Medical Office with Finished
For Sale
$130,000
1302 N Eaton St, Albion, MI 49224
Former physician’s office with adaptable interior space for professional service operations.
Property Size960 SF
Price / SF$135.42
Days on Market45
Property Features for 1302 N Eaton St
General Information
Standard status
Active
Size
960 SF
Building Details
Year Built
1984
Listing Agency:
eXp Realty, LLC
(517) 321-6373
Listed By:
Kevin Lee
Source:
Katie-k
Added: Jul 16
Changed: Aug 29
Last Checked: Aug 29 at 2:22PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1984, this medical office property was originally configured for a doctor’s practice and includes a functional interior layout that can be adapted to professional service needs. The finished basement provides additional usable space for offices, storage, or related operational functions.
The property is located at 1302 N Eaton St in Albion, Michigan. Its existing medical-office configuration and basement area offer a practical foundation for a range of professional uses while retaining flexibility for interior customization.
The property is located at 1302 N Eaton St in Albion, Michigan. Its existing medical-office configuration and basement area offer a practical foundation for a range of professional uses while retaining flexibility for interior customization.
Key Highlights
- Finished basement adds usable area for offices or storage
- Originally designed and used as a doctor’s office
- Built in 1984
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
$10,576
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
8.14%
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%
$211,520
$211.5K
Cap Rate 7%
$151,086
$151.1K
Cap Rate 9%
$117,511
$117.5K
Market Conditions
NOI Build-Up for 960 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
$16.4K $17.04/SF
− Vacancy
−$2.3K −$2.35/SF
EGI
$14.1K $14.69/SF
− OpEx
−$3.5K −$3.67/SF
NOI
$10.6K $11.02/SF
Area
Calhoun County, MI
Vacancy
13.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$211,520
Cap Rate 7%
$151,086
Cap Rate 9%
$117,511
Alternative Uses
Best Use
Healthcare Medical
$11.39M
$9.96M – $13.29M
NOI $797,150 @ 7.0% cap · market cap 613.19%
Second Best
Office B
$151.1K
$132.2K – $176.3K
NOI $10,576 @ 7.0% cap · market cap 8.14%
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
185
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49224, MI
13,199
Population
5,277
Households
2.5
Avg Household Size
36
Median Age
19%
College-Educated
88%
High-School Grad
99.9 sq mi
ZIP Area
132
Density / Sq Mi
$52,552
Median Household Income
$28,136
Median Earnings
$846
Median Rent
$119,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Former physician’s office with adaptable interior space for professional service operations.
Where is this medical office space located?
The property is located at 1302 N Eaton St Albion, MI.
What is the asking price?
The asking price for this property is $130,000.
What are key features of this property?
This property features: Finished basement adds usable area for offices or storage; Originally designed and used as a doctor’s office; Built in 1984
