced in 2025. This property is positioned as a predictable real estate investment.
Key Highlights
- Excellent leases in place with secure tenants: Detroit Medical Center and Mercy Plus Health Care.
- Triple Net Leases in place, minimizing management responsibilities.
- Located in a rapidly developing commercial corridor (M‑59/US‑23).
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
$96,926
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
5.98%
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%
$1,938,520
$1.9M
Cap Rate 7%
$1,384,657
$1.4M
Cap Rate 9%
$1,076,956
$1.1M
Market Conditions
NOI Build-Up for 8,693 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
$185.7K $21.36/SF
− Vacancy
−$24.1K −$2.78/SF
EGI
$161.5K $18.58/SF
− OpEx
−$64.6K −$7.43/SF
NOI
$96.9K $11.15/SF
Area
Livingston County, MI
Vacancy
13.00%
Lease Rate
$21.36 /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%
$1,938,520
Cap Rate 7%
$1,384,657
Cap Rate 9%
$1,076,956
Alternative Uses
Best Use
Healthcare Medical
$1.38M
$1.21M – $1.62M
NOI $96,926 @ 7.0% cap · market cap 5.98%
Second Best
Office B
$427.5K
$374.1K – $498.8K
NOI $29,926 @ 7.0% cap · market cap 1.85%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48353, MI
6,422
Population
3,038
Households
2.1
Avg Household Size
45
Median Age
31%
College-Educated
97%
High-School Grad
12.6 sq mi
ZIP Area
510
Density / Sq Mi
$97,163
Median Household Income
$47,127
Median Earnings
$1,529
Median Rent
$290,900
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.
Similar Off Market Nearby
- Towne & Country Animal Hospital Hartland — 2099 Progressive Dr, Hartland, MI 48353
Frequently Asked Questions
What type of property is this?
Medical Office Space - Three medical office condos with secure tenants in thriving community.
Where is this medical office space located?
The property is located at 11174 HIGHLAND Rd Hartland, MI.
What is the asking price?
The asking price for this property is $1,620,000.
What are key features of this property?
This property features: Excellent leases in place with secure tenants: Detroit Medical Center and Mercy Plus Health Care.; Triple Net Leases in place, minimizing management responsibilities.; Located in a rapidly developing commercial corridor (M‑59/US‑23).
