Multi-Tenant Medical Office
New
For Sale
$1,850,000
31535 Ford Rd, Garden City, MI 48135
Fully leased under NNN terms with established medical practice tenancy.
Property Size8,121 SF
Price / SF$227.80
Days on Market2
Property Features for 31535 Ford Rd
General Information
Standard status
Active
Size
8,121 SF
Class
A
Total Parking Spaces
50
Property subtype
Office - Medical Office
Occupancy
100%
Net Operating Income
$132,006
Additional Details
Cap Rate
7.14%
Road Access
Yes
Building Details
Building Size
8,121 SF
Year Built
2014
Year Renovated
2022
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
P.A. Commercial
Listed By:
Dan Blugerman
(248) 987-5418
Source:
Commercialcafe
Added: Sep 1
Last Checked: Sep 2 at 1:54PM
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 P.A. Commercial
Investment Insights
Based on property information with market context.
This 8,121 SF medical office building contains multiple tenant suites and is 100% occupied by two established medical practices, Yaldo Eye Center and Crawford Bone & Joint. The property is leased on a NNN basis, limiting landlord responsibilities, and includes approximately 50 surface parking spaces. Constructed in 2014 and renovated in 2022, the building offers relatively recent improvements for an investor seeking an occupied healthcare asset.
The property fronts Ford Road within the Southern I-275 Corridor and receives exposure to approximately 25,375 vehicles per day. A prominent monument sign supports identification from the roadway, while the site is located 2.3 miles from Garden City Hospital. Its regional position provides access along Ford Road between the Ann Arbor area and Detroit.
The property fronts Ford Road within the Southern I-275 Corridor and receives exposure to approximately 25,375 vehicles per day. A prominent monument sign supports identification from the roadway, while the site is located 2.3 miles from Garden City Hospital. Its regional position provides access along Ford Road between the Ann Arbor area and Detroit.
Key Highlights
- 8,121 SF multi‑tenant medical office building
- 100% occupied by two established medical practices
- NNN leases in place with Yaldo Eye Center and Crawford Bone & Joint
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
$85,519
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
4.62%
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%
$1,710,380
$1.7M
Cap Rate 7%
$1,221,700
$1.2M
Cap Rate 9%
$950,211
$950.2K
Market Conditions
NOI Build-Up for 8,121 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
$162.7K $20.04/SF
− Vacancy
−$20.2K −$2.49/SF
EGI
$142.5K $17.55/SF
− OpEx
−$57.0K −$7.02/SF
NOI
$85.5K $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%
$1,710,380
Cap Rate 7%
$1,221,700
Cap Rate 9%
$950,211
Alternative Uses
Best Use
Healthcare Medical
$1.22M
$1.07M – $1.43M
NOI $85,519 @ 7.0% cap · market cap 4.62%
Second Best
Office B
$399.4K
$349.5K – $466.0K
NOI $27,957 @ 7.0% cap · market cap 1.51%
Theoretical Best
Specialty Retail
$1.50M
$1.32M – $1.75M
NOI $105,248 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
378
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 - Fully leased under NNN terms with established medical practice tenancy.
Where is this medical office space located?
The property is located at 31535 Ford Rd Garden City, MI.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 8,121 SF multi‑tenant medical office building; 100% occupied by two established medical practices; NNN leases in place with Yaldo Eye Center and Crawford Bone & Joint
