Listing Agency: Berkshire Hathaway HomeServices Kee Realty · Real Living t***@keerealty.com Show Phone

Listed By: Donna Caumartin · License #MISPE-6501226411 Show Phone

Added: Sep 27 Last Checked: Sep 27 at 10:06PM

Report an Issue

MLS# 50223121

Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This medical office property has a street-facing main level currently occupied by a doctor's office on a long-term net lease. The building also includes an unfinished upper level and a full basement. Heating is provided by forced air, with central air conditioning and public water service.

The property is in the DDA B2 District in Imlay City, Michigan, on a 0.14-acre lot.

Key Highlights

• Street‑level doctor's office occupied under a long‑term net lease
• Unfinished upper level and full basement
• 0.14‑acre lot in the DDA B2 District

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

$17,768

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

7.11%

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%

$355,360 $355.4K

Cap Rate 7%

$253,829 $253.8K

Cap Rate 9%

$197,422 $197.4K

Market Conditions

NOI Build-Up for 1,550 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

$34.0K $21.96/SF

− Vacancy

−$4.4K −$2.85/SF

EGI

$29.6K $19.11/SF

− OpEx

−$11.8K −$7.64/SF

NOI

$17.8K $11.46/SF

Area

Lapeer County, MI

Vacancy

13.00%

Lease Rate

$21.96 /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%

$355,360

Cap Rate 7%

$253,829

Cap Rate 9%

$197,422

Alternative Uses

Best Use

Healthcare Medical

$253.8K

$222.1K – $296.1K (±1% cap)

NOI $17,768 @ 7.0% cap · market cap 7.11%

Second Best

Retail

$152.7K

$133.6K – $178.2K (±1% cap)

NOI $10,689 @ 7.0% cap · market cap 4.28%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Parking Lot & Garage (Bike/Boat/Book/etc) Store Barber Shop Cafe & Coffee Shop Carpet & Flooring Store Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

416

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Equestrian Property with Indoor Arena

8695 Petz Road, Imlay City, MI 48444

$677,900

17.60 Acres

View details

Renovated Mixed-Use Building

112 E Third Street, Imlay City, MI 48444

$449,000

3,784 SF

View details

Three-Unit Apartment Building

170 Bancroft St, Imlay City, MI 48444

$249,900

View details

Similar Off Market Nearby

• Imlay City Veterinary Clinic — 6475 W Imlay City Rd, Imlay City, MI 48444

Frequently Asked Questions

What type of property is this?

Medical Office Space - The street-level space is occupied by a doctor's office under a long-term net lease.

Where is this medical office space located?

The property is located at 124 N Almont Street Imlay City, MI.

What is the asking price?

The asking price for this property is $250,000.

What are key features of this property?

This property features: Street‑level doctor's office occupied under a long‑term net lease; Unfinished upper level and full basement; 0.14‑acre lot in the DDA B2 District