Remodeled Medical Office
For Sale
$599,000
32413 Michigan Avenue, Dearborn, MI 48184
Fully equipped practice facility with furnished exam rooms, diagnostic equipment, lab space, and staff amenities.
Property Size3,396 SF
Lot Size1.25 Acres
Price / SF$171.14
Days on Market30
Property Features for 32413 Michigan Avenue
General Information
Standard status
Active
Size
3,396 SF
Total Parking Spaces
35
Lot size
1.25 Acres
Property subtype
Commercial
Zoning
Commercial
Additional Details
Furnished
Yes
Gross Income
$24,000
Road Access
Yes
Building Details
Building Size
3,396 SF
Year Built
1948
Year Renovated
2023
Buildings
1
Listing Agency:
Keller Williams Legacy
(313) 706-7011
Listed By:
Nick Jaafar · License #6501403947
Source:
Irishhillsfivestarhomes
Added: Aug 3
Changed: Aug 31
Last Checked: Aug 3 at 8:56AM
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 combines a remodeled practice building with supporting land improvements. Completed in 2023, the 3,500-square-foot facility includes furnished exam rooms with new beds and doctor stools, X-ray machines, triage rooms, a camera system, televisions, a fully equipped lab, staff kitchen, and multiple bathrooms. The building was originally constructed in 1948 and is zoned Commercial.
The property occupies 1.25 acres at 32413 Michigan Avenue in Dearborn, Michigan, with 35 parking spaces distributed across four lots. The front portion contains the urgent care and medical office building, while the side and rear lots are currently rented, creating an additional income component. The existing configuration and equipment support continued medical office use, subject to applicable approvals and verification.
The property occupies 1.25 acres at 32413 Michigan Avenue in Dearborn, Michigan, with 35 parking spaces distributed across four lots. The front portion contains the urgent care and medical office building, while the side and rear lots are currently rented, creating an additional income component. The existing configuration and equipment support continued medical office use, subject to applicable approvals and verification.
Key Highlights
- 3,500‑square‑foot medical office and urgent care building
- Remodeled in 2023 with furnished exam rooms and new beds and doctor stools
- X‑ray machines, triage rooms, camera system, TVs, and fully equipped lab
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
$39,413
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
6.58%
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%
$788,260
$788.3K
Cap Rate 7%
$563,043
$563.0K
Cap Rate 9%
$437,922
$437.9K
Market Conditions
NOI Build-Up for 3,500 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
$71.4K $20.40/SF
− Vacancy
−$5.7K −$1.63/SF
EGI
$65.7K $18.77/SF
− OpEx
−$26.3K −$7.51/SF
NOI
$39.4K $11.26/SF
Area
Dearborn, MI
Vacancy
8.00%
Lease Rate
$20.40 /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%
$788,260
Cap Rate 7%
$563,043
Cap Rate 9%
$437,922
Alternative Uses
Best Use
Healthcare Medical
$563.0K
$492.7K – $656.9K
NOI $39,413 @ 7.0% cap · market cap 6.58%
Second Best
Office B
$551.0K
$482.2K – $642.9K
NOI $38,572 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$772.1K
$675.6K – $900.8K
NOI $54,048 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
431
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48184, MI
17,776
Population
7,739
Households
2.3
Avg Household Size
40
Median Age
16%
College-Educated
88%
High-School Grad
7.2 sq mi
ZIP Area
2,469
Density / Sq Mi
$54,572
Median Household Income
$36,548
Median Earnings
$924
Median Rent
$142,400
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully equipped practice facility with furnished exam rooms, diagnostic equipment, lab space, and staff amenities.
Where is this medical office space located?
The property is located at 32413 Michigan Avenue Dearborn, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 3,500‑square‑foot medical office and urgent care building; Remodeled in 2023 with furnished exam rooms and new beds and doctor stools; X‑ray machines, triage rooms, camera system, TVs, and fully equipped lab
