Multi-Tenant Medical Office
New
For Sale
$3,338,623
36600 Heritage Dr, Richmond, MI 48062
Two low-rise buildings offer direct ground-floor suite entry, tenant signage, and surface parking.
Property Size18,122 SF
Price / SF$184.23
Days on Market4
Property Features for 36600 Heritage Dr
General Information
Standard status
Active
Size
18,122 SF
Net Rentable
18,122 SF
Property subtype
Office Medical
Occupancy
83%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
8%
Office Units
7
Tenant in Place
Yes
Property Use
Medical Office
Medical Specialty
dentistry, pediatric dentistry, orthodontics, oral surgery, chiropractic, podiatry
Amenities
prominent tenant signage
83.30 Percent Leased Medical and Professional Office Property – Seven Suites Totaling 18,122 Square Feet Across Two Single-Story Buildings
Value-Add Potential – Lease Up of the Vacant Unit at Market Rent would Shift Going In Cap Rate from 8 Percent to 9.80 Percent
5.85-Year Weighted Average Lease Term Healthcare-Focused Tenant Mix – Medical and Health Care Tenants Occupy more than 72 Percent of the Rentable Area
Long-Term Tenant Commitments – PGS Dentistry and Growing Smiles Occupy Approximately 37 Percent of the Property Under New 10-Year Leases
Diversified Income Stream – Seven Suites Ranging from Approximately 1,750 to 4,900 Square Feet, with No Tenant Occupying more than Approximately 27 Percent of the Rentable Area
Predominantly Triple-Net Lease Structures – Five of Six Leases are Triple Net, Limiting Landlord Responsibilities and Shifting Most Operating Expenses to the Tenants
Contractual Rental Growth – Most Leases Include Annual or CPI Based Increases
Specialized Medical Buildouts – Established Clinical Spaces, Medical Equipment, Patient Relationships, and Referral Networks Support Tenant Retention
Building Details
Building Size
18,122 SF
Year Built
2005
Buildings
2
Construction
masonry
Tenancy
Multi
Listing Agency:
Detroit Office
Listed By:
Seth Haron · License #License(s): MI: 6501373006
(248) 415-2605
Source:
Marcusmillichap
Added: Nov 1
Last Checked: Nov 3 at 3:03AM
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 Detroit Office
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Investment Insights
Based on property information with market context.
This medical and professional office property contains 18,122 square feet in two single-story buildings completed in 2005. Its seven suites range from approximately 1,750 to 4,900 square feet, and occupancy is 83.30%. The available 3,027-square-foot suite has a former dental-office buildout. Masonry construction, individual ground-floor access, tenant signage, and surface parking serve the existing mix of medical and professional occupants. The PGS Dentistry suite also has a lower-level break room and upper-floor administrative area, both excluded from the reported rentable area and provided under its current lease.
Five of the six occupied leases are triple net. The rent-weighted average lease term was approximately 5.85 years as of January 2027, with expirations scheduled from 2027 through 2035. PGS Dentistry and Growing Smiles Pediatric Dentistry & Orthodontics began 10-year leases extending through November 2035. The property is near M-19/Gratiot Avenue and 32 Mile Road, with access to Interstate 94 near New Haven. Nearby destinations include Kroger, Richmond Community Schools, and downtown Richmond’s commercial district.
Five of the six occupied leases are triple net. The rent-weighted average lease term was approximately 5.85 years as of January 2027, with expirations scheduled from 2027 through 2035. PGS Dentistry and Growing Smiles Pediatric Dentistry & Orthodontics began 10-year leases extending through November 2035. The property is near M-19/Gratiot Avenue and 32 Mile Road, with access to Interstate 94 near New Haven. Nearby destinations include Kroger, Richmond Community Schools, and downtown Richmond’s commercial district.
Key Highlights
- 18,122‑square‑foot property comprising two single‑story buildings, built in 2005
- Seven suites spanning approximately 1,750 to 4,900 square feet
- 83.30% leased; one available suite contains 3,027 square feet and a former dental buildout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$189,993
Cap Rate
5.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,799,860
$3.8M
Cap Rate 7%
$2,714,186
$2.7M
Cap Rate 9%
$2,111,033
$2.1M
Market Conditions
NOI Build-Up for 18,122 SF
Gross rent
$358.8K $19.80/SF
− Vacancy
−$42.2K −$2.33/SF
EGI
$316.7K $17.47/SF
− OpEx
−$126.7K −$6.99/SF
NOI
$190.0K $10.48/SF
Area
Macomb County, MI
Vacancy
11.75%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,799,860
Cap Rate 7%
$2,714,186
Cap Rate 9%
$2,111,033
Alternative Uses
Best Use
Healthcare Medical
$2.71M
$2.37M – $3.17M
NOI $189,993 @ 7.0% cap · market cap 5.69%
Second Best
Office B
$891.2K
$779.8K – $1.04M
NOI $62,385 @ 7.0% cap · market cap 1.87%
Theoretical Best
Specialty Retail
$3.39M
$2.97M – $3.96M
NOI $237,491 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
7
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
368
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48062, MI
9,375
Population
3,631
Households
2.6
Avg Household Size
43
Median Age
25%
College-Educated
86%
High-School Grad
39.5 sq mi
ZIP Area
237
Density / Sq Mi
$75,763
Median Household Income
$39,181
Median Earnings
$882
Median Rent
$249,000
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Similar Off Market Nearby
- Malburg John a DVM — 36310 Gierk St, Richmond, MI 48062
Frequently Asked Questions
What type of property is this?
Medical Office Space - Two low-rise buildings offer direct ground-floor suite entry, tenant signage, and surface parking.
Where is this medical office space located?
The property is located at 36600 Heritage Dr Richmond, MI.
What is the asking price?
The asking price for this property is $3,338,623.
What are key features of this property?
This property features: 18,122‑square‑foot property comprising two single‑story buildings, built in 2005; Seven suites spanning approximately 1,750 to 4,900 square feet; 83.30% leased; one available suite contains 3,027 square feet and a former dental buildout
