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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 Sale
    $209,000

    COMMERCIAL - Saginaw, MI

    Property size:
    2,748 SF
    Lot size:
    1.01 Acres
    Price / SF:
    $76/SF
    Added:
    Feb 9, 2026
    Days on Market:
    115
    Last Refresh:
    Jun 4 at 1:06 am

    Property Features for 5605 N Colony Drive

    General Information

    Property type
    Commercial Sale
    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# 50199087

    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 or dental office space in Saginaw Township near M46 among other office spaces
    • Offered space is 35% of the total building and includes a common area with waiting space and public restrooms
    • 2748 SF office layout with spacious waiting room, reception area, private office, and multiple storage spaces
    • Includes 6 exam rooms, a lab room, kitchenette, meeting/conference room, and 2 restrooms
    • Heating: forced air; cooling: central air
    • Parking lot included

    Overview

    This offering is for a medical or dental office space in Saginaw Township, comprising 35% of the total building. The suite is accessed through front doors leading to a common area with public restrooms and waiting space, followed by an interior office arrangement designed for patient flow and clinical operations.

    Inside, the space totals 2,748 square feet and includes a spacious waiting room, reception area, private office, and six exam rooms. Additional functional rooms include a lab room, kitchenette, and a meeting or conference room, along with two restrooms and multiple storage spaces. The property is described as being in excellent condition and ready for a new practice to move in.

    For tenants or buyers looking for a turn-key medical environment, the current configuration supports both consultation and exam needs, with on-site rooming for procedures and lab-related work. The inclusion of reception, waiting, conference space, and storage helps accommodate day-to-day patient visits while keeping administrative and clinical areas organized. Access through the building’s common entry and public restroom/waiting area may also support shared building use with other office occupants.
    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 - Well-maintained medical suite features multiple exam rooms, patient waiting, and support space for an active practice.
    Where is this medical office space located?
    The property is located at 5605 N Colony Drive Saginaw, MI.
    What is the asking price?
    The asking price for this property is $209,000.
    What are key features of this property?
    This property features: Medical or dental office space in Saginaw Township near M46 among other office spaces; Offered space is 35% of the total building and includes a common area with waiting space and public restrooms; 2748 SF office layout with spacious waiting room, reception area, private office, and multiple storage spaces
    (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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