Greenfield Road Medical/Office
For Sale
Contact for pricing
19141 Greenfield Rd, Detroit, MI 48235
16,016 SF medical/office building in Detroit for sale.
Property Size16,016 SF
Lot Size0.75 Acres
Price / SF$81.17
Days on Market386
Property Features for 19141 Greenfield Rd
General Information
Standard status
Active
Size
16,016 SF
Class
C
Lot size
0.75 Acres
Property subtype
Office
Zoning
B2
Building Details
Year Built
1978
Listing Agency:
NAI Farbman
(248) 563-0739
Listed By:
Wendy Acho · License #MI 6501411463
Source:
Crexi
Added: Jul 31, 2025
Changed: Aug 8
Last Checked: Jul 23 at 4:05PM
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 NAI Farbman
Investment Insights
Based on property information with market context.
Located at 19141 Greenfield Rd, Detroit, MI 48235, this 16,016 SF single-story medical office/commercial property presents an investment opportunity. Constructed in 1978, the building is zoned B-2 and situated on a 0.75-acre lot. The property features wall and monument signage, along with a large adjacent parking lot. Its location provides high traffic exposure and convenient access to major roadways, including M-10 and M-39, and 8 Mile Rd. The property is suited for various medical and commercial uses. The location is near medical facilities, corporate headquarters, and commercial districts. Tenants will find ease in navigating the city and reaching their destination. The location is enhanced by its close vicinity to diverse dining options, retail establishments, and public transportation hubs.
Key Highlights
- 16,016 SF single‑story medical/commercial building, ideal for medical or office use.
- Strategic location with high traffic exposure near M‑10, M‑39, and 8 Mile Rd.
- Zoned B‑2, suitable for various medical and commercial endeavors.
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
$55,135
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
4.24%
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%
$1,102,700
$1.1M
Cap Rate 7%
$787,643
$787.6K
Cap Rate 9%
$612,611
$612.6K
Market Conditions
NOI Build-Up for 16,016 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
$96.1K $6.00/SF
− Vacancy
−$22.6K −$1.41/SF
EGI
$73.5K $4.59/SF
− OpEx
−$18.4K −$1.15/SF
NOI
$55.1K $3.44/SF
Area
ZIP 48235
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,102,700
Cap Rate 7%
$787,643
Cap Rate 9%
$612,611
Alternative Uses
Best Use
Healthcare Medical
$2.03M
$1.77M – $2.36M
NOI $141,865 @ 7.0% cap · market cap 10.91%
Second Best
Office B
$787.6K
$689.2K – $918.9K
NOI $55,135 @ 7.0% cap · market cap 4.24%
Theoretical Best
Multifamily LT 5
$2.27M
$1.99M – $2.65M
NOI $158,919 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
523
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48235, MI
45,188
Population
20,946
Households
2.2
Avg Household Size
39
Median Age
15%
College-Educated
91%
High-School Grad
6.2 sq mi
ZIP Area
7,288
Density / Sq Mi
$41,011
Median Household Income
$31,545
Median Earnings
$1,151
Median Rent
$79,400
Median Home Value
Market
Vacancy Rate% for Office in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 16,016 SF medical/office building in Detroit for sale.
Where is this medical office space located?
The property is located at 19141 Greenfield Rd Detroit, MI.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 16,016 SF single‑story medical/commercial building, ideal for medical or office use.; Strategic location with high traffic exposure near M‑10, M‑39, and 8 Mile Rd.; Zoned B‑2, suitable for various medical and commercial endeavors.
