Single Tenant Dental Office
For Sale
Contact for pricing
Pending
23845 Van Dyke Ave, Center Line, MI 48015
Leased dental office in Center Line, Michigan, Detroit MSA.
Property Size2,552 SF
Days on Market274
Property Features for 23845 Van Dyke Ave
General Information
Standard status
Pending
Size
2,552 SF
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Building Details
Year Built
1950
Year Renovated
2016
Tenancy
Single
Listing Agency:
Marcus & Millichap - Cleveland
(216) 264-2049
Listed By:
Christopher Mitchel · License #OH SAL.2014000892
Source:
Crexi
Added: Nov 11, 2025
Changed: Aug 8
Last Checked: Jul 24 at 3:40PM
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 Marcus & Millichap - Cleveland
Investment Insights
Based on property information with market context.
The subject property is a single-tenant dental office fully leased to North American Dental Group (NADG), a dental support organization with over 250 affiliated practices and more than 500 practicing dentists across the United States. NADG is supported by Jacobs Holding, which has over 1.5 billion assets under management. The lease is structured as a triple-net (NNN), offering minimal landlord responsibilities and predictable cash flow. The current lease term has six years remaining, with two additional five-year renewal options. The lease is subject to 1.5% annual increases. Located in Center Line, Michigan, within the Detroit Metropolitan Statistical Area (MSA), the property benefits from regional demographics, healthcare demand, and accessibility within a major Midwest market. The property size is 2552 square feet. Dental Service Organizations like NADG continue to lead the transformation of the dental industry, which remains one of the most resilient and expanding sectors in healthcare, with annual expenditures exceeding $174 billion and projected to grow in response to population increases, aging demographics, and rising awareness of preventive oral care. This property represents an opportunity to acquire a healthcare real estate asset combining tenant credit, favorable lease terms, and industry trends to deliver long-term value and investment stability.
Key Highlights
- 100% leased to North American Dental Group (NADG), a premier dental support organization.
- NADG is backed by Jacobs Holding, enhancing credit profile.
- Triple‑Net (NNN) lease offers minimal landlord responsibilities.
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
$26,755
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
4.80%
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%
$535,100
$535.1K
Cap Rate 7%
$382,214
$382.2K
Cap Rate 9%
$297,278
$297.3K
Market Conditions
NOI Build-Up for 2,552 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
$50.5K $19.80/SF
− Vacancy
−$5.9K −$2.33/SF
EGI
$44.6K $17.47/SF
− OpEx
−$17.8K −$6.99/SF
NOI
$26.8K $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%
$535,100
Cap Rate 7%
$382,214
Cap Rate 9%
$297,278
Alternative Uses
Best Use
Healthcare Medical
$382.2K
$334.4K – $445.9K
NOI $26,755 @ 7.0% cap · market cap 4.80%
Second Best
Office B
$125.5K
$109.8K – $146.4K
NOI $8,785 @ 7.0% cap · market cap 1.58%
Theoretical Best
Specialty Retail
$477.8K
$418.1K – $557.4K
NOI $33,444 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
515
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48015, MI
8,552
Population
3,789
Households
2.3
Avg Household Size
42
Median Age
19%
College-Educated
87%
High-School Grad
1.8 sq mi
ZIP Area
4,751
Density / Sq Mi
$52,857
Median Household Income
$45,326
Median Earnings
$627
Median Rent
$145,300
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?
Medical Office Space - Leased dental office in Center Line, Michigan, Detroit MSA.
Where is this medical office space located?
The property is located at 23845 Van Dyke Ave Center Line, MI.
What is the asking price?
The asking price for this property is $557,000.
What are key features of this property?
This property features: 100% leased to North American Dental Group (NADG), a premier dental support organization.; NADG is backed by Jacobs Holding, enhancing credit profile.; Triple‑Net (NNN) lease offers minimal landlord responsibilities.
