Medical Office Building with Recent
New
For Sale
$750,000
45260 Van Dyke Ave, Utica, MI 48317
Established eye care practice occupies a well-maintained facility with updated roof, parking, and mechanical systems.
Property Size2,860 SF
Price / SF$262.24
Days on Market3
Property Features for 45260 Van Dyke Ave
General Information
Standard status
Active
Size
2,860 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,760
Building Details
Year Built
1975
Buildings
1
Building Size
2,860 SF
Listing Agency:
REALTEAM LLC
(248) 709-0424
Listed By:
Jacob Riberas · License #6501418227
(248) 709-0424
Source:
Elliman
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 20 at 11:29AM
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 REALTEAM LLC
Investment Insights
Based on property information with market context.
This 2,860-square-foot medical office building in Utica is occupied by an eye care practice and dates to 1975. The facility has received multiple capital improvements, including a new roof, reconstructed parking lot, and updated heating and cooling equipment. Interior work includes cabinet refinishing and a prior office remodeling project, while a French drain repair addressed site drainage.
The property is located at 45260 Van Dyke Ave with access to surrounding residential and commercial areas. Major building updates include roof replacement in 2022, parking lot replacement in 2021, furnace replacement in 2024, cabinet refinishing in 2020, French drain repair in 2019, replacement of two air conditioning units in 2018, and replacement of another furnace and the water heater in 2017.
The property is located at 45260 Van Dyke Ave with access to surrounding residential and commercial areas. Major building updates include roof replacement in 2022, parking lot replacement in 2021, furnace replacement in 2024, cabinet refinishing in 2020, French drain repair in 2019, replacement of two air conditioning units in 2018, and replacement of another furnace and the water heater in 2017.
Key Highlights
- 2,860‑square‑foot medical office building at 45260 Van Dyke Ave, Utica, MI 48317
- Existing eye care practice occupies the property
- Roof replaced in 2022
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
$29,985
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
4.00%
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%
$599,700
$599.7K
Cap Rate 7%
$428,357
$428.4K
Cap Rate 9%
$333,167
$333.2K
Market Conditions
NOI Build-Up for 2,860 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
$56.6K $19.80/SF
− Vacancy
−$6.7K −$2.33/SF
EGI
$50.0K $17.47/SF
− OpEx
−$20.0K −$6.99/SF
NOI
$30.0K $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 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%
$599,700
Cap Rate 7%
$428,357
Cap Rate 9%
$333,167
Alternative Uses
Best Use
Healthcare Medical
$428.4K
$374.8K – $499.8K
NOI $29,985 @ 7.0% cap · market cap 4.00%
Second Best
Office B
$140.7K
$123.1K – $164.1K
NOI $9,846 @ 7.0% cap · market cap 1.31%
Theoretical Best
Specialty Retail
$535.4K
$468.5K – $624.7K
NOI $37,481 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
862
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48317, MI
27,864
Population
12,936
Households
2.2
Avg Household Size
39
Median Age
32%
College-Educated
90%
High-School Grad
12.0 sq mi
ZIP Area
2,322
Density / Sq Mi
$72,465
Median Household Income
$41,895
Median Earnings
$1,227
Median Rent
$248,700
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?
Medical Office Space - Established eye care practice occupies a well-maintained facility with updated roof, parking, and mechanical systems.
Where is this medical office space located?
The property is located at 45260 Van Dyke Ave Utica, MI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 2,860‑square‑foot medical office building at 45260 Van Dyke Ave, Utica, MI 48317; Existing eye care practice occupies the property; Roof replaced in 2022
