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7461 S State Rd, Goodrich, MI 48438
Well-maintained commercial property with tenant, ideal for healthcare services.
Property Size3,200 SF
Price / SF$120.31
Days on Market703
Property Features for 7461 S State Rd
General Information
Standard status
Active
Size
3,200 SF
Class
C
Property subtype
Retail, Office
Investment Type
Owner/User
Building Details
Year Built
1994
Units
2
Listing Agency:
Skylark Commercial
Listed By:
Mike Zieldorff · License #MI6501445702
Source:
Crexi
Added: Sep 23, 2024
Changed: Aug 11
Last Checked: Aug 25 at 4:11PM
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 Skylark Commercial
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 = 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
$35,252
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
9.16%
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%
$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
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
$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 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%
$705,040
Cap Rate 7%
$503,600
Cap Rate 9%
$391,689
Alternative Uses
Best Use
Healthcare Medical
$518.4K
$453.6K – $604.8K
NOI $36,288 @ 7.0% cap · market cap 9.43%
Second Best
Office B
$503.6K
$440.7K – $587.5K
NOI $35,252 @ 7.0% cap · market cap 9.16%
Theoretical Best
Office A
$673.4K
$589.2K – $785.6K
NOI $47,136 @ 7.0% cap · market cap 12.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Similar Off Market Nearby
- Pytel Veterinary Clinic — 7485 S State Rd, Goodrich, MI 48438
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.**
