Customizable Office Building
For Sale
Contact for pricing
32100 23 Mile Rd, New Baltimore, MI 48047
Under-construction space supports medical or general office buildouts with flexible unit configuration.
Property Size11,900 SF
Lot Size2.30 Acres
Price / SF$166.11
Days on Market1594
Property Features for 32100 23 Mile Rd
General Information
Standard status
Active
Size
11,900 SF
Class
C
Total Parking Spaces
50
Lot size
2.30 Acres
Property subtype
Office
Zoning
C-3
Lease Type
NNN
Building Details
Year Built
2026
Buildings
1
Stories
1
Building Size
11,900 SF
Listing Agency:
Realty Executives Home Towne (Shelby)
(810) 300-1650
Listed By:
Frank Locricchio · License #6501314190
Source:
Crexi
Added: Apr 21, 2022
Changed: Aug 30
Last Checked: Aug 30 at 10:53PM
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 Realty Executives Home Towne (Shelby)
Investment Insights
Based on property information with market context.
This office building is being delivered as an under-construction shell, allowing the interior plan to be tailored for medical or traditional office occupancy. The configuration can accommodate 1 to 6 units, providing flexibility for a single user or multiple occupants. Completion is scheduled for summer 2026.
The property encompasses 2.3 acres at 32100 23 Mile Rd in New Baltimore, Michigan. C-3 zoning supports the stated office and medical-office positioning, while the building is offered for sale or lease. Interior customization provides an opportunity to align the finished layout with the operational requirements of the selected occupants.
The property encompasses 2.3 acres at 32100 23 Mile Rd in New Baltimore, Michigan. C-3 zoning supports the stated office and medical-office positioning, while the building is offered for sale or lease. Interior customization provides an opportunity to align the finished layout with the operational requirements of the selected occupants.
Key Highlights
- Under‑construction office shell scheduled for completion in summer 2026
- Interior layout can be customized for medical or office use
- Flexible configuration ranging from 1 to 6 units
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
$125,600
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
6.31%
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%
$2,512,000
$2.5M
Cap Rate 7%
$1,794,286
$1.8M
Cap Rate 9%
$1,395,556
$1.4M
Market Conditions
NOI Build-Up for 11,980 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
$237.2K $19.80/SF
− Vacancy
−$27.9K −$2.33/SF
EGI
$209.3K $17.47/SF
− OpEx
−$83.7K −$6.99/SF
NOI
$125.6K $10.48/SF
Area
Macomb County, MI
Vacancy
11.75%
Lease Rate
$19.80 /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%
$2,512,000
Cap Rate 7%
$1,794,286
Cap Rate 9%
$1,395,556
Alternative Uses
Best Use
Healthcare Medical
$1.79M
$1.57M – $2.09M
NOI $125,600 @ 7.0% cap · market cap 6.31%
Second Best
Office B
$589.2K
$515.5K – $687.4K
NOI $41,241 @ 7.0% cap · market cap 2.07%
Theoretical Best
Specialty Retail
$2.24M
$1.96M – $2.62M
NOI $156,999 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
435
Businesses Nearby
Explore this area
Business Placement
Demographics for 48047, MI
39,775
Population
16,765
Households
2.4
Avg Household Size
42
Median Age
29%
College-Educated
94%
High-School Grad
18.0 sq mi
ZIP Area
2,210
Density / Sq Mi
$95,381
Median Household Income
$50,151
Median Earnings
$1,109
Median Rent
$297,600
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?
Office building - Under-construction space supports medical or general office buildouts with flexible unit configuration.
Where is this office building located?
The property is located at 32100 23 Mile Rd New Baltimore, MI.
What is the asking price?
The asking price for this property is $1,990,000.
What are key features of this property?
This property features: Under‑construction office shell scheduled for completion in summer 2026; Interior layout can be customized for medical or office use; Flexible configuration ranging from 1 to 6 units
