Medical Office Building with
New
For Sale
$750,000
45260 Van Dyke Avenue, Utica, MI 48317
COMMERCIAL - Utica, MI
Property Size2,860 SF
Lot Size0.25 Acres
Price / SF$262.24
Days on Market4
Property Features for 45260 Van Dyke Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot
Lot features
Main Street, Office Park
Subdivision
Utica (50033)
Standard status
Active
APN
11-07-34-351-004
Size
2,860 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Annual Amount
8760
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1975
Listing Agency:
Realteam Real Estate
(586) 580-8092
Listed By:
Jacob Riberas · License #6501418227
(248) 709-0424
Added: Aug 17
Last Checked: Aug 20 at 9:06PM
MLS# 50218846
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,860-square-foot medical office building in Utica was constructed in 1975 and currently houses an established eye care practice. The property includes forced-air heating, central air conditioning, public water, and a dedicated parking lot. The purchase includes the real estate; the operating business is not included.
Major capital improvements include a roof replacement completed in 2022, a parking lot replacement in 2021, and a furnace replacement in 2024. Additional work includes 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 building also benefited from a prior office remodeling project.
The property occupies a 0.25-acre parcel at 45260 Van Dyke Avenue in Utica, Michigan, with access to surrounding residential and commercial areas.
Major capital improvements include a roof replacement completed in 2022, a parking lot replacement in 2021, and a furnace replacement in 2024. Additional work includes 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 building also benefited from a prior office remodeling project.
The property occupies a 0.25-acre parcel at 45260 Van Dyke Avenue in Utica, Michigan, with access to surrounding residential and commercial areas.
Key Highlights
- 2,860‑square‑foot medical office building on a 0.25‑acre parcel
- Established eye care practice currently occupies the property; business is not included
- Roof replaced in 2022 and parking lot replaced in 2021
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 medical office with updated major building systems and on-site parking.
Where is this medical office space located?
The property is located at 45260 Van Dyke Avenue 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 on a 0.25‑acre parcel; Established eye care practice currently occupies the property; business is not included; Roof replaced in 2022 and parking lot replaced in 2021
