Medical Office with Full
For Sale
$225,000
343 S State St, Sparta, MI 49345
The layout includes three exam rooms, a laboratory, reception and waiting areas, and a bath.
Property Size875 SF
Price / SF$257.14
Days on Market9
Property Features for 343 S State St
General Information
Standard status
Active
Size
875 SF
Zoning
B
Building Details
Year Built
1965
Listing Agency:
Five Star Real Estate (Grandv)
Listed By:
Ann Huizen · License #6506047922
(616) 257-1500
Source:
Katie-k
Added: Sep 28
Last Checked: Oct 6 at 12:17AM
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 Five Star Real Estate (Grandv)
Investment Insights
Based on property information with market context.
Configured as a former dental practice, the medical office contains three exam rooms, a laboratory, reception and waiting areas, and a bath. A full basement provides additional interior space. Updates were completed in 2022, and the furnace and water heater were replaced in 2023. The building dates to 1965.
The property is zoned B (Business) and has signage on State Street. Immediate occupancy is available.
The property is zoned B (Business) and has signage on State Street. Immediate occupancy is available.
Key Highlights
- Three exam rooms, reception and waiting areas, lab, and bath
- Full basement
- Updates completed in 2022
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,743
Cap Rate
3.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$174,860
$174.9K
Cap Rate 7%
$124,900
$124.9K
Cap Rate 9%
$97,144
$97.1K
Market Conditions
NOI Build-Up for 875 SF
Gross rent
$12.8K $14.64/SF
− Vacancy
−$1.2K −$1.32/SF
EGI
$11.7K $13.32/SF
− OpEx
−$2.9K −$3.33/SF
NOI
$8.7K $9.99/SF
Area
Kent County, MI
Vacancy
9.00%
Lease Rate
$14.64 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$174,860
Cap Rate 7%
$124,900
Cap Rate 9%
$97,144
Alternative Uses
Best Use
Office B
$124.9K
$109.3K – $145.7K
NOI $8,743 @ 7.0% cap · market cap 3.89%
Second Best
Healthcare Medical
$111.2K
$97.3K – $129.8K
NOI $7,786 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$156.5K
$136.9K – $182.6K
NOI $10,955 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
387
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49345, MI
13,734
Population
5,074
Households
2.7
Avg Household Size
39
Median Age
28%
College-Educated
93%
High-School Grad
52.2 sq mi
ZIP Area
263
Density / Sq Mi
$84,918
Median Household Income
$44,051
Median Earnings
$968
Median Rent
$261,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Similar Off Market Nearby
- Sparta Animal Clinic — 431 W Division St, Sparta, MI 49345
Frequently Asked Questions
What type of property is this?
Medical Office Space - The layout includes three exam rooms, a laboratory, reception and waiting areas, and a bath.
Where is this medical office space located?
The property is located at 343 S State St Sparta, MI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Three exam rooms, reception and waiting areas, lab, and bath; Full basement; Updates completed in 2022
