Medical Office Building with
New
For Sale
$199,000
20927 Kelly Road, Eastpointe, MI 48021
The property includes an adjacent parking lot and zoning for office, retail, and personal service uses.
Property Size4,197 SF
Price / SF$47.41
Days on Market6
Property Features for 20927 Kelly Road
General Information
Standard status
Active
Size
4,197 SF
Elevators
Yes
Property subtype
Commercial
Property Condition
Severity
Major Repairs Needed
Evidence
in need of extensive interior improvements
Additional Details
Condition
Needs Renovation
Building Details
Building Size
4,197 SF
Year Built
1964
Buildings
1
Listing Agency:
Case Realty Group
Listed By:
Karmen Case · License #6501398514
(517) 238-5588
Source:
Case-realty
Added: Oct 20
Changed: Oct 23
Last Checked: Oct 23 at 5:48PM
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 Case Realty Group
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Investment Insights
Based on property information with market context.
This 4,197-square-foot medical office building was constructed in 1964 and includes a finished basement equipped with an elevator; the basement area is excluded from the stated building size. An adjacent parking lot is part of the property. The interior requires extensive improvements.
Zoning permits office, retail, and personal service uses.
Zoning permits office, retail, and personal service uses.
Key Highlights
- 4,197‑square‑foot medical office building, built in 1964
- Finished basement with elevator; basement area is not included in the stated square footage
- Adjacent parking lot included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,448
Cap Rate
7.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$288,960
$289.0K
Cap Rate 7%
$206,400
$206.4K
Cap Rate 9%
$160,533
$160.5K
Market Conditions
NOI Build-Up for 4,197 SF
Gross rent
$25.2K $6.00/SF
− Vacancy
−$5.9K −$1.41/SF
EGI
$19.3K $4.59/SF
− OpEx
−$4.8K −$1.15/SF
NOI
$14.4K $3.44/SF
Area
Macomb County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$288,960
Cap Rate 7%
$206,400
Cap Rate 9%
$160,533
Alternative Uses
Best Use
Healthcare Medical
$628.6K
$550.0K – $733.4K
NOI $44,002 @ 7.0% cap · market cap 22.11%
Second Best
Office B
$206.4K
$180.6K – $240.8K
NOI $14,448 @ 7.0% cap · market cap 7.26%
Theoretical Best
Specialty Retail
$785.7K
$687.5K – $916.7K
NOI $55,002 @ 7.0% cap · market cap 27.64%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48021, MI
34,244
Population
14,124
Households
2.4
Avg Household Size
37
Median Age
15%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,715
Density / Sq Mi
$58,196
Median Household Income
$35,836
Median Earnings
$1,335
Median Rent
$129,100
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
Similar Off Market Nearby
- APAWS Veterinary Hospital — 21300 Kelly Rd, Eastpointe, MI 48021
Frequently Asked Questions
What type of property is this?
Medical Office Space - The property includes an adjacent parking lot and zoning for 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: 4,197‑square‑foot medical office building, built in 1964; Finished basement with elevator; basement area is not included in the stated square footage; Adjacent parking lot included
