Medical Office with Updated
New
For Sale
Contact for pricing
32090 23 Mile Road, New Baltimore, MI 48047
Established medical office property with recent roof, HVAC, and parking lot improvements.
Property Size2,400 SF
Price / SF$250
Days on Market4
Property Features for 32090 23 Mile Road
General Information
Standard status
Active
Size
2,400 SF
Class
B
Total Parking Spaces
12
Property subtype
Retail
Zoning
C-3
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$44,496
Building Details
Year Built
1974
Year Renovated
2021
Units
1
Tenancy
Single
Listing Agency:
Pilot Property Group
(586) 873-5419
Listed By:
Anthony Rubino · License #MI 6502425251
Source:
Crexi
Added: Aug 6
Changed: Aug 9
Last Checked: Aug 9 at 4:47AM
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 Pilot Property Group
Investment Insights
Based on property information with market context.
This 2,400-square-foot medical office property was built in 1974 and is configured for an established healthcare-oriented operation. The building’s roof was replaced in 2023 and remains under warranty, while the HVAC system was replaced in 2019. The parking lot was repaved in 2020.
The property is located at 32090 23 Mile Road in New Baltimore, Michigan, and carries C-3 zoning. It has operated as an eye-care and optical location under the Normandy name since 2020, following a prior private optometry practice at the site. The combination of medical-office use, documented capital improvements, and existing parking infrastructure provides a clear physical and operational profile for the property.
The property is located at 32090 23 Mile Road in New Baltimore, Michigan, and carries C-3 zoning. It has operated as an eye-care and optical location under the Normandy name since 2020, following a prior private optometry practice at the site. The combination of medical-office use, documented capital improvements, and existing parking infrastructure provides a clear physical and operational profile for the property.
Key Highlights
- 2,400 SF medical office property built in 1974
- Roof replaced in 2023 and covered by warranty
- HVAC system replaced in 2019
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
$25,162
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
4.19%
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%
$503,240
$503.2K
Cap Rate 7%
$359,457
$359.5K
Cap Rate 9%
$279,578
$279.6K
Market Conditions
NOI Build-Up for 2,400 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
$47.5K $19.80/SF
− Vacancy
−$5.6K −$2.33/SF
EGI
$41.9K $17.47/SF
− OpEx
−$16.8K −$6.99/SF
NOI
$25.2K $10.48/SF
Area
Macomb County, MI
Vacancy
11.75%
Lease Rate
$19.80 /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%
$503,240
Cap Rate 7%
$359,457
Cap Rate 9%
$279,578
Alternative Uses
Best Use
Healthcare Medical
$359.5K
$314.5K – $419.4K
NOI $25,162 @ 7.0% cap · market cap 4.19%
Second Best
Office B
$118.0K
$103.3K – $137.7K
NOI $8,262 @ 7.0% cap · market cap 1.38%
Theoretical Best
Specialty Retail
$449.3K
$393.2K – $524.2K
NOI $31,452 @ 7.0% cap · market cap 5.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
484
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48047, MI
39,775
Population
16,765
Households
2.4
Avg Household Size
42
Median Age
29%
College-Educated
94%
High-School Grad
18.0 sq mi
ZIP Area
2,210
Density / Sq Mi
$95,381
Median Household Income
$50,151
Median Earnings
$1,109
Median Rent
$297,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Established medical office property with recent roof, HVAC, and parking lot improvements.
Where is this medical office space located?
The property is located at 32090 23 Mile Road New Baltimore, MI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 2,400 SF medical office property built in 1974; Roof replaced in 2023 and covered by warranty; HVAC system replaced in 2019
