Turnkey Medical and Veterinary
For Sale
$499,900
Pending
4525 Highland Rd, Waterford, MI 48328
Move-in ready clinic with exam rooms, lab space, and extensive on-site kennels for specialty pet care.
Property Size2,549 SF
Days on Market143
Property Features for 4525 Highland Rd
General Information
Standard status
Pending
Size
2,549 SF
Zoning
C-2
Additional Details
Business Included
Yes
Listing Agency:
Wilhelm & Associates
(248) 625-9500
Listed By:
Thomas Wilhelm · License #6501196948
(248) 625-9500
Source:
Exprealty
Added: Mar 17
Changed: Jul 10
Last Checked: Jul 31 at 3:23PM
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 Wilhelm & Associates
Investment Insights
Based on property information with market context.
This turnkey medical and veterinary facility is set up for immediate practice use, with specialized plumbing and cabinetry plus a welcoming reception and waiting area. The interior includes a private front office, kitchenette, four exam rooms, and a lab room. A dedicated prep and surgery area features dual sinks. Additional operational infrastructure supports veterinary services with a kennel room that includes a full-size wash tub, seven dog kennels, 34 cat kennels, and 11 additional surgical kennels. Recent major updates provide added confidence, including a newer roof and newer HVAC. The building is constructed of brick and has been meticulously maintained.
The property is located directly off the M-59 corridor for visibility and convenient access into Oakland County. It is a highly visible, C2-zoned facility with signage opportunities and an on-site parking lot designed to handle staff and patient volume.
The configuration is well-suited for medical, dental, urgent care, physical therapy, aesthetic services, or specialty pet care operators who want a ready-to-enter clinical layout and the added benefit of extensive kennel support. The flexible plan can be adjusted for different patient-care programs while keeping the key exam and support spaces in place.
The property is located directly off the M-59 corridor for visibility and convenient access into Oakland County. It is a highly visible, C2-zoned facility with signage opportunities and an on-site parking lot designed to handle staff and patient volume.
The configuration is well-suited for medical, dental, urgent care, physical therapy, aesthetic services, or specialty pet care operators who want a ready-to-enter clinical layout and the added benefit of extensive kennel support. The flexible plan can be adjusted for different patient-care programs while keeping the key exam and support spaces in place.
Key Highlights
- C2‑zoned medical/veterinary facility on M‑59 with a reception/waiting area, private front office, kitchenette, lab room, and 4 exam rooms
- Dedicated prep/surgery area with dual sinks plus specialized plumbing and cabinetry for medical or specialty pet care use
- Extensive on‑site kennels: 7 dog kennels, 34 cat kennels, 11 additional surgical kennels, and a kennel room with a full‑size wash tub
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
$34,494
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
6.90%
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%
$689,880
$689.9K
Cap Rate 7%
$492,771
$492.8K
Cap Rate 9%
$383,267
$383.3K
Market Conditions
NOI Build-Up for 2,549 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
$64.2K $25.20/SF
− Vacancy
−$6.7K −$2.65/SF
EGI
$57.5K $22.55/SF
− OpEx
−$23.0K −$9.02/SF
NOI
$34.5K $13.53/SF
Area
Oakland County, MI
Vacancy
10.50%
Lease Rate
$25.20 /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%
$689,880
Cap Rate 7%
$492,771
Cap Rate 9%
$383,267
Alternative Uses
Best Use
Healthcare Medical
$492.8K
$431.2K – $574.9K
NOI $34,494 @ 7.0% cap · market cap 6.90%
Second Best
Office B
$125.4K
$109.7K – $146.3K
NOI $8,775 @ 7.0% cap · market cap 1.76%
Theoretical Best
Specialty Retail
$549.8K
$481.1K – $641.4K
NOI $38,486 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48328, MI
24,178
Population
11,938
Households
2
Avg Household Size
43
Median Age
27%
College-Educated
93%
High-School Grad
8.9 sq mi
ZIP Area
2,717
Density / Sq Mi
$69,788
Median Household Income
$42,084
Median Earnings
$1,041
Median Rent
$210,800
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.
Similar Off Market Nearby
- Banfield Pet Hospital — 4525 Highland Rd, Waterford Twp, MI 48328
- Dr. Kent Schermerhorn — 4525 Highland Rd, Waterford Twp, MI 48328
- Dr. Mike McLaughlin — 4525 Highland Rd & Crescent Lake Rd, 4525 Highland Rd, Waterford Twp, MI 48328
Frequently Asked Questions
What type of property is this?
Medical Office Space - Move-in ready clinic with exam rooms, lab space, and extensive on-site kennels for specialty pet care.
Where is this medical office space located?
The property is located at 4525 Highland Rd Waterford, MI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: C2‑zoned medical/veterinary facility on M‑59 with a reception/waiting area, private front office, kitchenette, lab room, and 4 exam rooms; Dedicated prep/surgery area with dual sinks plus specialized plumbing and cabinetry for medical or specialty pet care use; Extensive on‑site kennels: 7 dog kennels, 34 cat kennels, 11 additional surgical kennels, and a kennel room with a full‑size wash tub
