Remodeled Medical Office
For Sale
$599,000
32413 Michigan Avenue, Wayne, MI 48184
Clinical improvements include furnished exam rooms, imaging equipment, laboratory space, triage areas, and dedicated staff facilities.
Property Size3,396 SF
Lot Size1.25 Acres
Price / SF$171.14
Days on Market418
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
Amenities
staff kitchen
Building Details
Building Size
3,396 SF
Year Built
1948
Year Renovated
2023
Listing Agency:
Keller Williams Legacy
(313) 706-7011
Listed By:
Nick Jaafar · License #6501403947
(313) 706-7011
Source:
Phgrealty
Added: Jun 25, 2025
Changed: Aug 15
Last Checked: Aug 16 at 4:50PM
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.
Located at 32413 Michigan Avenue in Wayne, this medical office property combines a front urgent care and office building with a fully equipped clinical interior. The 3,500-square-foot facility was remodeled in 2023 and includes furnished exam rooms, new beds and doctor stools, X-ray machines, triage rooms, a camera system, televisions, a laboratory, staff kitchen, and multiple bathrooms. Commercial zoning supports the property’s existing medical office configuration.
The 1.25-acre site includes 35 parking spaces distributed across four lots. The side and rear lots are currently leased, adding an established secondary use to the property. The building was originally constructed in 1948 and has been updated for contemporary medical and office operations.
The 1.25-acre site includes 35 parking spaces distributed across four lots. The side and rear lots are currently leased, adding an established secondary use to the property. The building was originally constructed in 1948 and has been updated for contemporary medical and office operations.
Key Highlights
- 3,500‑square‑foot medical office property on 1.25 acres
- Remodeled in 2023 with furnished exam rooms and clinical equipment
- Front urgent care and medical/office building configuration
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
$36,857
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
6.15%
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%
$737,140
$737.1K
Cap Rate 7%
$526,529
$526.5K
Cap Rate 9%
$409,522
$409.5K
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
$70.1K $20.04/SF
− Vacancy
−$8.7K −$2.49/SF
EGI
$61.4K $17.55/SF
− OpEx
−$24.6K −$7.02/SF
NOI
$36.9K $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%
$737,140
Cap Rate 7%
$526,529
Cap Rate 9%
$409,522
Alternative Uses
Best Use
Healthcare Medical
$526.5K
$460.7K – $614.3K
NOI $36,857 @ 7.0% cap · market cap 6.15%
Second Best
Office B
$172.1K
$150.6K – $200.8K
NOI $12,049 @ 7.0% cap · market cap 2.01%
Theoretical Best
Specialty Retail
$648.0K
$567.0K – $756.0K
NOI $45,360 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
451
Businesses Nearby
Under-served
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Clinical improvements include furnished exam rooms, imaging equipment, laboratory space, triage areas, and dedicated staff facilities.
Where is this medical office space located?
The property is located at 32413 Michigan Avenue Wayne, 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 property on 1.25 acres; Remodeled in 2023 with furnished exam rooms and clinical equipment; Front urgent care and medical/office building configuration
