Freestanding Medical Office
23280 Farmington Rd, Farmington, MI 48336
For Sale
$649,000
CBD-zoned medical office with treatment rooms, private offices, parking, and an accessible entrance.
Property Size3,373 SF
Days on Market94
Property Features for 23280 Farmington Rd
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Additional Details
Gross Income
Building Details
Building Size
Year Built
Buildings
Tenancy
Listed By:
Steve Eisenshtadt
(248) 470-1878
Source:
Friedmanrealestate
Added: Aug 8
Changed: Oct 26
Last Checked: Nov 8 at 3:16AM
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 Steve Eisenshtadt
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Investment Insights
Based on property information with market context.
Freestanding medical office property built in 1960 and configured for chiropractic and wellness services. The interior includes a reception area, treatment rooms, and private offices, supported by on-site parking, an accessible entrance, and building signage. The property is located at 23280 Farmington Rd in Farmington, Michigan, near Downtown Farmington with access to Grand River Avenue.
An established chiropractic tenant occupies the building under a modified-net lease extending through June 30, 2031. The property carries CBD zoning and offers a dedicated medical-office layout with existing operational improvements.
An established chiropractic tenant occupies the building under a modified-net lease extending through June 30, 2031. The property carries CBD zoning and offers a dedicated medical-office layout with existing operational improvements.
Key Highlights
- Freestanding medical office building constructed in 1960
- Chiropractic tenant lease extends through June 30, 2031
- CBD zoning supports the medical office asset classification
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,645
Cap Rate
7.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$912,900
$912.9K
Cap Rate 7%
$652,071
$652.1K
Cap Rate 9%
$507,167
$507.2K
Market Conditions
NOI Build-Up for 3,373 SF
Gross rent
$85.0K $25.20/SF
− Vacancy
−$8.9K −$2.65/SF
EGI
$76.1K $22.55/SF
− OpEx
−$30.4K −$9.02/SF
NOI
$45.6K $13.53/SF
Area
Oakland County, MI
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$912,900
Cap Rate 7%
$652,071
Cap Rate 9%
$507,167
Alternative Uses
Best Use
Healthcare Medical
$652.1K
$570.6K – $760.8K
NOI $45,645 @ 7.0% cap · market cap 7.03%
Second Best
Office B
$165.9K
$145.2K – $193.5K
NOI $11,612 @ 7.0% cap · market cap 1.79%
Theoretical Best
Specialty Retail
$727.5K
$636.6K – $848.8K
NOI $50,927 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
878
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 48336, MI
26,802
Population
12,296
Households
2.2
Avg Household Size
42
Median Age
44%
College-Educated
92%
High-School Grad
9.3 sq mi
ZIP Area
2,882
Density / Sq Mi
$85,325
Median Household Income
$54,077
Median Earnings
$1,141
Median Rent
$247,600
Median Home Value
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Market
Average Price Trend$/SF for Medical Office Space in Oakland County, MI
Properties on Market for Medical Office Space in Oakland County
Vacancy Rate% for Office in Midwest region
Similar Off Market Nearby
- BluePearl Pet Neurology — 33300 W 9 Mile Rd, Farmington, MI 48336
Frequently Asked Questions
What type of property is this?
Medical Office Space - CBD-zoned medical office with treatment rooms, private offices, parking, and an accessible entrance.
Where is this medical office space located?
The property is located at 23280 Farmington Rd Farmington, MI.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Freestanding medical office building constructed in 1960; Chiropractic tenant lease extends through June 30, 2031; CBD zoning supports the medical office asset classification
