Former Healthcare Office
For Sale
Contact for pricing
Pending
27435 SOUTHFIELD RD, Lathrup Village, MI 48076
Former healthcare space with two-floor layout, rear parking, and Southfield Road monument signage for medical or professional use.
Property Size2,314 SF
Days on Market101
Property Features for 27435 SOUTHFIELD RD
General Information
Standard status
Pending
Size
2,314 SF
Total Parking Spaces
10
Property subtype
Retail, Office
Zoning
Village Center
Building Details
Year Built
1991
Year Renovated
2025
Buildings
1
Stories
1
Units
10
Listing Agency:
Mirlo Real Estate Partners
Listed By:
Nick Zagar · License #6502374102
(917) 557-9172
Source:
Crexi
Added: Jun 2
Changed: Aug 8
Last Checked: Sep 9 at 3:13PM
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 Mirlo Real Estate Partners
Investment Insights
Based on property information with market context.
This former healthcare practice offers 2,314 square feet in a two-story configuration, with approximately 1,600 square feet on the main floor and the remainder on the second floor. The property is set up for medical, dental specialist, or professional office use, and includes dedicated rear parking. A key operational detail is that there is no elevator access to the second floor, making the upper level better suited for office, administrative functions, records, supplies, or storage.
The building is located along the Southfield Road corridor, which provides strong visibility and drive-by exposure. It also features a prominent monument sign on Southfield Road. The rear lot includes 10 parking spaces, supporting patient, client, and staff access.
For an owner-user, this property provides an existing medical/office environment with practical on-site parking and existing signage visibility. It also offers flexible reuse for administrative and support space on the second floor, while the main level can serve primary day-to-day operations. Recent upgrades include new plumbing installed in 2025, which may reduce near-term capital considerations for a future owner.
The building is located along the Southfield Road corridor, which provides strong visibility and drive-by exposure. It also features a prominent monument sign on Southfield Road. The rear lot includes 10 parking spaces, supporting patient, client, and staff access.
For an owner-user, this property provides an existing medical/office environment with practical on-site parking and existing signage visibility. It also offers flexible reuse for administrative and support space on the second floor, while the main level can serve primary day-to-day operations. Recent upgrades include new plumbing installed in 2025, which may reduce near-term capital considerations for a future owner.
Key Highlights
- 2,314 SF former healthcare practice built in 1991 with space on a main floor and a second floor
- Main floor offers approximately 1,600 SF, with the remaining square footage on the second floor
- No elevator access to the second floor; upper level works for office, administrative functions, records, supplies, or storage
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
$31,314
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
8.24%
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%
$626,280
$626.3K
Cap Rate 7%
$447,343
$447.3K
Cap Rate 9%
$347,933
$347.9K
Market Conditions
NOI Build-Up for 2,314 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
$58.3K $25.20/SF
− Vacancy
−$6.1K −$2.65/SF
EGI
$52.2K $22.55/SF
− OpEx
−$20.9K −$9.02/SF
NOI
$31.3K $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 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%
$626,280
Cap Rate 7%
$447,343
Cap Rate 9%
$347,933
Alternative Uses
Best Use
Healthcare Medical
$447.3K
$391.4K – $521.9K
NOI $31,314 @ 7.0% cap · market cap 8.24%
Second Best
Office B
$113.8K
$99.6K – $132.8K
NOI $7,966 @ 7.0% cap · market cap 2.10%
Theoretical Best
Specialty Retail
$499.1K
$436.7K – $582.3K
NOI $34,938 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48076, MI
26,062
Population
11,016
Households
2.4
Avg Household Size
44
Median Age
44%
College-Educated
94%
High-School Grad
7.1 sq mi
ZIP Area
3,671
Density / Sq Mi
$85,171
Median Household Income
$50,210
Median Earnings
$1,451
Median Rent
$251,300
Median Home Value
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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 - Former healthcare space with two-floor layout, rear parking, and Southfield Road monument signage for medical or professional use.
Where is this medical office space located?
The property is located at 27435 SOUTHFIELD RD Lathrup Village, MI.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: 2,314 SF former healthcare practice built in 1991 with space on a main floor and a second floor; Main floor offers approximately 1,600 SF, with the remaining square footage on the second floor; No elevator access to the second floor; upper level works for office, administrative functions, records, supplies, or storage
