Private Medical Office
For Sale
$890,000
7477 S STATE Road, Goodrich, MI 48438
Well-maintained, tenant-occupied medical building with upper and lower rented levels and two handicap-accessible parking lots.
Property Size3,000 SF
Price / SF$296.67
Days on Market58
Property Features for 7477 S STATE Road
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Industrial
Amenities
3
Asphalt
21647810415238888
Building Details
Year Built
19
Listing Agency:
Century 21 Metro Brokers-Davison
(810) 955-2622
Listed By:
Michelle Bundy
(810) 955-2622
Source:
Xome
Added: Jun 13
Changed: Aug 8
Last Checked: Aug 9 at 4:55AM
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 Century 21 Metro Brokers-Davison
Investment Insights
Based on property information with market context.
This private medical office building is well cared for and maintained, and it is subject to tenant rights. The property is occupied, with the first unit used as a medical doctor’s office, and additional space on the upper and lower levels.
The upper level totals 3,339 square feet, while the lower level includes 2,800 square feet of rented space. The building features two parking lots that are handicap accessible. Located right off M-15 in Goodrich, the property has a roof that was replaced in 2024 and several recent mechanical updates, including a new well pump in 2023, a new upper HVAC system in 2021, and a lower HVAC system replacement in 2022.
Tenants pay TICAM.
The upper level totals 3,339 square feet, while the lower level includes 2,800 square feet of rented space. The building features two parking lots that are handicap accessible. Located right off M-15 in Goodrich, the property has a roof that was replaced in 2024 and several recent mechanical updates, including a new well pump in 2023, a new upper HVAC system in 2021, and a lower HVAC system replacement in 2022.
Tenants pay TICAM.
Key Highlights
- Spacious private medical building off M‑15 in Goodrich, occupied and subject to tenant rights
- Two handicap‑accessible parking lots on‑site
- Upper level offers 3,339 SF of space
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
$34,020
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
3.82%
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%
$680,400
$680.4K
Cap Rate 7%
$486,000
$486.0K
Cap Rate 9%
$378,000
$378.0K
Market Conditions
NOI Build-Up for 3,000 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
$64.8K $21.60/SF
− Vacancy
−$8.1K −$2.70/SF
EGI
$56.7K $18.90/SF
− OpEx
−$22.7K −$7.56/SF
NOI
$34.0K $11.34/SF
Area
Genesee County, MI
Vacancy
12.50%
Lease Rate
$21.60 /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%
$680,400
Cap Rate 7%
$486,000
Cap Rate 9%
$378,000
Alternative Uses
Best Use
Healthcare Medical
$486.0K
$425.3K – $567.0K
NOI $34,020 @ 7.0% cap · market cap 3.82%
Second Best
Office B
$472.1K
$413.1K – $550.8K
NOI $33,049 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$631.3K
$552.4K – $736.5K
NOI $44,190 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
135
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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- Pytel Veterinary Clinic — 7485 S State Rd, Goodrich, MI 48438
Frequently Asked Questions
What type of property is this?
Medical Office Space - Well-maintained, tenant-occupied medical building with upper and lower rented levels and two handicap-accessible parking lots.
Where is this medical office space located?
The property is located at 7477 S STATE Road Goodrich, MI.
What is the asking price?
The asking price for this property is $890,000.
What are key features of this property?
This property features: Spacious private medical building off M‑15 in Goodrich, occupied and subject to tenant rights; Two handicap‑accessible parking lots on‑site; Upper level offers 3,339 SF of space
