Medical Office with Exam
New
For Sale
$799,900
355 Main St, Belleville, MI 48111
ADA-compliant entry, a reception area, and multiple exam rooms support a range of office configurations.
Property Size2,431 SF
Price / SF$329.04
Days on Market2
Property Features for 355 Main St
General Information
Standard status
Active
Size
2,431 SF
Amenities
spacious reception area
ADA-compliant access
private parking lot
street parking
Building Details
Year Built
1978
Listing Agency:
Remerica Hometown One
Listed By:
Nazeha Al-Ado
(734) 644-0980
Source:
Katie-k
Added: Sep 24
Last Checked: Sep 24 at 1:56PM
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.
The 2,431-square-foot medical office was built in 1978 and includes a reception area and multiple exam rooms or private offices. ADA-compliant access is provided, and the interior can be configured for medical, wellness, or other office use.
At 355 Main St in downtown Belleville, the property is near cafes, pharmacies, Corewell, and shops. Lake views are a short walk away. Parking is available in a private lot behind the building, along with street parking.
At 355 Main St in downtown Belleville, the property is near cafes, pharmacies, Corewell, and shops. Lake views are a short walk away. Parking is available in a private lot behind the building, along with street parking.
Key Highlights
- 2,431‑square‑foot medical office
- Built in 1978
- Multiple exam rooms or private offices, plus a reception area
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
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Open Analytics
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - ADA-compliant entry, a reception area, and multiple exam rooms support a range of office configurations.
Where is this medical office space located?
The property is located at 355 Main St 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: 2,431‑square‑foot medical office; Built in 1978; Multiple exam rooms or private offices, plus a reception area
