Medical Office
New
For Sale
$375,000
45660 Schoenherr Rd, Shelby Township, MI 48315
Former physical therapy clinic with O-1 zoning and an established office configuration.
Property Size2,437 SF
Price / SF$153.88
Days on Market6
Property Features for 45660 Schoenherr Rd
General Information
Standard status
Active
Size
2,437 SF
Class
B
Total Parking Spaces
254
Property subtype
Healthcare, Office
Zoning
O-1
Building Details
Building Size
2,437 SF
Year Built
1992
Buildings
1
Stories
1
Listing Agency:
Pilot Property Group
Listed By:
Luc Fluent · License #6501405301
(586) 651-3337
Source:
Cpix.resimplifi
Added: Sep 18
Changed: Sep 20
Last Checked: Sep 22 at 1:06PM
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.
This 2,437 SF medical office property was previously used as a physical therapy clinic. The building dates to 1992 and carries O-1 zoning, supporting its classification as a medical-oriented office asset.
Located at 45660 Schoenherr Rd in Shelby Township, Michigan, the property is available for sale. Its existing office use and prior clinical occupancy provide a straightforward starting point for continued medical or office operations.
Located at 45660 Schoenherr Rd in Shelby Township, Michigan, the property is available for sale. Its existing office use and prior clinical occupancy provide a straightforward starting point for continued medical or office operations.
Key Highlights
- 2,437 SF medical office property
- Former physical therapy clinic use
- O‑1 zoning
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
Location Intelligence
Trade Area within ½ mile
830
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 - Former physical therapy clinic with O-1 zoning and an established office configuration.
Where is this medical office space located?
The property is located at 45660 Schoenherr Rd 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 office property; Former physical therapy clinic use; O‑1 zoning
