Versatile Medical Office
For Sale
$749,900
29016 FORD RD, Garden City, MI 48135
Medical office suite on Ford Road in Garden City with a functional layout and on-site parking.
Property Size2,230 SF
Price / SF$336.28
Days on Market22
Property Features for 29016 FORD RD
General Information
Standard status
Active
Size
2,230 SF
Property subtype
Industrial
Amenities
3
Building Details
Year Built
19
Listing Agency:
(313) 403-0011
Listed By:
Keller Williams Legacy
(313) 403-0011
Source:
Xome
Added: Jul 21
Changed: Aug 8
Last Checked: Aug 11 at 5:08AM
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 Keller Williams Legacy
Investment Insights
Based on property information with market context.
This versatile medical office suite is positioned for a range of professional uses, with a functional layout intended to support day-to-day operations. The offering is presented as a move-in-ready commercial space suitable for medical, professional office, or retail use.
Located on Ford Road in Garden City, the property benefits from placement along a highly traveled corridor and is described as surrounded by established businesses, restaurants, and residential neighborhoods. The remarks also highlight ample on-site parking and easy access to major roadways for convenience.
For sale as a commercial unit at 29016 Ford Road, Unit SourceFi, the space is intended to provide practical visibility and accessibility for customers and employees.
Located on Ford Road in Garden City, the property benefits from placement along a highly traveled corridor and is described as surrounded by established businesses, restaurants, and residential neighborhoods. The remarks also highlight ample on-site parking and easy access to major roadways for convenience.
For sale as a commercial unit at 29016 Ford Road, Unit SourceFi, the space is intended to provide practical visibility and accessibility for customers and employees.
Key Highlights
- Commercial property on Ford Road in Garden City, suited for medical, professional office, or retail use
- Functional layout for a range of business opportunities, with guest facilities totaling 3
- On‑site parking and easy access to major roadways
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
$23,483
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
3.13%
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%
$469,660
$469.7K
Cap Rate 7%
$335,471
$335.5K
Cap Rate 9%
$260,922
$260.9K
Market Conditions
NOI Build-Up for 2,230 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
$44.7K $20.04/SF
− Vacancy
−$5.6K −$2.49/SF
EGI
$39.1K $17.55/SF
− OpEx
−$15.7K −$7.02/SF
NOI
$23.5K $10.53/SF
Area
Wayne County, MI
Vacancy
12.42%
Lease Rate
$20.04 /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%
$469,660
Cap Rate 7%
$335,471
Cap Rate 9%
$260,922
Alternative Uses
Best Use
Healthcare Medical
$335.5K
$293.5K – $391.4K
NOI $23,483 @ 7.0% cap · market cap 3.13%
Second Best
Retail
$301.9K
$264.1K – $352.2K
NOI $21,130 @ 7.0% cap · market cap 2.82%
Theoretical Best
Specialty Retail
$412.9K
$361.3K – $481.7K
NOI $28,901 @ 7.0% cap · market cap 3.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
630
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48135, MI
27,380
Population
11,395
Households
2.4
Avg Household Size
41
Median Age
15%
College-Educated
91%
High-School Grad
5.9 sq mi
ZIP Area
4,641
Density / Sq Mi
$64,396
Median Household Income
$39,987
Median Earnings
$991
Median Rent
$162,400
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 - Medical office suite on Ford Road in Garden City with a functional layout and on-site parking.
Where is this medical office space located?
The property is located at 29016 FORD RD Garden City, MI.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Commercial property on Ford Road in Garden City, suited for medical, professional office, or retail use; Functional layout for a range of business opportunities, with guest facilities totaling 3; On‑site parking and easy access to major roadways
