Office-Medical
For Sale
$900,000
400 N Main St, Onsted, MI 49265
Well-built office and medical building with fully occupied suites available for sale.
Property Size6,000 SF
Price / SF$150
Days on Market398
Property Features for 400 N Main St
General Information
Standard status
Active
Size
6,000 SF
Class
C
Total Parking Spaces
42
Property subtype
Office
Zoning
Commercial
Occupancy
100%
Building Details
Building Size
6,000 SF
Year Built
2003
Buildings
1
Stories
1
Listing Agency:
Gil Henry & Associates
Listed By:
Gilbert M. Henry · License #6502135057
(517) 403-0273
Source:
Cpix.resimplifi
Added: Aug 6, 2025
Changed: Aug 25
Last Checked: Aug 14 at 8:06AM
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 Gil Henry & Associates
Investment Insights
Based on property information with market context.
This well-built office/medical building in the Village of Onsted, Michigan, is offered for sale with 100% occupancy. The property includes separate suites, with Suites A and B combined at 4,475 square feet, and Suite C at 1,363 square feet.
Income and expense information is available with a signed confidentiality agreement, and details are provided by the listing agent upon request.
The building is configured for suite-level occupancy, supporting independent tenancy across multiple units while maintaining shared ownership of the overall asset.
Income and expense information is available with a signed confidentiality agreement, and details are provided by the listing agent upon request.
The building is configured for suite-level occupancy, supporting independent tenancy across multiple units while maintaining shared ownership of the overall asset.
Key Highlights
- Well‑built office/medical building built in 2003
- 100% occupancy with fully occupied suites, supporting investor income
- Suite A & B combined for 4,475 SF
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
$71,528
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
7.95%
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%
$1,430,560
$1.4M
Cap Rate 7%
$1,021,829
$1.0M
Cap Rate 9%
$794,756
$794.8K
Market Conditions
NOI Build-Up for 6,000 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
$133.2K $22.20/SF
− Vacancy
−$14.0K −$2.33/SF
EGI
$119.2K $19.87/SF
− OpEx
−$47.7K −$7.95/SF
NOI
$71.5K $11.92/SF
Area
Lenawee County, MI
Vacancy
10.50%
Lease Rate
$22.20 /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%
$1,430,560
Cap Rate 7%
$1,021,829
Cap Rate 9%
$794,756
Alternative Uses
Best Use
Healthcare Medical
$1.02M
$894.1K – $1.19M
NOI $71,528 @ 7.0% cap · market cap 7.95%
Second Best
Office B
$944.3K
$826.2K – $1.10M
NOI $66,098 @ 7.0% cap · market cap 7.34%
Theoretical Best
Multifamily LT 5
$74.44M
$65.14M – $86.85M
NOI $5,210,884 @ 7.0% cap · market cap 578.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
Explore this area
Business Placement
Demographics for 49265, MI
5,055
Population
2,468
Households
2
Avg Household Size
49
Median Age
27%
College-Educated
95%
High-School Grad
32.4 sq mi
ZIP Area
156
Density / Sq Mi
$70,020
Median Household Income
$44,914
Median Earnings
$903
Median Rent
$245,100
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 - Well-built office and medical building with fully occupied suites available for sale.
Where is this office building located?
The property is located at 400 N Main St Onsted, MI.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Well‑built office/medical building built in 2003; 100% occupancy with fully occupied suites, supporting investor income; Suite A & B combined for 4,475 SF
