Building Details

Building Size 1,360 SF

Listing Agency: REO - Bellaire

Listed By: Bryan Hardy · License #6501424482 Show Phone

Source: Patobrien

Added: Oct 5 Changed: Oct 7 Last Checked: Oct 10 at 2:50AM

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Investment Insights

Based on property information with market context.

This medical office property has a layout previously used for a dental practice. Some dental and office equipment will remain with the property. Access to the crawl space and attic provides routes for plumbing and electrical work as the interior is reconfigured.

The building is on West State Street, also known as M-88, in Mancelona, Michigan. Its current arrangement can be adapted for other commercial uses or changed back to residential space, including multiple apartments.

Key Highlights

• Previously configured for a dental office
• Some dental and office equipment included
• Crawl space and attic access for plumbing or electrical changes

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,164

Cap Rate

5.64%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$303,280 $303.3K

Cap Rate 7%

$216,629 $216.6K

Cap Rate 9%

$168,489 $168.5K

Market Conditions

NOI Build-Up for 1,360 SF

Gross rent

$29.0K $21.36/SF

− Vacancy

−$3.8K −$2.78/SF

EGI

$25.3K $18.58/SF

− OpEx

−$10.1K −$7.43/SF

NOI

$15.2K $11.15/SF

Area

Antrim County, MI

Vacancy

13.00%

Lease Rate

$21.36 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$303,280

Cap Rate 7%

$216,629

Cap Rate 9%

$168,489

Alternative Uses

Best Use

Healthcare Medical

$216.6K

$189.6K – $252.7K (±1% cap)

NOI $15,164 @ 7.0% cap · market cap 5.64%

Second Best

Office B

$199.1K

$174.2K – $232.3K (±1% cap)

NOI $13,939 @ 7.0% cap · market cap 5.18%

Theoretical Best

Office A

$242.0K

$211.8K – $282.4K (±1% cap)

NOI $16,942 @ 7.0% cap · market cap 6.30%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Mancelona Family Dentistry Dental Office Thumm John L ... Dental Office John Lamar Thumm Dental Office

Suggested Use

Top Pick Building Supply Pharmacy Big Box & Wholesale Store Real Estate Agency Auto Repair Shop Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

219

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 49659, MI

6,670

Population

4,586

Households

1.5

Avg Household Size

44

Median Age

18%

College-Educated

89%

High-School Grad

175.0 sq mi

ZIP Area

38

Density / Sq Mi

$59,092

Median Household Income

$33,269

Median Earnings

$792

Median Rent

$141,700

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Medical Office Space - The existing floor plan has served a dental practice, with some dental and office equipment included in the sale.

Where is this medical office space located?

The property is located at 204 W State Street Mancelona, MI.

What is the asking price?

The asking price for this property is $269,000.

What are key features of this property?

This property features: Previously configured for a dental office; Some dental and office equipment included; Crawl space and attic access for plumbing or electrical changes