Building Details

Year Built 1978

Construction solid brick

Listing Agency: t***@gmail.com Show Phone

Listed By: Bridges Realtors Show Phone

Source: Xome

Added: Jul 15 Changed: Aug 8 Last Checked: Aug 11 at 5:29AM

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Investment Insights

Based on property information with market context.

This solid brick building is currently set up as a physical therapist office. The property also reflects its prior use as a credit union, offering a practical interior layout for professional office use.

The offering includes plenty of parking, supporting convenient client access.

The property is available for sale.

Key Highlights

• Solid brick building built in 1978
• Configured for a physical therapist office
• Central air cooling

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

$14,304

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

4.40%

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%

$286,080 $286.1K

Cap Rate 7%

$204,343 $204.3K

Cap Rate 9%

$158,933 $158.9K

Market Conditions

NOI Build-Up for 1,400 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

$25.2K $18.00/SF

− Vacancy

−$1.4K −$0.97/SF

EGI

$23.8K $17.03/SF

− OpEx

−$9.5K −$6.81/SF

NOI

$14.3K $10.22/SF

Area

Bay County, MI

Vacancy

5.40%

Lease Rate

$18.00 /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%

$286,080

Cap Rate 7%

$204,343

Cap Rate 9%

$158,933

Alternative Uses

Best Use

Healthcare Medical

$204.3K

$178.8K – $238.4K (±1% cap)

NOI $14,304 @ 7.0% cap · market cap 4.40%

Second Best

Office B

$190.1K

$166.3K – $221.8K (±1% cap)

NOI $13,306 @ 7.0% cap · market cap 4.09%

Theoretical Best

Office A

$253.4K

$221.8K – $295.7K (±1% cap)

NOI $17,741 @ 7.0% cap · market cap 5.46%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Aird Garcia Insurance ... Insurance Agency Bank of Alma Bank

Suggested Use

Top Pick Real Estate Agency Restaurant Building Supply Pharmacy HVAC Service Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

163

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 48611, MI

6,482

Population

2,700

Households

2.4

Avg Household Size

43

Median Age

35%

College-Educated

97%

High-School Grad

38.2 sq mi

ZIP Area

170

Density / Sq Mi

$80,511

Median Household Income

$46,432

Median Earnings

$901

Median Rent

$166,500

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Solid brick building configured as a physical therapist office with plenty of parking.

Where is this medical office space located?

The property is located at 4710 GARFIELD RD Auburn, MI.

What is the asking price?

The asking price for this property is $325,000.

What are key features of this property?

This property features: Solid brick building built in 1978; Configured for a physical therapist office; Central air cooling