Occupied Medical Building For
For Sale
$3,050,000
2 Heritage Oak Lane / 75 Minges Place, Battle Creek, MI 49015
100% occupied medical building with strong, long-term tenants.
Property Size14,780 SF
Price / SF$206.36
Days on Market272
Property Features for 2 Heritage Oak Lane / 75 Minges Place
General Information
Standard status
Active
Size
14,780 SF
Class
C
Property subtype
Office
Building Details
Building Size
14,780 SF
Listing Agency:
NAI Farbman Southfield
(248) 351-4367
Listed By:
Brad Margolis · License #6501371948
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Aug 13
Last Checked: Aug 20 at 4:23AM
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 Southfield
Investment Insights
Based on property information with market context.
This 100% occupied medical building is located south of Beckley Rd. The property features strong credit, long-term tenants, including Novacare, which has more than 1,900 outpatient physical therapy centers with over 7,000 licensed therapists. Another tenant, Bronson Orthopedic Specialists, is owned and operated by Bronson Healthcare, the largest employer and leading healthcare system in the region with over 9,000 employees and more than 1,500 medical staff members. The building is extremely well-maintained and clean. It is centrally located with smooth ingress and egress. The property size is 14,780 square feet and requires minimal landlord responsibilities.
Key Highlights
- 100% Occupied Medical Building with Strong Credit Long Term Tenants (Novacare & Bronson Orthopedic Specialists)
- Bronson Orthopedic Specialists is owned / operated by Bronson Healthcare, the largest healthcare system in the region
- Minimal Landlord Responsibilities
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
$162,822
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
5.34%
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%
$3,256,440
$3.3M
Cap Rate 7%
$2,326,029
$2.3M
Cap Rate 9%
$1,809,133
$1.8M
Market Conditions
NOI Build-Up for 14,780 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
$251.9K $17.04/SF
− Vacancy
−$34.8K −$2.35/SF
EGI
$217.1K $14.69/SF
− OpEx
−$54.3K −$3.67/SF
NOI
$162.8K $11.02/SF
Area
Calhoun County, MI
Vacancy
13.80%
Lease Rate
$17.04 /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%
$3,256,440
Cap Rate 7%
$2,326,029
Cap Rate 9%
$1,809,133
Alternative Uses
Best Use
Healthcare Medical
$175.33M
$153.41M – $204.55M
NOI $12,272,796 @ 7.0% cap · market cap 402.39%
Second Best
Office B
$2.33M
$2.04M – $2.71M
NOI $162,822 @ 7.0% cap · market cap 5.34%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
206
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49015, MI
28,008
Population
12,522
Households
2.2
Avg Household Size
40
Median Age
28%
College-Educated
91%
High-School Grad
27.2 sq mi
ZIP Area
1,030
Density / Sq Mi
$67,719
Median Household Income
$39,900
Median Earnings
$980
Median Rent
$171,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 100% occupied medical building with strong, long-term tenants.
Where is this medical office space located?
The property is located at 2 Heritage Oak Lane / 75 Minges Place Battle Creek, MI.
What is the asking price?
The asking price for this property is $3,050,000.
What are key features of this property?
This property features: 100% Occupied Medical Building with Strong Credit Long Term Tenants (Novacare & Bronson Orthopedic Specialists); Bronson Orthopedic Specialists is owned / operated by Bronson Healthcare, the largest healthcare system in the region; Minimal Landlord Responsibilities
