Medical Office Building with
For Sale
$525,000
15357 FARMINGTON RD, Livonia, MI 48154
Two-unit medical office building with separate utilities, 16 parking spaces, and C-2 zoning.
Property Size2,761 SF
Price / SF$190.15
Days on Market232
Property Features for 15357 FARMINGTON RD
General Information
Standard status
Active
Size
2,761 SF
Total Parking Spaces
16
Property subtype
Industrial
Zoning
C-2
Additional Details
Office Units
2
Amenities
3
100100
Building Details
Year Built
19
Tenancy
Multi
Listing Agency:
Van Esley Real Estate Inc
(248) 207-7388
Listed By:
David Misko · License #6501351778
(248) 207-7388
Source:
Xome
Added: Jan 1
Changed: Aug 12
Last Checked: Aug 20 at 5:13AM
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 Van Esley Real Estate Inc
Investment Insights
Based on property information with market context.
This 2,761 sq ft medical office building is set up as two units with separate utilities. The property is currently used as medical office space, and the south unit was formerly used as a dental office, with underground lines still in place.
The building includes 16 parking spots and is zoned C-2. All information is estimated and should be verified. Land Contract terms are possible.
Because the property includes multiple units and utility separation, it may support a range of medical-office configurations within a single building.
The building includes 16 parking spots and is zoned C-2. All information is estimated and should be verified. Land Contract terms are possible.
Because the property includes multiple units and utility separation, it may support a range of medical-office configurations within a single building.
Key Highlights
- 2,761 sq ft two‑unit medical office building in the heart of downtown Livonia
- Two units with separate utilities
- 16 parking spots on site
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
$29,075
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
5.54%
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%
$581,500
$581.5K
Cap Rate 7%
$415,357
$415.4K
Cap Rate 9%
$323,056
$323.1K
Market Conditions
NOI Build-Up for 2,761 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
$55.3K $20.04/SF
− Vacancy
−$6.9K −$2.49/SF
EGI
$48.5K $17.55/SF
− OpEx
−$19.4K −$7.02/SF
NOI
$29.1K $10.53/SF
Area
Wayne County, MI
Vacancy
12.42%
Lease Rate
$20.04 /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%
$581,500
Cap Rate 7%
$415,357
Cap Rate 9%
$323,056
Alternative Uses
Best Use
Healthcare Medical
$415.4K
$363.4K – $484.6K
NOI $29,075 @ 7.0% cap · market cap 5.54%
Second Best
Office B
$135.8K
$118.8K – $158.4K
NOI $9,505 @ 7.0% cap · market cap 1.81%
Theoretical Best
Specialty Retail
$511.2K
$447.3K – $596.4K
NOI $35,783 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
545
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48154, MI
37,864
Population
15,330
Households
2.5
Avg Household Size
47
Median Age
44%
College-Educated
95%
High-School Grad
11.6 sq mi
ZIP Area
3,264
Density / Sq Mi
$103,763
Median Household Income
$59,017
Median Earnings
$1,197
Median Rent
$285,800
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 - Two-unit medical office building with separate utilities, 16 parking spaces, and C-2 zoning.
Where is this medical office space located?
The property is located at 15357 FARMINGTON RD Livonia, MI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2,761 sq ft two‑unit medical office building in the heart of downtown Livonia; Two units with separate utilities; 16 parking spots on site
