Medical Office Condominium
For Sale
$495,000
230 Temple St, Mason, MI 48854
Established medical suite with multiple exam rooms, labs, private offices, and a finished basement with storage.
Property Size5,380 SF
Price / SF$92.01
Days on Market82
Property Features for 230 Temple St
General Information
Standard status
Active
Size
5,380 SF
Property subtype
Office
Zoning
RS-2
Building Details
Building Size
5,380 SF
Year Built
1976
Listing Agency:
Martin Commercial Properties
Listed By:
Eric F. Rosekrans · License #6501153826
(517) 290-7606
Source:
Cpix.resimplifi
Added: Jun 16
Changed: Aug 8
Last Checked: Sep 4 at 2:06AM
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 Martin Commercial Properties
Investment Insights
Based on property information with market context.
The property offers an established medical suite configured across two condominium units with a finished basement. The space includes numerous exam rooms, lab and break rooms, private offices, and a spacious lobby and reception area. The finished basement was originally designed for office and break room use and is currently utilized for storage.
The building is adjacent to the UM Health-Sparrow Mason campus, which provides a range of medical services including primary care and urgent care. It is also within one mile of Downtown Mason, local middle and high schools, and the Ingham County Fairgrounds.
The layout is designed to support medical use, with dedicated clinical and administrative areas plus additional finished space in the basement.
The building is adjacent to the UM Health-Sparrow Mason campus, which provides a range of medical services including primary care and urgent care. It is also within one mile of Downtown Mason, local middle and high schools, and the Ingham County Fairgrounds.
The layout is designed to support medical use, with dedicated clinical and administrative areas plus additional finished space in the basement.
Key Highlights
- Established medical suite (Year built: 1976) with a total of 5,380 SF across two condominium units and a finished basement
- Multiple exam rooms plus lab and break rooms configured for medical use
- Includes private offices and a spacious lobby and reception area
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
$45,379
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
9.17%
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%
$907,580
$907.6K
Cap Rate 7%
$648,271
$648.3K
Cap Rate 9%
$504,211
$504.2K
Market Conditions
NOI Build-Up for 5,380 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
$96.8K $18.00/SF
− Vacancy
−$21.2K −$3.94/SF
EGI
$75.6K $14.06/SF
− OpEx
−$30.3K −$5.62/SF
NOI
$45.4K $8.43/SF
Area
Ingham County, MI
Vacancy
21.90%
Lease Rate
$18.00 /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%
$907,580
Cap Rate 7%
$648,271
Cap Rate 9%
$504,211
Alternative Uses
Best Use
Healthcare Medical
$648.3K
$567.2K – $756.3K
NOI $45,379 @ 7.0% cap · market cap 9.17%
Second Best
Office B
$648.3K
$567.2K – $756.3K
NOI $45,379 @ 7.0% cap · market cap 9.17%
Theoretical Best
Office A
$864.4K
$756.3K – $1.01M
NOI $60,506 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
169
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48854, MI
19,804
Population
7,853
Households
2.5
Avg Household Size
41
Median Age
39%
College-Educated
95%
High-School Grad
113.3 sq mi
ZIP Area
175
Density / Sq Mi
$91,956
Median Household Income
$46,992
Median Earnings
$1,136
Median Rent
$240,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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- Theravet — 702 Temple St, Mason, MI 48854
Frequently Asked Questions
What type of property is this?
Medical Office Space - Established medical suite with multiple exam rooms, labs, private offices, and a finished basement with storage.
Where is this medical office space located?
The property is located at 230 Temple St Mason, MI.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Established medical suite (Year built: 1976) with a total of 5,380 SF across two condominium units and a finished basement; Multiple exam rooms plus lab and break rooms configured for medical use; Includes private offices and a spacious lobby and reception area
