Medical Office Space with
For Sale
$749,900
29016 Ford Road, Garden City, MI 48135
Commercial and Office zoning supports medical, professional office, and retail operations.
Property Size2,230 SF
Days on Market12
Property Features for 29016 Ford Road
General Information
Standard status
Active
Size
2,230 SF
Property subtype
Commercial
Zoning
Commercial, Office
Taxes and HOA fees
Annual Taxes
$7,264
Building Details
Building Size
2,230 SF
Year Built
1929
Listing Agency:
Keller Williams Legacy
(313) 403-0011
Listed By:
Michael M Phillips · License #6502387592
Source:
Erareardonrealty
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 29 at 11:57AM
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 medical office property at 29016 Ford Road offers a flexible commercial layout suited to medical practice, professional office, or retail use. On-site parking supports customer and employee access, while the property’s roadside setting provides direct exposure from Ford Road.
The property is located in Garden City near established businesses, restaurants, and residential neighborhoods. Access to major roadways adds convenience for visitors and staff. Built in 1929, the building carries Commercial and Office zoning and can accommodate several business formats identified for the site.
The property is located in Garden City near established businesses, restaurants, and residential neighborhoods. Access to major roadways adds convenience for visitors and staff. Built in 1929, the building carries Commercial and Office zoning and can accommodate several business formats identified for the site.
Key Highlights
- Medical office property at 29016 Ford Road, Garden City, MI
- Commercial and Office zoning
- Suitable for medical, professional office, or retail use
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
597
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 - Commercial and Office zoning supports medical, professional office, and retail operations.
Where is this medical office space located?
The property is located at 29016 Ford Road 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: Medical office property at 29016 Ford Road, Garden City, MI; Commercial and Office zoning; Suitable for medical, professional office, or retail use
