Medical Office
For Sale
$10,500,000
2021 Health Dr SW, Wyoming, MI 49519
Partially completed healthcare facility with a backup generator and an easement for additional parking.
Property Size34,395 SF
Price / SF$305.28
Days on Market542
Property Features for 2021 Health Dr SW
General Information
Standard status
Active
Size
34,395 SF
Property subtype
Office
Zoning
PUD-3
Property Condition
Severity
Major Repairs Needed
Evidence
partially completed
Amenities
backup generator
Building Details
Year Built
2016
Listing Agency:
Highpoint Real Estate
(616) 437-2128
Listed By:
Brian Sikma
(616) 437-2128
Source:
Carwm.resimplifi
Added: Mar 6, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:24PM
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 Highpoint Real Estate
Investment Insights
Based on property information with market context.
Built in 2016, this 34,395-square-foot medical office property is a partially completed building originally designed for a surgical center. The existing improvements include a backup generator, while the unfinished condition allows the next owner to evaluate completion in accordance with its intended medical-office design. The property is subject to Seller approval of the Buyer’s proposed use and is zoned PUD-3.
An existing parking easement provides additional parking through the building immediately to the west. The property is located at 2021 Health Dr SW in Wyoming, Michigan.
An existing parking easement provides additional parking through the building immediately to the west. The property is located at 2021 Health Dr SW in Wyoming, Michigan.
Key Highlights
- 34,395‑square‑foot medical office property
- Originally designed for a surgical center; building remains partially completed
- Built in 2016
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
$343,668
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
3.27%
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%
$6,873,360
$6.9M
Cap Rate 7%
$4,909,543
$4.9M
Cap Rate 9%
$3,818,533
$3.8M
Market Conditions
NOI Build-Up for 34,395 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
$503.5K $14.64/SF
− Vacancy
−$45.3K −$1.32/SF
EGI
$458.2K $13.32/SF
− OpEx
−$114.6K −$3.33/SF
NOI
$343.7K $9.99/SF
Area
Kent County, MI
Vacancy
9.00%
Lease Rate
$14.64 /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%
$6,873,360
Cap Rate 7%
$4,909,543
Cap Rate 9%
$3,818,533
Alternative Uses
Best Use
Office B
$4.91M
$4.30M – $5.73M
NOI $343,668 @ 7.0% cap · market cap 3.27%
Second Best
Healthcare Medical
$4.37M
$3.83M – $5.10M
NOI $306,043 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$6.15M
$5.38M – $7.18M
NOI $430,623 @ 7.0% cap · market cap 4.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
735
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49519, MI
28,025
Population
11,693
Households
2.4
Avg Household Size
34
Median Age
28%
College-Educated
90%
High-School Grad
8.0 sq mi
ZIP Area
3,503
Density / Sq Mi
$75,373
Median Household Income
$39,240
Median Earnings
$1,176
Median Rent
$220,300
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 - Partially completed healthcare facility with a backup generator and an easement for additional parking.
Where is this medical office space located?
The property is located at 2021 Health Dr SW Wyoming, MI.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: 34,395‑square‑foot medical office property; Originally designed for a surgical center; building remains partially completed; Built in 2016
