Medical Office with Recent
For Sale
$750,000
45260 VAN DYKE AVE, Utica, MI 48317
Occupied by an established eye care practice, the facility offers central air and upgraded building systems.
Property Size2,860 SF
Price / SF$262.24
Days on Market27
Property Features for 45260 VAN DYKE AVE
General Information
Standard status
Active
Size
2,860 SF
Property subtype
Industrial
Amenities
Central Air
3
68165
Building Details
Year Built
1975
Buildings
1
Building Size
2,860 SF
Tenancy
Single
Listing Agency:
(586) 580-8092
Listed By:
Realteam Real Estate
(248) 709-0424
Source:
Xome
Added: Aug 15
Changed: Sep 10
Last Checked: Sep 10 at 5:23AM
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 Real Estate
Investment Insights
Based on property information with market context.
This 2,860-square-foot medical office building in Utica is occupied by an established eye care practice and includes central air. The property is being offered as real estate separate from the operating business, creating a potential ownership option for a medical user or an owner seeking a dedicated healthcare facility.
Capital improvements include a 2022 roof replacement, a 2021 parking lot replacement, and a furnace installed in 2024. Additional work includes cabinet refinishing in 2020, French drain repairs in 2019, replacement of two air-conditioning units in 2018, and replacement of another furnace and the water heater in 2017. The building was constructed in 1975 and is located on Van Dyke Avenue in Utica, with access to nearby residential and commercial areas.
Capital improvements include a 2022 roof replacement, a 2021 parking lot replacement, and a furnace installed in 2024. Additional work includes cabinet refinishing in 2020, French drain repairs in 2019, replacement of two air-conditioning units in 2018, and replacement of another furnace and the water heater in 2017. The building was constructed in 1975 and is located on Van Dyke Avenue in Utica, with access to nearby residential and commercial areas.
Key Highlights
- 2,860‑square‑foot medical office building in Utica
- Existing eye care practice occupies the facility; real estate offered separately from the business
- Roof replacement completed 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
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Current Use
Lease Details
Single-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Occupied by an established eye care practice, the facility offers central air and upgraded building 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 in Utica; Existing eye care practice occupies the facility; real estate offered separately from the business; Roof replacement completed in 2022
