Medical Office with Pharmacy
1704 S Custer, Monroe, MI 48161
For Sale
$450,000
Commercial zoning and a leased pharmacy component add an established retail element to the property.
Property Size3,623 SF
Price / SF$124.21
Days on Market549
Property Features for 1704 S Custer
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Road Access
Tenant in Place
Property Use
Amenities
Security Lighting
Wheelchair Access
Building Details
Year Built
Buildings
Building Size
Listing Agency:
Coldwell Banker Haynes Real Estate Commercial
(734) 242-8484
Listed By:
Cole McNew · License MI #6501447424
(734) 624-4923
Source:
Jabachler
Added: May 14, 2025
Changed: Nov 13
Last Checked: Nov 12 at 8:25PM
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 Coldwell Banker Haynes Real Estate Commercial
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,623-square-foot medical office building, constructed in 1991, includes five exam rooms, a reception area, a lead-lined room, private restrooms and a physician’s office. A full basement provides additional space, while updated mechanical systems and a newer roof are also noted. Commercial zoning is in place.
A 980-square-foot portion is leased to a pharmacy. The property fronts S Custer (M-50), where daily traffic exceeds 21,000 vehicles. The remaining area is configured for medical or professional use.
A 980-square-foot portion is leased to a pharmacy. The property fronts S Custer (M-50), where daily traffic exceeds 21,000 vehicles. The remaining area is configured for medical or professional use.
Key Highlights
- 3,623 SF medical office building built in 1991
- 980 SF leased to a pharmacy
- Five exam rooms, reception, lead‑lined room, private restrooms and physician’s office
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,263
Cap Rate
8.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$805,260
$805.3K
Cap Rate 7%
$575,186
$575.2K
Cap Rate 9%
$447,367
$447.4K
Market Conditions
NOI Build-Up for 3,623 SF
Gross rent
$63.9K $17.64/SF
− Vacancy
−$10.2K −$2.82/SF
EGI
$53.7K $14.82/SF
− OpEx
−$13.4K −$3.70/SF
NOI
$40.3K $11.11/SF
Area
Monroe County, MI
Vacancy
16.00%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$805,260
Cap Rate 7%
$575,186
Cap Rate 9%
$447,367
Alternative Uses
Best Use
Mixed Use
$698.7K
$611.4K – $815.2K
NOI $48,911 @ 7.0% cap · market cap 10.87%
Second Best
Office B
$575.2K
$503.3K – $671.1K
NOI $40,263 @ 7.0% cap · market cap 8.95%
Theoretical Best
Office A
$804.5K
$704.0K – $938.6K
NOI $56,317 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48161, MI
26,571
Population
12,015
Households
2.2
Avg Household Size
40
Median Age
19%
College-Educated
89%
High-School Grad
44.8 sq mi
ZIP Area
593
Density / Sq Mi
$65,517
Median Household Income
$40,184
Median Earnings
$955
Median Rent
$173,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Medical Office Space - Commercial zoning and a leased pharmacy component add an established retail element to the property.
Where is this medical office space located?
The property is located at 1704 S Custer Monroe, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 3,623 SF medical office building built in 1991; 980 SF leased to a pharmacy; Five exam rooms, reception, lead‑lined room, private restrooms and physician’s office
