Office Building With Full
For Sale
$419,900
635 N Center Road, Saginaw, MI 48638
Professional office property with additional lower-level space, on-site parking, and an established home health care use.
Property Size4,766 SF
Price / SF$88.10
Days on Market447
Property Features for 635 N Center Road
General Information
Standard status
Active
Size
4,766 SF
Property subtype
Industrial
Amenities
3
28800
Building Details
Year Built
1962
Buildings
1
Building Size
4,766 SF
Listing Agency:
The Miller Group
(989) 751-7288
Listed By:
Paul Burback · License #SBR-6501431637
(989) 751-7288
Source:
Xome
Added: May 18, 2025
Changed: Aug 3
Last Checked: Aug 6 at 3:40AM
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 The Miller Group
Investment Insights
Based on property information with market context.
The property is a 4,766-square-foot office building constructed in 1962. A full basement provides additional interior area for records, storage, or future adaptation. On-site parking serves employees and clients, while the building’s current use is a home health care agency. The offering includes the building only and is located at 635 N Center Road in Saginaw, Michigan.
Key Highlights
- 4,766‑square‑foot office building
- Full basement adds usable lower‑level space
- On‑site parking for employees and clients
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
$36,072
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
8.59%
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%
$721,440
$721.4K
Cap Rate 7%
$515,314
$515.3K
Cap Rate 9%
$400,800
$400.8K
Market Conditions
NOI Build-Up for 4,766 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
$68.6K $14.40/SF
− Vacancy
−$8.5K −$1.79/SF
EGI
$60.1K $12.61/SF
− OpEx
−$24.0K −$5.05/SF
NOI
$36.1K $7.57/SF
Area
Saginaw County, MI
Vacancy
12.40%
Lease Rate
$14.40 /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%
$721,440
Cap Rate 7%
$515,314
Cap Rate 9%
$400,800
Alternative Uses
Best Use
Office B
$666.4K
$583.1K – $777.5K
NOI $46,647 @ 7.0% cap · market cap 11.11%
Second Best
Healthcare Medical
$515.3K
$450.9K – $601.2K
NOI $36,072 @ 7.0% cap · market cap 8.59%
Theoretical Best
Specialty Retail
$880.6K
$770.5K – $1.03M
NOI $61,639 @ 7.0% cap · market cap 14.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
125
Businesses Nearby
Explore this area
Business Placement
Demographics for 48638, MI
13,199
Population
6,479
Households
2
Avg Household Size
42
Median Age
36%
College-Educated
95%
High-School Grad
6.5 sq mi
ZIP Area
2,031
Density / Sq Mi
$63,444
Median Household Income
$44,281
Median Earnings
$948
Median Rent
$161,200
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?
Office building - Professional office property with additional lower-level space, on-site parking, and an established home health care use.
Where is this office building located?
The property is located at 635 N Center Road Saginaw, MI.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: 4,766‑square‑foot office building; Full basement adds usable lower‑level space; On‑site parking for employees and clients
