Medical Office Condominium with Triple-Net
For Sale
Contact for pricing
11174 HIGHLAND Road, Hartland, MI 48353
Three leased medical condo units in a multi-building complex with a roof replacement completed in 2025.
Property Size11,000 SF
Price / SF$147.27
Days on Market380
Property Features for 11174 HIGHLAND Road
General Information
Standard status
Active
Size
11,000 SF
Property subtype
Office
Building Details
Year Built
2005
Listing Agency:
Callan/Luke RE/MAX Commercial Brokers
Listed By:
John Luke · License #MI 229646
Source:
Crexi
Added: Jul 28, 2025
Changed: Aug 8
Last Checked: Aug 10 at 11:02AM
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 Callan/Luke RE/MAX Commercial Brokers
Investment Insights
Based on property information with market context.
This offering includes three of the four condominium medical office units within a single building in a larger medical complex. The property is leased on a triple-net basis. Lease details referenced in the marketing materials include Detroit Medical Center occupying 4,313 square feet and Mercy Plus Health Care leasing a total of 4,380 square feet across two units. The fourth unit is occupied by Advance Physical Therapy, described as a complimentary user to the existing tenants.
The complex is located off M-59, with the Hartland Millennium Center noted as less than 1 mile east of US-23 on the south side of M-59. The materials describe the area as part of the M-59/US-23 corridor.
For investors or owner-operators seeking a healthcare-oriented asset, this configuration provides multiple secured tenants under triple-net leases, with condominium unit ownership aligning with multi-tenant medical use. The building roof was replaced in 2025, which supports ongoing exterior building maintenance planning. Prospective purchasers are directed to request financial and lease details through the listing office, with a confidentiality agreement required before those items are released.
The complex is located off M-59, with the Hartland Millennium Center noted as less than 1 mile east of US-23 on the south side of M-59. The materials describe the area as part of the M-59/US-23 corridor.
For investors or owner-operators seeking a healthcare-oriented asset, this configuration provides multiple secured tenants under triple-net leases, with condominium unit ownership aligning with multi-tenant medical use. The building roof was replaced in 2025, which supports ongoing exterior building maintenance planning. Prospective purchasers are directed to request financial and lease details through the listing office, with a confidentiality agreement required before those items are released.
Key Highlights
- Three medical office condo units in a multi‑building medical complex
- Year built: 2005
- Leases are triple net (NNN)
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
$122,649
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
7.57%
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%
$2,452,980
$2.5M
Cap Rate 7%
$1,752,129
$1.8M
Cap Rate 9%
$1,362,767
$1.4M
Market Conditions
NOI Build-Up for 11,000 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
$235.0K $21.36/SF
− Vacancy
−$30.5K −$2.78/SF
EGI
$204.4K $18.58/SF
− OpEx
−$81.8K −$7.43/SF
NOI
$122.6K $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%
$2,452,980
Cap Rate 7%
$1,752,129
Cap Rate 9%
$1,362,767
Alternative Uses
Best Use
Healthcare Medical
$1.75M
$1.53M – $2.04M
NOI $122,649 @ 7.0% cap · market cap 7.57%
Second Best
Office B
$541.0K
$473.4K – $631.1K
NOI $37,868 @ 7.0% cap · market cap 2.34%
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Three leased medical condo units in a multi-building complex with a roof replacement completed in 2025.
Where is this medical office space located?
The property is located at 11174 HIGHLAND Road 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: Three medical office condo units in a multi‑building medical complex; Year built: 2005; Leases are triple net (NNN)
