Medical Condo in Wood
For Sale
Contact for pricing
1235 Industrial Drive, Saline, MI
Versatile medical condo with open floor plan and prime location.
Property Size2,208 SF
Lot Size0.05 Acres
Price / SF$217.39
Days on Market544
Property Features for 1235 Industrial Drive
General Information
Standard status
Active
Size
2,208 SF
Lot size
0.05 Acres
Property subtype
OFFICE
Listing Agency:
Colliers - Ann Arbor
Listed By:
James H. Chaconas
(734) 994-3100
Source:
Moodyscre
Added: Mar 13, 2025
Changed: Sep 4
Last Checked: Sep 6 at 9:45AM
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 Colliers - Ann Arbor
Investment Insights
Based on property information with market context.
This ±2,208 SF medical condo is located in Wood Duck Business Park. The property features an open floor plan, one to two offices or conference rooms, and an ADA-compliant bathroom. Ample storage space is available. The property benefits from plenty of parking and a location near Michigan Ave, Downtown Saline, and surrounding communities. It is locally managed. This property is suitable for an owner-user seeking a tailored workspace.
Key Highlights
- Prime location near Michigan Ave., Downtown Saline, and surrounding communities.
- Versatile ±2,208 SF medical condo suitable for an owner‑user.
- Open floor plan with 1‑2 offices/conference room.
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
$34,061
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
7.10%
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%
$681,220
$681.2K
Cap Rate 7%
$486,586
$486.6K
Cap Rate 9%
$378,456
$378.5K
Market Conditions
NOI Build-Up for 2,208 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
$66.2K $30.00/SF
− Vacancy
−$9.5K −$4.29/SF
EGI
$56.8K $25.71/SF
− OpEx
−$22.7K −$10.28/SF
NOI
$34.1K $15.43/SF
Area
Washtenaw County, MI
Vacancy
14.30%
Lease Rate
$30.00 /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%
$681,220
Cap Rate 7%
$486,586
Cap Rate 9%
$378,456
Alternative Uses
Best Use
Healthcare Medical
$486.6K
$425.8K – $567.7K
NOI $34,061 @ 7.0% cap · market cap 7.10%
Second Best
Office B
$486.6K
$425.8K – $567.7K
NOI $34,061 @ 7.0% cap · market cap 7.10%
Theoretical Best
Office A
$648.8K
$567.7K – $756.9K
NOI $45,414 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
243
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 - Versatile medical condo with open floor plan and prime location.
Where is this medical office space located?
The property is located at 1235 Industrial Drive Saline, MI.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Prime location near Michigan Ave., Downtown Saline, and surrounding communities.; Versatile ±2,208 SF medical condo suitable for an owner‑user.; Open floor plan with 1‑2 offices/conference room.
