Two-Story Medical Spa
For Sale
$1,975,000
116 Mill Street, Fenton, MI 48430
Two-story med-spa building in downtown Fenton with adjacent municipal parking.
Property Size5,632 SF
Days on Market113
Property Features for 116 Mill Street
General Information
Standard status
Active
Size
5,632 SF
Property subtype
Retail
Building Details
Building Size
5,632 SF
Year Built
2018
Stories
2
Listing Agency:
Thomas A. Duke Company
(248) 476-3700
Listed By:
Ethan Whitesell · License #6501336460
Source:
Thomasduke
Added: May 7
Changed: Aug 26
Last Checked: Aug 26 at 5:30AM
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 Thomas A. Duke Company
Investment Insights
Based on property information with market context.
This two-story medical spa building is offered for sale and features high-end finishes and distinctive architecture. The property is configured as a med-spa facility and is currently associated with a med-spa tenant operating 20 locations.
The building is located in downtown Fenton, with additional municipal parking adjacent to the property.
As a multi-story healthcare-focused asset, the space is designed to support a medical spa environment with the improvements already in place.
The building is located in downtown Fenton, with additional municipal parking adjacent to the property.
As a multi-story healthcare-focused asset, the space is designed to support a medical spa environment with the improvements already in place.
Key Highlights
- Two‑story med‑spa building in Downtown Fenton
- Med‑spa tenant in place with a reported 20 locations
- Additional municipal parking adjacent to the building
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
$63,867
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
3.23%
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%
$1,277,340
$1.3M
Cap Rate 7%
$912,386
$912.4K
Cap Rate 9%
$709,633
$709.6K
Market Conditions
NOI Build-Up for 5,632 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
$121.7K $21.60/SF
− Vacancy
−$15.2K −$2.70/SF
EGI
$106.4K $18.90/SF
− OpEx
−$42.6K −$7.56/SF
NOI
$63.9K $11.34/SF
Area
Genesee County, MI
Vacancy
12.50%
Lease Rate
$21.60 /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%
$1,277,340
Cap Rate 7%
$912,386
Cap Rate 9%
$709,633
Alternative Uses
Best Use
Healthcare Medical
$912.4K
$798.3K – $1.06M
NOI $63,867 @ 7.0% cap · market cap 3.23%
Second Best
Office B
$886.3K
$775.6K – $1.03M
NOI $62,044 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$1.19M
$1.04M – $1.38M
NOI $82,959 @ 7.0% cap · market cap 4.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
601
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48430, MI
39,594
Population
16,163
Households
2.4
Avg Household Size
42
Median Age
38%
College-Educated
96%
High-School Grad
83.2 sq mi
ZIP Area
476
Density / Sq Mi
$99,755
Median Household Income
$53,447
Median Earnings
$1,382
Median Rent
$308,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Ivy Rehab Physical Therapy — 400 Rounds Dr, Fenton, MI 48430
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- Alive & Well Fenton — 202 W Shiawassee Ave suite 110, Fenton, MI 48430
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Two-story med-spa building in downtown Fenton with adjacent municipal parking.
Where is this spa & wellness property located?
The property is located at 116 Mill Street Fenton, MI.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Two‑story med‑spa building in Downtown Fenton; Med‑spa tenant in place with a reported 20 locations; Additional municipal parking adjacent to the building
