Building Details

Year Built 1978

Construction brick

Listing Agency: Show Phone

Listed By: Bridges Realtors Show Phone

Source: Xome

Added: Jul 14 Changed: Sep 10 Last Checked: Sep 10 at 5:59AM

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Investment Insights

Based on property information with market context.

This medical office property at 4710 Garfield Rd in Auburn, Michigan, occupies a solid brick building constructed in 1978. Central air supports the interior, and the building is currently used as a physical therapy office. The property previously operated as a credit union, providing an established commercial setting for office or healthcare use.

On-site parking is available, adding practical convenience for staff and visitors. The building’s existing office configuration and healthcare occupancy provide a clear starting point for continued medical office operations.

Key Highlights

• Brick medical office building constructed in 1978
• Currently occupied by a physical therapy office
• Central air conditioning

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

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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

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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?

Similar Off Market Nearby

• Valley Animal Clinic — 937 W Midland Rd, Auburn, MI 48611
• Hooper Carrie DVM — 937 W Midland Rd, Auburn, MI 48611
• Gahrs Cheryl DVM — 937 W Midland Rd, Auburn, MI 48611

Frequently Asked Questions

What type of property is this?

Medical Office Space - Medical office property with central air, on-site parking, and a layout currently serving a physical therapy practice.

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: Brick medical office building constructed in 1978; Currently occupied by a physical therapy office; Central air conditioning