Multi-Tenant Professional Office
For Sale
$1,300,000
33497 23 Mile Road, Chesterfield, MI 48047
Fully leased multi-tenant office building along 23 Mile Road with ample parking.
Property Size12,690 SF
Days on Market42
Property Features for 33497 23 Mile Road
General Information
Standard status
Active
Size
12,690 SF
Property subtype
Commercial
Zoning
Commercial, Office
Occupancy
100%
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$33,962
Building Details
Building Size
12,690 SF
Year Built
1990
Tenancy
Multi
Listing Agency:
Michigan Homes Real Estate
(810) 691-1946
Listed By:
Tammy Schuh
Source:
Irishhillsfivestarhomes
Added: Jul 14
Changed: Aug 24
Last Checked: Aug 23 at 3:47AM
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 Michigan Homes Real Estate
Investment Insights
Based on property information with market context.
Pyramid Professional Center is a fully occupied, multi-tenant professional office building offering current income through established tenancy. The property is described as well maintained and includes a diversified mix of professional and healthcare-related uses among its current tenants, including medical, dental, rehabilitation, mental health, and commercial service businesses.
The building is situated along 23 Mile Road in Chesterfield Township, on a heavily traveled thoroughfare, providing visibility and convenient access. The offering notes ample parking and a professional setting for tenant satisfaction.
This is a turnkey-style investment for a buyer seeking a stabilized, 100% leased commercial asset with long-term tenants and an ongoing, diversified income stream.
The building is situated along 23 Mile Road in Chesterfield Township, on a heavily traveled thoroughfare, providing visibility and convenient access. The offering notes ample parking and a professional setting for tenant satisfaction.
This is a turnkey-style investment for a buyer seeking a stabilized, 100% leased commercial asset with long-term tenants and an ongoing, diversified income stream.
Key Highlights
- Fully occupied, multi‑tenant professional office building with 100% leased occupancy
- Tenant mix includes medical, dental, rehabilitation, mental health, and commercial service businesses
- Located along 23 Mile Road in Chesterfield Township, on a heavily traveled road
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
$43,685
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
3.36%
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%
$873,700
$873.7K
Cap Rate 7%
$624,071
$624.1K
Cap Rate 9%
$485,389
$485.4K
Market Conditions
NOI Build-Up for 12,690 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
$76.1K $6.00/SF
− Vacancy
−$17.9K −$1.41/SF
EGI
$58.2K $4.59/SF
− OpEx
−$14.6K −$1.15/SF
NOI
$43.7K $3.44/SF
Area
Macomb County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$873,700
Cap Rate 7%
$624,071
Cap Rate 9%
$485,389
Alternative Uses
Best Use
Healthcare Medical
$1.90M
$1.66M – $2.22M
NOI $133,043 @ 7.0% cap · market cap 10.23%
Second Best
Office B
$624.1K
$546.1K – $728.1K
NOI $43,685 @ 7.0% cap · market cap 3.36%
Theoretical Best
Specialty Retail
$2.38M
$2.08M – $2.77M
NOI $166,304 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
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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Frequently Asked Questions
What type of property is this?
Office building - Fully leased multi-tenant office building along 23 Mile Road with ample parking.
Where is this office building located?
The property is located at 33497 23 Mile Road Chesterfield, MI.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Fully occupied, multi‑tenant professional office building with 100% leased occupancy; Tenant mix includes medical, dental, rehabilitation, mental health, and commercial service businesses; Located along 23 Mile Road in Chesterfield Township, on a heavily traveled road
