Building Details

Year Built 1994

Units 2

Listing Agency: Skylark Commercial Realty

Listed By: Mike Zieldorff · License #MI6501445702

Source: Crexi

Added: Sep 23, 2024 Changed: Sep 28 Last Checked: Oct 9 at 8:01PM

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Investment Insights

Based on property information with market context.

This commercial property features 1,581 square feet on the main floor and an additional 1,581 square feet on the lower level. The main floor, formerly a dental office, includes three treatment rooms, a lab, and an office with a private restroom, making it suitable for dental practices or other healthcare services. The lower level is currently occupied by a tenant interested in remaining. The property includes 24 surface parking spaces. This property presents an opportunity for investors or business owners to establish a presence in an emerging location.

Key Highlights

• Two floors each with 1,581 SF, totaling 3,162 SF of commercial space.
• Main floor equipped with three treatment rooms, a lab, and a private office with restroom.
• 24 surface parking spaces available.**

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$35,252

Cap Rate

9.16%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$705,040 $705.0K

Cap Rate 7%

$503,600 $503.6K

Cap Rate 9%

$391,689 $391.7K

Market Conditions

NOI Build-Up for 3,200 SF

Gross rent

$54.5K $17.04/SF

− Vacancy

−$7.5K −$2.35/SF

EGI

$47.0K $14.69/SF

− OpEx

−$11.8K −$3.67/SF

NOI

$35.3K $11.02/SF

Area

Genesee County, MI

Vacancy

13.80%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$705,040

Cap Rate 7%

$503,600

Cap Rate 9%

$391,689

Alternative Uses

Best Use

Healthcare Medical

$518.4K

$453.6K – $604.8K (±1% cap)

NOI $36,288 @ 7.0% cap · market cap 9.43%

Second Best

Office B

$503.6K

$440.7K – $587.5K (±1% cap)

NOI $35,252 @ 7.0% cap · market cap 9.16%

Theoretical Best

Office A

$673.4K

$589.2K – $785.6K (±1% cap)

NOI $47,136 @ 7.0% cap · market cap 12.24%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Dr. Brad Rice Dental Office Goodrich Family Dentistry Dental Office Paws & Pearls Pet ... Pet Grooming Service Bradford Rice Dental Office

Suggested Use

Top Pick Building Supply Law Firm Hair Salon Electrical Service Spa & Massage Center Furniture & Home Goods

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

138

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 48438, MI

7,074

Population

2,781

Households

2.5

Avg Household Size

44

Median Age

34%

College-Educated

98%

High-School Grad

31.9 sq mi

ZIP Area

222

Density / Sq Mi

$100,759

Median Household Income

$53,866

Median Earnings

$1,353

Median Rent

$309,000

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?

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Well-maintained commercial property with tenant, ideal for healthcare services.

Where is this medical office space located?

The property is located at 7461 S State Rd Goodrich, MI.

What is the asking price?

The asking price for this property is $385,000.

What are key features of this property?

This property features: Two floors each with 1,581 SF, totaling 3,162 SF of commercial space.; Main floor equipped with **three treatment rooms, a lab, and a private office with restroom.**; 24 surface parking spaces available.**