Romulus Medical/Dental Investment
For Sale
$600,000
37235 GODDARD Rd, Romulus, MI 48174
2,900 SF modern building, long-term dental tenant, excellent condition.
Property Size2,912 SF
Lot Size0.55 Acres
Price / SF$206.90
Days on Market165
Property Features for 37235 GODDARD Rd
General Information
Standard status
Active
Size
2,912 SF
Lot size
0.55 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$15,806
Building Details
Building Size
2,912 SF
Year Built
2000
Listing Agency:
Mutual Realty, LLC
(248) 474-6464
Listed By:
Nicholas Heppard · License #6501258018
(248) 474-6464
Source:
Elliman
Added: Mar 10
Changed: Jul 6
Last Checked: Jul 6 at 10:49AM
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 Mutual Realty, LLC
Investment Insights
Based on property information with market context.
This property presents an investment opportunity with 2,900 square feet of space suitable for dental or medical use. The building, constructed in 2000, features a modern design and is reported to be in excellent condition, equipped with current technology. The property is currently occupied by a long-term established dental group with multiple locations across the United States. The tenants are in the second year of their second five-year renewal term, with a third renewal term available. The location is in Romulus, offering convenient access to the 94 and 275 highways.
Key Highlights
- Long‑term established dental group tenant with multiple locations.
- Tenant is in the 2nd year of a 2nd, 5‑year renewal term, with a 3rd renewal option.
- 2,900 square feet of prime dental/medical space.**
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
$30,539
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
5.09%
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%
$610,780
$610.8K
Cap Rate 7%
$436,271
$436.3K
Cap Rate 9%
$339,322
$339.3K
Market Conditions
NOI Build-Up for 2,900 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
$58.1K $20.04/SF
− Vacancy
−$7.2K −$2.49/SF
EGI
$50.9K $17.55/SF
− OpEx
−$20.4K −$7.02/SF
NOI
$30.5K $10.53/SF
Area
Wayne County, MI
Vacancy
12.42%
Lease Rate
$20.04 /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%
$610,780
Cap Rate 7%
$436,271
Cap Rate 9%
$339,322
Alternative Uses
Best Use
Healthcare Medical
$436.3K
$381.7K – $509.0K
NOI $30,539 @ 7.0% cap · market cap 5.09%
Second Best
Office B
$142.6K
$124.8K – $166.4K
NOI $9,983 @ 7.0% cap · market cap 1.66%
Theoretical Best
Specialty Retail
$536.9K
$469.8K – $626.4K
NOI $37,584 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
191
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48174, MI
33,683
Population
13,124
Households
2.6
Avg Household Size
38
Median Age
17%
College-Educated
89%
High-School Grad
40.8 sq mi
ZIP Area
826
Density / Sq Mi
$65,675
Median Household Income
$41,186
Median Earnings
$1,053
Median Rent
$151,500
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.
Frequently Asked Questions
What type of property is this?
Medical Office Space - 2,900 SF modern building, long-term dental tenant, excellent condition.
Where is this medical office space located?
The property is located at 37235 GODDARD Rd Romulus, MI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Long‑term established dental group tenant with multiple locations.; Tenant is in the 2nd year of a 2nd, 5‑year renewal term, with a 3rd renewal option.; 2,900 square feet of prime dental/medical space.**
