Downtown Medical Office
For Sale
$799,900
355 Main Street, Belleville, MI 48111
Configured with reception, exam rooms, and ADA-compliant access for professional office use.
Property Size2,431 SF
Days on Market30
Property Features for 355 Main Street
General Information
Standard status
Active
Size
2,431 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,362
Building Details
Building Size
2,431 SF
Year Built
1978
Buildings
1
Stories
2431
Units
1
Listing Agency:
Remerica Hometown One
(734) 644-0980
Listed By:
Nazeha Al-Ado
Source:
Erareardonrealty
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 29 at 7:16PM
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 Remerica Hometown One
Investment Insights
Based on property information with market context.
Located at 355 Main Street in downtown Belleville, this medical office property was built in 1978 and offers a layout suited to professional services. The interior includes a reception area, multiple exam rooms, and private offices that can support medical, wellness, or general office operations. ADA-compliant access is provided.
The property is near the lake, cafes, pharmacies, Corewell, and downtown shops. On-site parking is available in a private lot behind the building, with additional street parking nearby. Its downtown setting provides exposure to passing vehicles and pedestrian activity.
The property is near the lake, cafes, pharmacies, Corewell, and downtown shops. On-site parking is available in a private lot behind the building, with additional street parking nearby. Its downtown setting provides exposure to passing vehicles and pedestrian activity.
Key Highlights
- Medical office property at 355 Main Street in downtown Belleville
- Built in 1978 with reception area, multiple exam rooms, and private offices
- ADA‑compliant access
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
$25,600
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
3.20%
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%
$512,000
$512.0K
Cap Rate 7%
$365,714
$365.7K
Cap Rate 9%
$284,444
$284.4K
Market Conditions
NOI Build-Up for 2,431 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
$48.7K $20.04/SF
− Vacancy
−$6.1K −$2.49/SF
EGI
$42.7K $17.55/SF
− OpEx
−$17.1K −$7.02/SF
NOI
$25.6K $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%
$512,000
Cap Rate 7%
$365,714
Cap Rate 9%
$284,444
Alternative Uses
Best Use
Healthcare Medical
$365.7K
$320.0K – $426.7K
NOI $25,600 @ 7.0% cap · market cap 3.20%
Second Best
Office B
$119.6K
$104.6K – $139.5K
NOI $8,369 @ 7.0% cap · market cap 1.05%
Theoretical Best
Specialty Retail
$450.1K
$393.8K – $525.1K
NOI $31,506 @ 7.0% cap · market cap 3.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48111, MI
44,055
Population
19,406
Households
2.3
Avg Household Size
40
Median Age
27%
College-Educated
92%
High-School Grad
66.9 sq mi
ZIP Area
659
Density / Sq Mi
$74,125
Median Household Income
$42,194
Median Earnings
$1,162
Median Rent
$239,400
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 - Configured with reception, exam rooms, and ADA-compliant access for professional office use.
Where is this medical office space located?
The property is located at 355 Main Street Belleville, MI.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Medical office property at 355 Main Street in downtown Belleville; Built in 1978 with reception area, multiple exam rooms, and private offices; ADA‑compliant access
