Medical Office
For Sale
Contact for pricing
45628-45720 Schoenherr, Shelby Township, MI 48315
The unit previously served as a physical therapy clinic and is available for sale or lease.
Property Size2,437 SF
Price / SF$153.88
Days on Market8
Property Features for 45628-45720 Schoenherr
General Information
Standard status
Active
Size
2,437 SF
Property subtype
Office
Additional Details
Road Access
Yes
Building Details
Buildings
1
Listing Agency:
Pilot Property Group
Listed By:
Luc Fluent · License #6501405301
(586) 651-3337
Source:
Crexi
Added: Sep 18
Changed: Sep 24
Last Checked: Sep 24 at 2:15PM
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 Pilot Property Group
Investment Insights
Based on property information with market context.
A 2,437 SF medical condominium in Shelby Crossing is available for sale or lease. The space previously operated as a physical therapy clinic, supporting a clinical office configuration.
The building is on the east side of Schoenherr, north of Hall (M-59), in Shelby Township. Schoenherr carries more than 40,000 vehicles per day.
The building is on the east side of Schoenherr, north of Hall (M-59), in Shelby Township. Schoenherr carries more than 40,000 vehicles per day.
Key Highlights
- 2,437 SF medical condominium
- Former physical therapy clinic
- On Schoenherr, north of Hall (M‑59)
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
$25,550
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
6.81%
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%
$511,000
$511.0K
Cap Rate 7%
$365,000
$365.0K
Cap Rate 9%
$283,889
$283.9K
Market Conditions
NOI Build-Up for 2,437 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
$48.3K $19.80/SF
− Vacancy
−$5.7K −$2.33/SF
EGI
$42.6K $17.47/SF
− OpEx
−$17.0K −$6.99/SF
NOI
$25.5K $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%
$511,000
Cap Rate 7%
$365,000
Cap Rate 9%
$283,889
Alternative Uses
Best Use
Healthcare Medical
$365.0K
$319.4K – $425.8K
NOI $25,550 @ 7.0% cap · market cap 6.81%
Second Best
Office B
$119.8K
$104.9K – $139.8K
NOI $8,389 @ 7.0% cap · market cap 2.24%
Theoretical Best
Specialty Retail
$456.2K
$399.2K – $532.3K
NOI $31,937 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,046
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48315, MI
28,597
Population
11,252
Households
2.5
Avg Household Size
48
Median Age
33%
College-Educated
92%
High-School Grad
12.9 sq mi
ZIP Area
2,217
Density / Sq Mi
$99,512
Median Household Income
$54,587
Median Earnings
$1,181
Median Rent
$357,700
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - The unit previously served as a physical therapy clinic and is available for sale or lease.
Where is this medical office space located?
The property is located at 45628-45720 Schoenherr Shelby Township, MI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 2,437 SF medical condominium; Former physical therapy clinic; On Schoenherr, north of Hall (M‑59)
