Two-Suite Medical Office
For Sale
$649,000
1500 N Main Street, Lapeer, MI 48446
Configured medical office property with separate entrances, exam rooms, procedure areas, laboratory space, and dedicated parking.
Property Size3,932 SF
Days on Market38
Property Features for 1500 N Main Street
General Information
Standard status
Active
Size
3,932 SF
Total Parking Spaces
37
Property subtype
Commercial
Zoning
Commercial
Additional Details
Furnished
Yes
Utilities to Site
Yes
Office Units
2
Taxes and HOA fees
Annual Taxes
$12,736
Amenities
monument sign
basement
Building Details
Building Size
3,932 SF
Year Built
1983
Listing Agency:
Realty Executives Main St LLC
(810) 667-2604
Listed By:
James B Luisier · License #6501302186
Source:
Irishhillsfivestarhomes
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 30 at 5:46PM
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 Main St LLC
Investment Insights
Based on property information with market context.
Built in 1983, this Commercial-zoned medical office property is arranged as two suites connected by an interior hallway and divided by a locked door. Each suite has a private entrance, reception area with check-in and check-out windows, three exam rooms with sinks, a procedure room, patient and physician bathrooms, coat storage, and a lighted X-ray viewer. The South suite also includes a kitchenette or nurse station and furnished office components, while a shared phlebotomy and laboratory room serves both suites.
The property sits across from McLaren Lapeer Region Hospital and is visible from M-24, which carries 24,000+ cars per day. On-site parking accommodates 37 cars, and the property includes a two-sided monument sign with four panels per side. The two-parcel site also provides a full basement for utility access, storage, and future finishing. Elevator preparation extends from the main floor to the basement, and each suite has its own furnace.
The property sits across from McLaren Lapeer Region Hospital and is visible from M-24, which carries 24,000+ cars per day. On-site parking accommodates 37 cars, and the property includes a two-sided monument sign with four panels per side. The two-parcel site also provides a full basement for utility access, storage, and future finishing. Elevator preparation extends from the main floor to the basement, and each suite has its own furnace.
Key Highlights
- Two medical office suites with private entrances and a connecting hallway
- Each suite includes 3 exam rooms, a procedure room, patient bathroom, and private doctor bathroom
- Shared phlebotomy/lab room, plus kitchenette or nurse station in the South suite
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
$45,073
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
6.94%
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%
$901,460
$901.5K
Cap Rate 7%
$643,900
$643.9K
Cap Rate 9%
$500,811
$500.8K
Market Conditions
NOI Build-Up for 3,932 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
$86.3K $21.96/SF
− Vacancy
−$11.2K −$2.85/SF
EGI
$75.1K $19.11/SF
− OpEx
−$30.0K −$7.64/SF
NOI
$45.1K $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%
$901,460
Cap Rate 7%
$643,900
Cap Rate 9%
$500,811
Alternative Uses
Best Use
Healthcare Medical
$643.9K
$563.4K – $751.2K
NOI $45,073 @ 7.0% cap · market cap 6.94%
Second Best
Office B
$193.4K
$169.2K – $225.6K
NOI $13,536 @ 7.0% cap · market cap 2.09%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
537
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48446, MI
30,788
Population
12,797
Households
2.4
Avg Household Size
45
Median Age
20%
College-Educated
93%
High-School Grad
121.9 sq mi
ZIP Area
253
Density / Sq Mi
$66,382
Median Household Income
$40,263
Median Earnings
$976
Median Rent
$206,300
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 - Configured medical office property with separate entrances, exam rooms, procedure areas, laboratory space, and dedicated parking.
Where is this medical office space located?
The property is located at 1500 N Main Street Lapeer, MI.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Two medical office suites with private entrances and a connecting hallway; Each suite includes 3 exam rooms, a procedure room, patient bathroom, and private doctor bathroom; Shared phlebotomy/lab room, plus kitchenette or nurse station in the South suite
