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    Former Medical Office Building Title is generated by Realmo AI

    20927 Kelly Road, Eastpointe, MI 48021

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    For Sale
    $199,000

    COMMERCIAL - Eastpointe, MI

    Property size:
    4,197 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $47/SF
    Added:
    Dec 16, 2025
    Days on Market:
    169
    Last Refresh:
    Jun 3 at 11:06 pm

    Property Features for 20927 Kelly Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    02-14-32-356-039
    Size
    4,197 SF
    Lot size
    0.14 Acres

    Utilities

    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1964
    Roof type
    Flat

    We can help!

    Listing Contact
    Alexander Termini

    Listing agent Alexander Termini License #6501392648

    Listing office Pilot Property Group - Residential LLC 38600 Van Dyke Ste 325, Shelby Twp, MI

    Listing date Dec 16, 2025

    MLS# 50196193

    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.

    HighLights

    • Former medical building with adjacent parking lot on Juliana Building
    • Full finished basement that is elevator‑equipped (not included in square footage)
    • Building has zoning approval for office, retail, and personal service uses
    • Built in 1964 with forced‑air heating
    • Flat roof; served by public water
    • Parking available via on‑site parking lot

    Overview

    This property is a former medical building offered for sale. It includes an elevator-equipped finished basement that is not included in the stated square footage. The building requires extensive interior improvements, making it best suited for an owner-occupant or investor looking to renovate.

    The listing also includes an adjacent parking lot located on Juliana Building. The property sits on a 0.14-acre site. Zoning permits office, retail, and personal service uses, providing flexibility for different commercial tenant or operator concepts.

    Given the building’s former medical configuration and its elevator-equipped basement, it may work well for uses that benefit from additional lower-level space after renovation. The mix of permitted uses and on-site parking should support a range of office or service-focused occupancies, subject to final fit-out and any applicable building code requirements during redevelopment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Stephen J. Palajac, ... Physician Edwin J Soler ... Physician Physicians Residential Wound ... Medical Clinic Michigan Diagnostic Services Medical Clinic Mildred Vazquez Garcia Pediatrician

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • APAWS Veterinary Hospital — 21300 Kelly Rd, Eastpointe, MI 48021

    Location Insight

    • Map
    • Local Demand
    City
    Eastpointe
    County
    Macomb
    State
    Michigan
    Longitude
    -82.939392
    Latitude
    42.452571

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    FAQs

    What type of property is this?
    Medical Office Space - Former medical building for sale with an elevator-equipped finished basement and zoning that allows office, retail, and personal service uses.
    Where is this medical office space located?
    The property is located at 20927 Kelly Road Eastpointe, MI.
    What is the asking price?
    The asking price for this property is $199,000.
    What are key features of this property?
    This property features: Former medical building with adjacent parking lot on Juliana Building; Full finished basement that is elevator‑equipped (not included in square footage); Building has zoning approval for office, retail, and personal service uses
    (586) 291-0499
    We can help!
    Listing Contact
    Alexander Termini
    Real Estate License ID: 6501392648
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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