Medical Office Building with
New
For Sale
$1,500,000
2010 15th St, Bay City, MI 48708
Purpose-built healthcare facility with patient reception, clinical rooms, physician offices, laboratory space, and administrative areas.
Property Size7,638 SF
Lot Size1.06 Acres
Price / SF$196.39
Days on Market4
Property Features for 2010 15th St
General Information
Standard status
Active
Size
7,638 SF
Class
B
Lot size
1.06 Acres
Property subtype
Healthcare
Zoning
R-6
Additional Details
Furnished
Yes
Building Details
Building Size
7,638 SF
Year Built
2005
Buildings
1
Stories
1
Listing Agency:
CENTURY 21 Signature Realty
(989) 239-5581
Listed By:
Kenneth M. Kujawa · License #6502333762
(989) 239-5581
Source:
Cpix.resimplifi
Added: Aug 7
Changed: Aug 10
Last Checked: Aug 10 at 6:07AM
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 CENTURY 21 Signature Realty
Investment Insights
Based on property information with market context.
Built in 2005, this 7,638-square-foot medical office property occupies 1.06 acres at 2010 15th St in Bay City, Michigan. The interior includes a reception area, waiting room, examination and consultation rooms, physician offices, administrative work areas, laboratory and procedure spaces, private restrooms, staff break facilities, storage, and additional support areas.
A substantial inventory of medical and office equipment is included with the sale, along with furnishings, examination equipment, office furniture, and specialized medical assets. The property is classified under R-6 zoning and has a layout centered on clinical, administrative, and patient-support functions.
A substantial inventory of medical and office equipment is included with the sale, along with furnishings, examination equipment, office furniture, and specialized medical assets. The property is classified under R-6 zoning and has a layout centered on clinical, administrative, and patient-support functions.
Key Highlights
- 7,638‑square‑foot medical office building on 1.06 acres
- Built in 2005
- Medical and office equipment included with the sale
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
$78,036
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
5.20%
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%
$1,560,720
$1.6M
Cap Rate 7%
$1,114,800
$1.1M
Cap Rate 9%
$867,067
$867.1K
Market Conditions
NOI Build-Up for 7,638 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
$137.5K $18.00/SF
− Vacancy
−$7.4K −$0.97/SF
EGI
$130.1K $17.03/SF
− OpEx
−$52.0K −$6.81/SF
NOI
$78.0K $10.22/SF
Area
Bay County, MI
Vacancy
5.40%
Lease Rate
$18.00 /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%
$1,560,720
Cap Rate 7%
$1,114,800
Cap Rate 9%
$867,067
Alternative Uses
Best Use
Healthcare Medical
$1.11M
$975.5K – $1.30M
NOI $78,036 @ 7.0% cap · market cap 5.20%
Second Best
Office B
$1.04M
$907.4K – $1.21M
NOI $72,592 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,789 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
704
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48708, MI
25,860
Population
12,625
Households
2
Avg Household Size
41
Median Age
17%
College-Educated
89%
High-School Grad
29.1 sq mi
ZIP Area
889
Density / Sq Mi
$50,216
Median Household Income
$31,978
Median Earnings
$703
Median Rent
$98,500
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 - Purpose-built healthcare facility with patient reception, clinical rooms, physician offices, laboratory space, and administrative areas.
Where is this medical office space located?
The property is located at 2010 15th St Bay City, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 7,638‑square‑foot medical office building on 1.06 acres; Built in 2005; Medical and office equipment included with the sale
