Medical Office Building with
For Sale
$1,500,000
2010 15th Street, Bay City, MI 48708
COM/IND/BUS OPP, Bay City, MI
Property Size7,638 SF
Lot Size1.06 Acres
Price / SF$196.39
Days on Market49
Property Features for 2010 15th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Rooms
Basement
Exterior features
Wheelchair Access
Accessibility
Accessible Approach with Ramp
Lot features
Bus Service Near Site, Dead End, Utilities Underground
Subdivision
Bay City (09016)
Standard status
Active
APN
070-027-300-520-00
Size
7,638 SF
Lot size
1.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
30354
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2005
Roof type
Asphalt, Shingle
Listing Agency:
Century 21 Signature Realty - Bay City · Century 21 Real Estate
(989) 686-4500
Listed By:
Sacha Strait
(989) 327-2162
Added: Aug 7
Changed: Sep 17
Last Checked: Sep 24 at 1:06AM
MLS# 50217760
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 7,638-square-foot medical office building was constructed in 2005 on approximately 1.06 acres. The facility includes a reception area, waiting room, examination and consultation rooms, physician offices, administrative workspaces, laboratory and procedure areas, private restrooms, staff break facilities, storage, and additional support areas. Medical and office equipment is included with the sale.
The property is designed for accessibility, with wheelchair access and an accessible approach with ramp. Building systems include forced-air heating and central air conditioning, while public water serves the property. Shingle and asphalt roofing and a basement are also included among the building features.
The property is designed for accessibility, with wheelchair access and an accessible approach with ramp. Building systems include forced-air heating and central air conditioning, while public water serves the property. Shingle and asphalt roofing and a basement are also included among the building features.
Key Highlights
- 7,638‑square‑foot medical office building on approximately 1.06 acres
- Medical and office equipment included with the sale
- Reception, waiting, examination, consultation, laboratory, and procedure areas
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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical center - Medical facility with dedicated clinical, administrative, laboratory, and support areas for healthcare operations.
Where is this medical center located?
The property is located at 2010 15th Street 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 approximately 1.06 acres; Medical and office equipment included with the sale; Reception, waiting, examination, consultation, laboratory, and procedure areas
