Corner Medical Clinic with
For Sale
$649,900
69206 N Main St, Richmond, MI 48062
A downtown corner building with first-floor medical use plus five leased apartments, supported by flexible B-2 zoning.
Property Size4,860 SF
Price / SF$133.72
Days on Market58
Property Features for 69206 N Main St
General Information
Standard status
Active
Size
4,860 SF
Zoning
B-2
Additional Details
Business Included
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$8,573
Listing Agency:
RE/MAX Classic
(248) 684-6655
Listed By:
Travis B Cota · License #253755
(248) 684-6655
Source:
Exprealty
Added: Jun 24
Changed: Aug 20
Last Checked: Aug 20 at 2:15PM
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 RE/MAX Classic
Investment Insights
Based on property information with market context.
This corner commercial building is designed for a mixed-use setup, with a bright, street-facing storefront and updated exterior entries. The property is currently operating as a medical sports recovery clinic (Ste 1-A). In addition to the clinic, there are five income-generating apartments with leases in place.
Located in a historic, walkable downtown setting in Richmond, the building’s prominent corner presence supports visibility for first-floor commercial activity. The property is described as having a light, bright storefront with upgraded front and rear doors, including sidelights and a transom, completed in 2026. The site also benefits from storefront windows intended to showcase the street-level space. Zoning is identified as B-2, which allows commercial uses on the first two floors.
For tenants, this configuration can suit healthcare-related operators who want direct street frontage while sharing the building with existing residential income. For buyers, the combination of an operating clinic and five leased apartments provides an established, multi-income structure within the same B-2 envelope. The seller (LLC) requires proof of funds or a lender prequalification conversation known to the owner prior to showings, and the property is described as being furnished with a qualified offer to purchase.
Located in a historic, walkable downtown setting in Richmond, the building’s prominent corner presence supports visibility for first-floor commercial activity. The property is described as having a light, bright storefront with upgraded front and rear doors, including sidelights and a transom, completed in 2026. The site also benefits from storefront windows intended to showcase the street-level space. Zoning is identified as B-2, which allows commercial uses on the first two floors.
For tenants, this configuration can suit healthcare-related operators who want direct street frontage while sharing the building with existing residential income. For buyers, the combination of an operating clinic and five leased apartments provides an established, multi-income structure within the same B-2 envelope. The seller (LLC) requires proof of funds or a lender prequalification conversation known to the owner prior to showings, and the property is described as being furnished with a qualified offer to purchase.
Key Highlights
- Prominent downtown commercial corner with a light, bright first‑floor storefront and flexible B‑2 zoning
- Currently operating as a medical sports recovery clinic (Ste 1‑A) with commercial use allowed on the first 2 floors
- Five additional income‑generating apartments with leases in place
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
$50,953
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
7.84%
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%
$1,019,060
$1.0M
Cap Rate 7%
$727,900
$727.9K
Cap Rate 9%
$566,144
$566.1K
Market Conditions
NOI Build-Up for 4,860 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
$96.2K $19.80/SF
− Vacancy
−$11.3K −$2.33/SF
EGI
$84.9K $17.47/SF
− OpEx
−$34.0K −$6.99/SF
NOI
$51.0K $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%
$1,019,060
Cap Rate 7%
$727,900
Cap Rate 9%
$566,144
Alternative Uses
Best Use
Healthcare Medical
$727.9K
$636.9K – $849.2K
NOI $50,953 @ 7.0% cap · market cap 7.84%
Second Best
Apartment 5plus
$652.0K
$570.5K – $760.7K
NOI $45,641 @ 7.0% cap · market cap 7.02%
Theoretical Best
Specialty Retail
$909.9K
$796.1K – $1.06M
NOI $63,691 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
Business Placement
Demographics for 48062, MI
9,375
Population
3,631
Households
2.6
Avg Household Size
43
Median Age
25%
College-Educated
86%
High-School Grad
39.5 sq mi
ZIP Area
237
Density / Sq Mi
$75,763
Median Household Income
$39,181
Median Earnings
$882
Median Rent
$249,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - A downtown corner building with first-floor medical use plus five leased apartments, supported by flexible B-2 zoning.
Where is this medical center located?
The property is located at 69206 N Main St Richmond, MI.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Prominent downtown commercial corner with a light, bright first‑floor storefront and flexible B‑2 zoning; Currently operating as a medical sports recovery clinic (Ste 1‑A) with commercial use allowed on the first 2 floors; Five additional income‑generating apartments with leases in place
