Medical Office or Retail
For Sale
Contact for pricing
22301 Kelly Road, Eastpointe, MI 48021
Well-maintained office building with upgraded rooms, kitchenette, and both front and fenced parking for flexible business use.
Property Size2,630 SF
Price / SF$132.70
Days on Market285
Property Features for 22301 Kelly Road
General Information
Standard status
Active
Size
2,630 SF
Property subtype
Land
Additional Details
Fenced Yard
Yes
Building Details
Year Built
1968
Year Renovated
2023
Listing Agency:
Berkshire Hathaway HomeServices Kee Realty
Listed By:
Bhavesh Patel · License #MI
Source:
Crexi
Added: Oct 26, 2025
Changed: Jul 10
Last Checked: Aug 6 at 8:40AM
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 Berkshire Hathaway HomeServices Kee Realty
Investment Insights
Based on property information with market context.
This very well-maintained commercial property offers 2,630 square feet of flexible interior space with an updated roof installed in 2023 and new paint. The layout includes upgraded rooms and a kitchenette, supporting a range of professional uses. The property also features front and back parking, along with an additional fenced parking lot.
Located on Kelly Road in a high-traffic business neighborhood in Eastpointe, the building is set up to serve both walk-in and drive-by customers and employees. On-site parking supports day-to-day operations and helps reduce the friction of peak hours, appointments, or client visits.
The improvements and room configuration make the space suitable for office, medical office, or day care/childcare uses, and the property can also be converted to retail or other service-oriented concepts such as a salon. For buyers or operators looking for a well-kept facility with practical parking and recent exterior updates, this building offers a straightforward footprint for multiple tenant types.
Located on Kelly Road in a high-traffic business neighborhood in Eastpointe, the building is set up to serve both walk-in and drive-by customers and employees. On-site parking supports day-to-day operations and helps reduce the friction of peak hours, appointments, or client visits.
The improvements and room configuration make the space suitable for office, medical office, or day care/childcare uses, and the property can also be converted to retail or other service-oriented concepts such as a salon. For buyers or operators looking for a well-kept facility with practical parking and recent exterior updates, this building offers a straightforward footprint for multiple tenant types.
Key Highlights
- Well‑maintained 2,630 SF commercial property built in 1968 on Kelley Road in a high‑traffic business neighborhood
- New roof installed in 2023 plus new paint
- Upgraded rooms with kitchenette(s) for flexible workspace use
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
$27,573
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
7.90%
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%
$551,460
$551.5K
Cap Rate 7%
$393,900
$393.9K
Cap Rate 9%
$306,367
$306.4K
Market Conditions
NOI Build-Up for 2,630 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
$52.1K $19.80/SF
− Vacancy
−$6.1K −$2.33/SF
EGI
$46.0K $17.47/SF
− OpEx
−$18.4K −$6.99/SF
NOI
$27.6K $10.48/SF
Area
Macomb County, MI
Vacancy
11.75%
Lease Rate
$19.80 /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%
$551,460
Cap Rate 7%
$393,900
Cap Rate 9%
$306,367
Alternative Uses
Best Use
Healthcare Medical
$393.9K
$344.7K – $459.6K
NOI $27,573 @ 7.0% cap · market cap 7.90%
Second Best
Office B
$129.3K
$113.2K – $150.9K
NOI $9,054 @ 7.0% cap · market cap 2.59%
Theoretical Best
Specialty Retail
$492.4K
$430.8K – $574.4K
NOI $34,466 @ 7.0% cap · market cap 9.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
847
Businesses Nearby
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Well-maintained office building with upgraded rooms, kitchenette, and both front and fenced parking for flexible business use.
Where is this office units located?
The property is located at 22301 Kelly Road Eastpointe, MI.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Well‑maintained 2,630 SF commercial property built in 1968 on Kelley Road in a high‑traffic business neighborhood; New roof installed in 2023 plus new paint; Upgraded rooms with kitchenette(s) for flexible workspace use
