Turnkey Medical Office
For Sale
$2,500,000
1794 N Lapeer Road, Lapeer, MI 48446
Multi-tenant medical office property with built-out suites, C-2 zoning, and strong parking along N Lapeer Road.
Property Size14,894 SF
Lot Size4.05 Acres
Price / SF$185.05
Days on Market38
Property Features for 1794 N Lapeer Road
General Information
Standard status
Active
Size
14,894 SF
Lot size
4.05 Acres
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$36,317
Building Details
Building Size
14,894 SF
Year Built
2009
Tenancy
Multi
Listing Agency:
Diplomat Realty
(586) 453-3533
Listed By:
Nicholas Sinishtaj · License #414648
Source:
Thebrokeragehouse
Added: Jul 18
Changed: Aug 24
Last Checked: Aug 23 at 2:36AM
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 Diplomat Realty
Investment Insights
Based on property information with market context.
This multi-tenant medical office property is offered with turnkey, fully built-out space designed for medical use and professional office users. The available configurations include Suite A and Suite D, with multiple exam rooms, reception and waiting areas, private offices, conference rooms, and open medical workspaces. Building systems and infrastructure are in place to support day-to-day operations, including Rad-X medical power filtration, AT&T phone infrastructure, upgraded HVAC with four new units, a 2023 water heater, and newer well and softener systems.
The property is located at 1794 N Lapeer Road in Lapeer, Michigan, on a 4.05-acre site with strong on-site parking. It is zoned C-2 Commercial, permitting medical, office, and general commercial uses, and is positioned near Downtown Lapeer and McLaren Health Care.
Suites are available in flexible sizes, with Suite A at 1,810 SF and Suite D at 6,759 SF, which can be leased in its entirety or subdivided to support different occupancy needs.
The property is located at 1794 N Lapeer Road in Lapeer, Michigan, on a 4.05-acre site with strong on-site parking. It is zoned C-2 Commercial, permitting medical, office, and general commercial uses, and is positioned near Downtown Lapeer and McLaren Health Care.
Suites are available in flexible sizes, with Suite A at 1,810 SF and Suite D at 6,759 SF, which can be leased in its entirety or subdivided to support different occupancy needs.
Key Highlights
- 13,510 SF multi‑tenant medical office on a 4.05‑acre site at 1794 N Lapeer Road, Lapeer, MI
- C‑2 commercial zoning permits medical, office, and general commercial uses
- Available suites: 1,810 SF (Suite A) and 6,759 SF (Suite D), with Suite D able to be leased whole or subdivided
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
$154,867
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
6.19%
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%
$3,097,340
$3.1M
Cap Rate 7%
$2,212,386
$2.2M
Cap Rate 9%
$1,720,744
$1.7M
Market Conditions
NOI Build-Up for 13,510 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
$296.7K $21.96/SF
− Vacancy
−$38.6K −$2.85/SF
EGI
$258.1K $19.11/SF
− OpEx
−$103.2K −$7.64/SF
NOI
$154.9K $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%
$3,097,340
Cap Rate 7%
$2,212,386
Cap Rate 9%
$1,720,744
Alternative Uses
Best Use
Healthcare Medical
$2.21M
$1.94M – $2.58M
NOI $154,867 @ 7.0% cap · market cap 6.19%
Second Best
Office B
$664.4K
$581.4K – $775.1K
NOI $46,508 @ 7.0% cap · market cap 1.86%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
105
Businesses Nearby
Well-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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Multi-tenant medical office property with built-out suites, C-2 zoning, and strong parking along N Lapeer Road.
Where is this medical office space located?
The property is located at 1794 N Lapeer Road Lapeer, MI.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 13,510 SF multi‑tenant medical office on a 4.05‑acre site at 1794 N Lapeer Road, Lapeer, MI; C‑2 commercial zoning permits medical, office, and general commercial uses; Available suites: 1,810 SF (Suite A) and 6,759 SF (Suite D), with Suite D able to be leased whole or subdivided
