Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    27895-27953 23 Mile Rd New Baltimore, MI 48051

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Michigan medical office space for lease.

    Lot size:
    155,958 SF

    Property Features for 27895-27953 23 Mile Rd

    General Information

    Property type
    Neighborhood centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    155,958 SF
    Total Rate
    155958

    Building Details

    Year Built
    1995

    Spaces For Lease

    at 27895-27953 23 Mile Rd, New Baltimore, MI 48051 Contact us
    Unit Suite 2

    $12 /Mo

    Size
    4,467 SF
    Contact us
    Unit Suite 3

    $12 /Mo

    Size
    2,835 SF
    Contact us

    We can help!

    Listing Contact
    Alan Stern
    Alan Stern

    Listing Agency: Friedman Real Estate Listing Agent: Alan Stern

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 155,958 square foot medical office and retail property, located at 27895-27953 23 Mile Road in New Baltimore, Michigan, presents a unique investment opportunity. Built in 1995, the property sits on a generous 15.55-acre lot (APN: 09-14-376-029) and offers ample parking with 1000 spaces. The property is currently configured as a multi-tenant strip center with a total of 155,958 square feet, offering flexible space options. Currently, there is 15,040 square feet of vacant space available, divisible into units as small as 2,835 square feet and with a maximum contiguous space of 15,040 square feet. This prime location in Virginia County, Michigan, (zip code 48051) provides excellent visibility and accessibility. The property's classification as both retail and office space allows for diverse tenant possibilities, making it an ideal investment for a variety of businesses. The substantial size of the available space, combined with the ample parking and convenient location, makes this property an attractive option for medical practices seeking expansion or relocation. This is a rare opportunity to acquire a significant medical office complex in a thriving Michigan community.
    Property Profile Location Intelligence

    Current Use by Public Records

    Neighborhood centers

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Baltimore
    County
    Virginia
    State
    Michigan
    Longitude
    -82.828673
    Latitude
    42.67561

    Nearby Similar for Lease

    • $500 /Mo
      80 SF

      Chesterfield Coworking Space Private Office

      Private office in coworking space with shared amenities and utilities.
      55951 Gratiot Ave, Chesterfield, MI 48051
      View Details
    • $2,000 /Mo
      2,400 SF

      Chesterfield Office Space Available

      Professional office space near I-94 in Chesterfield, MI.
      30845 23 Mile Rd, Chesterfield, MI 48047
      View Details
    • $3,006 /Mo

      Renovated Professional Building Office Space

      Last unit available in renovated professional building near I-94.
      32743 23 Mile Rd, New Baltimore, MI 48047
      View Details
    • $1,400 /Mo

      Retail Space in High-Traffic Plaza

      Retail space for rent in high-traffic Plaza By The Bay.
      35346 23 Mile Rd, New Baltimore, MI 48047
      View Details
    • $1,500 /Mo

      Retail Space For Rent

      Retail space available for lease.
      55931 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • $1,750 /Mo

      Retail Space in Oakwood Square

      Retail space with overhead door and large parking lot.
      46700 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • $1,800 /Mo

      Professional Suite in Pyramid Center

      Versatile 1,798 sq. ft. office suite for lease.
      33497 23 Mile Rd, New Baltimore, MI 48047
      View Details
    • $1,700 /Mo

      Retail/Medical/Office Space Available

      High-traffic location with retail, medical, and office potential.
      52370 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • $1,000 /Mo

      Retail Space on Gratiot Avenue

      Retail space with high ceilings and kitchenette for rent.
      49906 Gratiot Ave, New Baltimore, MI 48051
      View Details
    • $15 SF/Yr
      2,646 SF

      Retail Space on Gratiot Avenue

      Retail space available for lease on Gratiot Avenue.
      46970 Gratiot Ave, Chesterfield, MI
      View Details
    • $1,800 /Mo

      Retail/Office Space, Excellent Visibility

      Retail or office space with great freeway access and visibility.
      49684 Gratiot Rd, New Baltimore, MI 48051
      View Details
    • $1,600 /Mo

      Retail Space Available For Rent

      Retail space for lease in Chesterfield Township, Michigan.
      49540 Gratiot Ave, New Baltimore, MI 48051
      View Details

    FAQs

    What type of property is this?
    Neighborhood center - Michigan medical office space for lease.
    Where is this neighborhood center located?
    The property is located at 27895-27953 23 Mile Rd New Baltimore, MI.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: 7,300 SF available, divisible into 4,465 SF or 2,835 SF units.; Located in Macomb County, SE Michigan's fastest-growing county, with significant surrounding commercial and residential development.; Excellent co-tenancy including Target, Staples, Buffalo Wild Wings, and more.
    (248) 848-4119 Call to check price and availability
    Request Owner's contact information
    27895-27953 23 Mile Rd New Baltimore, MI 48051
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    27895-27953 23 Mile Rd
    New Baltimore, MI 48051
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    27895-27953 23 Mile Rd New Baltimore, MI 48051
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Alan Stern
    Alan Stern
    Real Estate License ID: 101010
    (248) 848-4119
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!