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    Medical Office Suite with Exam Rooms Title is generated by Realmo AI

    5605 N Colony Drive, Saginaw, MI 48638

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    For Lease
    $2,200/Mo $9 SF/Yr (calc)

    COMMERCIAL - Saginaw, MI

    Property size:
    2,748 SF
    Lot size:
    1.01 Acres
    Added:
    Feb 9, 2026
    Days on Market:
    115
    Last Refresh:
    Jun 4 at 2:06 am

    Property Features for 5605 N Colony Drive

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    23-12-4-29-2004-002
    Size
    2,748 SF
    Lot size
    1.01 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    17291

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1983

    We can help!

    Listing Contact
    Mark Greskowiak
    Mark Greskowiak

    Listing agent Mark Greskowiak License #6506036834

    Listing office Century 21 Signature Realty 5580 State Street Suite 4, Saginaw, MI

    Listing date Feb 9, 2026

    MLS# 50199086

    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.

    HighLights

    • Medical/dental office space in Saginaw Township; the suite is 35% of the total building
    • Includes 2,748 SF: spacious waiting room, reception area, and a meeting/conference room
    • Exam room setup with 6 exam rooms plus a lab room
    • Suite includes a kitchenette, private office, two restrooms, and multiple storage spaces
    • Common entry includes a shared area with public restrooms and waiting space
    • Central air and forced‑air heating; parking lot on site

    Overview

    Available for lease, this medical or dental office suite occupies 35% of the total building and offers approximately 2,748 square feet designed around patient flow and clinical needs. From the front doors, visitors enter a shared common area with public restrooms and waiting space. Inside the suite, the layout includes a spacious waiting room, reception area, a private office, six exam rooms, a lab room, kitchenette, meeting or conference room, two restrooms, and multiple storage spaces.

    The property is located in Saginaw Township in a cluster of office uses, close to M46, making it convenient for patients and staff arriving by car. The suite’s entry through the building’s front doors supports an orderly arrival experience for patients.

    This space is well-suited for practices that require multiple exam rooms and on-site lab capabilities, along with dedicated areas for administrative work and meetings. With several restrooms, storage, and a kitchenette included in the suite, it can support day-to-day operations for a medical or dental practice. The space is described as being in excellent condition and ready for a new practice to move in.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lamb William J ... Dental Office Galsterer Endodontics Dental Office H2 Dermatology Physician Baumstark, Reynold J ... Dental Office Dental Implant Center Dental Office

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Veterinary Health Center — 305 N Center Rd, Saginaw, MI 48638
    • Sheets Don DVM — 305 N Center Rd, Saginaw, MI 48638
    • Dr. Tina Roggenbeck — 305 N Center Rd, Saginaw, MI 48638

    Location Insight

    • Map
    • Local Demand
    City
    Saginaw
    County
    Saginaw
    State
    Michigan
    Longitude
    -84.026779
    Latitude
    43.416717

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    FAQs

    What type of property is this?
    Medical Office Space - Suite includes waiting room, reception, six exam rooms, lab room, and common restrooms—ready for a new practice.
    Where is this medical office space located?
    The property is located at 5605 N Colony Drive Saginaw, MI.
    What is the lease rate?
    The lease rate is $2,200 /Mo.
    What are key features of this property?
    This property features: Medical/dental office space in Saginaw Township; the suite is 35% of the total building; Includes 2,748 SF: spacious waiting room, reception area, and a meeting/conference room; Exam room setup with 6 exam rooms plus a lab room
    (989) 781-6979
    We can help!
    Listing Contact
    Mark Greskowiak
    Mark Greskowiak
    Real Estate License ID: 6506036834
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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