Medical Office Space with
For Sale
Contact for pricing
28535 Orchard Lake Rd, Farmington Hills, MI 48334
Flexible floorplan with monument signage and immediate occupancy.
Property Size2,203 SF
Price / SF$104.40
Days on Market473
Property Features for 28535 Orchard Lake Rd
General Information
Standard status
Active
Size
2,203 SF
Property subtype
OFFICE
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Asking Price
$230,000
Amenities
monument signage
Listing Agency:
NAI Farbman - Corporate
(248) 351-4367
Listed By:
Brad Margolis · License #6501371948
(248) 351-4367
Source:
Moodyscre
Added: Apr 25, 2025
Changed: Jul 31
Last Checked: Aug 10 at 8:28AM
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 NAI Farbman - Corporate
Investment Insights
Based on property information with market context.
This 2,203-square-foot medical office condominium at 28535 Orchard Lake Rd offers immediate occupancy and a flexible floorplan. The property includes a full basement for storage and monument signage for commercial exposure.
Located in Farmington Hills, the office is near area freeways and various retail amenities. Its configuration and storage area provide practical support for medical office operations.
Located in Farmington Hills, the office is near area freeways and various retail amenities. Its configuration and storage area provide practical support for medical office operations.
Key Highlights
- 2,203 SF medical office condo available for immediate occupancy
- Flexible floorplan supports medical office use
- Full basement provides storage space
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
$7,584
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
3.30%
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%
$151,680
$151.7K
Cap Rate 7%
$108,343
$108.3K
Cap Rate 9%
$84,267
$84.3K
Market Conditions
NOI Build-Up for 2,203 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
$13.2K $6.00/SF
− Vacancy
−$3.1K −$1.41/SF
EGI
$10.1K $4.59/SF
− OpEx
−$2.5K −$1.15/SF
NOI
$7.6K $3.44/SF
Area
Oakland County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$151,680
Cap Rate 7%
$108,343
Cap Rate 9%
$84,267
Alternative Uses
Best Use
Healthcare Medical
$425.9K
$372.7K – $496.9K
NOI $29,812 @ 7.0% cap · market cap 12.96%
Second Best
Office B
$108.3K
$94.8K – $126.4K
NOI $7,584 @ 7.0% cap · market cap 3.30%
Theoretical Best
Specialty Retail
$475.2K
$415.8K – $554.4K
NOI $33,262 @ 7.0% cap · market cap 14.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
947
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48334, MI
18,731
Population
8,528
Households
2.2
Avg Household Size
45
Median Age
59%
College-Educated
96%
High-School Grad
9.1 sq mi
ZIP Area
2,058
Density / Sq Mi
$98,937
Median Household Income
$56,067
Median Earnings
$1,511
Median Rent
$327,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Petco Vaccination Clinic — 29335 Orchard Lake Rd, Farmington, MI 48334
- Companion Care Veterinary Hospital — 31555 W 13 Mile Rd, Farmington Hills, MI 48334
Frequently Asked Questions
What type of property is this?
Medical Office Space - Flexible floorplan with monument signage and immediate occupancy.
Where is this medical office space located?
The property is located at 28535 Orchard Lake Rd Farmington Hills, MI.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: 2,203 SF medical office condo available for immediate occupancy; Flexible floorplan supports medical office use; Full basement provides storage space
