Renovated Office with Built-in
For Sale
Contact for pricing
22830 Kelly Rd, Eastpointe, MI 48021
Renovated office space with top-of-the-line equipment and built-in pool.
Property Size2,730 SF
Price / SF$164.84
Days on Market919
Property Features for 22830 Kelly Rd
General Information
Standard status
Active
Size
2,730 SF
Class
A
Property subtype
Office
Building Details
Year Built
1960
Listing Agency:
eXp Realty LLC - Michigan
Listed By:
Sotero Lopez II · License #MI 6501379765
(586) 863-3300
Source:
Crexi
Added: Mar 1, 2024
Changed: Sep 4
Last Checked: Sep 3 at 4:34AM
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 eXp Realty LLC - Michigan
Investment Insights
Based on property information with market context.
This renovated office space, previously Axpert Rehab Aquatics, features top-of-the-line equipment and a built-in pool. The 2,730 square-foot property has been completely renovated from top to bottom. The building includes SportsArt massage chairs, treadmills, bicycles, a Hydroworx EVO aquatic therapy machine, and a trampoline. It also features a washer and dryer. Both bathrooms have showers. The property also includes a large office on the second level with room to expand. The roof and mechanicals are new.
Key Highlights
- Fully equipped, turn‑key physical therapy facility with top‑of‑the‑line equipment, including a Hydroworx EVO Aquatic Therapy machine, SportsArt massage chairs, treadmills, and bicycles.
- Features a built‑in pool designed for aquatic therapy.
- Completely renovated from top to bottom with new mechanicals and roof.
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
$28,622
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
6.36%
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%
$572,440
$572.4K
Cap Rate 7%
$408,886
$408.9K
Cap Rate 9%
$318,022
$318.0K
Market Conditions
NOI Build-Up for 2,730 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
$54.1K $19.80/SF
− Vacancy
−$6.4K −$2.33/SF
EGI
$47.7K $17.47/SF
− OpEx
−$19.1K −$6.99/SF
NOI
$28.6K $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%
$572,440
Cap Rate 7%
$408,886
Cap Rate 9%
$318,022
Alternative Uses
Best Use
Healthcare Medical
$408.9K
$357.8K – $477.0K
NOI $28,622 @ 7.0% cap · market cap 6.36%
Second Best
Office B
$134.3K
$117.5K – $156.6K
NOI $9,398 @ 7.0% cap · market cap 2.09%
Theoretical Best
Specialty Retail
$511.1K
$447.2K – $596.3K
NOI $35,777 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Explore this area
Business Placement
Demographics for 48021, MI
34,244
Population
14,124
Households
2.4
Avg Household Size
37
Median Age
15%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
6,715
Density / Sq Mi
$58,196
Median Household Income
$35,836
Median Earnings
$1,335
Median Rent
$129,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Rehabilitation center - Renovated office space with top-of-the-line equipment and built-in pool.
Where is this rehabilitation center located?
The property is located at 22830 Kelly Rd Eastpointe, MI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Fully equipped, turn‑key physical therapy facility with top‑of‑the‑line equipment, including a Hydroworx EVO Aquatic Therapy machine, SportsArt massage chairs, treadmills, and bicycles.; Features a built‑in pool designed for aquatic therapy.; Completely renovated from top to bottom with new mechanicals and roof.
