Medical Office with Lead-Lined
New
For Sale
$194,900
215 E Main St, Spring Arbor, MI 49283
The flexible interior has up to seven offices, separate entrances and on-site parking.
Property Size2,090 SF
Price / SF$93.25
Days on Market2
Property Features for 215 E Main St
General Information
Standard status
Active
Size
2,090 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,605
Building Details
Year Built
1900
Buildings
1
Units
1
Building Size
2,090 SF
Listing Agency:
HOWARD HANNA REAL ESTATE SERVI
Listed By:
HEATHER HERNDON · License #6501335416
(517) 812-1641
Source:
Elliman
Added: Sep 24
Last Checked: Sep 24 at 3:00PM
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 HOWARD HANNA REAL ESTATE SERVI
Investment Insights
Based on property information with market context.
This medical office property contains 2,090 SF on over an acre. The renovated interior offers up to seven offices and two half-bathrooms, along with a lead-lined room suited to medical applications. Separate entrances provide the option to configure the space as two units.
A concrete driveway and parking lot serve the property. It is positioned along M-60, across from Spring Arbor University.
A concrete driveway and parking lot serve the property. It is positioned along M-60, across from Spring Arbor University.
Key Highlights
- 2,090 SF on over an acre
- Lead‑lined room for X‑ray or similar medical applications
- Up to seven individual offices and two half‑bathrooms
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
$17,516
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
8.99%
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%
$350,320
$350.3K
Cap Rate 7%
$250,229
$250.2K
Cap Rate 9%
$194,622
$194.6K
Market Conditions
NOI Build-Up for 2,090 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
$30.1K $14.40/SF
− Vacancy
−$6.7K −$3.23/SF
EGI
$23.4K $11.17/SF
− OpEx
−$5.8K −$2.79/SF
NOI
$17.5K $8.38/SF
Area
Jackson County, MI
Vacancy
22.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$350,320
Cap Rate 7%
$250,229
Cap Rate 9%
$194,622
Alternative Uses
Best Use
Healthcare Medical
$272.7K
$238.7K – $318.2K
NOI $19,092 @ 7.0% cap · market cap 9.80%
Second Best
Office B
$250.2K
$219.0K – $291.9K
NOI $17,516 @ 7.0% cap · market cap 8.99%
Theoretical Best
Office A
$333.6K
$291.9K – $389.2K
NOI $23,354 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
107
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49283, MI
4,401
Population
1,383
Households
3.2
Avg Household Size
29
Median Age
34%
College-Educated
97%
High-School Grad
14.5 sq mi
ZIP Area
304
Density / Sq Mi
$93,821
Median Household Income
$21,250
Median Earnings
$1,253
Median Rent
$206,000
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 Office Space - The flexible interior has up to seven offices, separate entrances and on-site parking.
Where is this medical office space located?
The property is located at 215 E Main St Spring Arbor, MI.
What is the asking price?
The asking price for this property is $194,900.
What are key features of this property?
This property features: 2,090 SF on over an acre; Lead‑lined room for X‑ray or similar medical applications; Up to seven individual offices and two half‑bathrooms
