Medical Office Space
For Sale
Contact for pricing
41750 Michigan Ave, Canton, MI 48188
Built-out medical office space with exam rooms and ample parking.
Property Size3,400 SF
Price / SF$139.71
Days on Market2674
Property Features for 41750 Michigan Ave
General Information
Standard status
Active
Size
3,400 SF
Property subtype
Office
Zoning
C-3
Listing Agency:
Insite Commercial
(248) 359-9000
Listed By:
Kyle Nelson · License #MI 6501407469
Source:
Crexi
Added: Apr 26, 2019
Changed: Aug 8
Last Checked: May 19 at 10:26PM
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 Insite Commercial
Investment Insights
Based on property information with market context.
This is a built-out medical office space featuring seven exam rooms, four restrooms, a reception area, a waiting room, and executive offices. The 3,400 square-foot property presents an opportunity to divide the space into two medical suites. Signage is available on Michigan Avenue, and ample parking is provided.
Key Highlights
- Built‑out Medical Office Space featuring seven exam rooms
- Opportunity to divide into two medical suites
- Signage on Michigan Ave. provides excellent visibility
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
$35,804
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
7.54%
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%
$716,080
$716.1K
Cap Rate 7%
$511,486
$511.5K
Cap Rate 9%
$397,822
$397.8K
Market Conditions
NOI Build-Up for 3,400 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
$68.1K $20.04/SF
− Vacancy
−$8.5K −$2.49/SF
EGI
$59.7K $17.55/SF
− OpEx
−$23.9K −$7.02/SF
NOI
$35.8K $10.53/SF
Area
Wayne County, MI
Vacancy
12.42%
Lease Rate
$20.04 /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%
$716,080
Cap Rate 7%
$511,486
Cap Rate 9%
$397,822
Alternative Uses
Best Use
Healthcare Medical
$511.5K
$447.6K – $596.7K
NOI $35,804 @ 7.0% cap · market cap 7.54%
Second Best
Office B
$167.2K
$146.3K – $195.1K
NOI $11,705 @ 7.0% cap · market cap 2.46%
Theoretical Best
Specialty Retail
$629.5K
$550.8K – $734.4K
NOI $44,064 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
111
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48188, MI
46,161
Population
16,885
Households
2.7
Avg Household Size
38
Median Age
56%
College-Educated
95%
High-School Grad
17.9 sq mi
ZIP Area
2,579
Density / Sq Mi
$118,037
Median Household Income
$61,721
Median Earnings
$1,536
Median Rent
$356,700
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?
Medical Office Space - Built-out medical office space with exam rooms and ample parking.
Where is this medical office space located?
The property is located at 41750 Michigan Ave Canton, MI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Built‑out Medical Office Space featuring seven exam rooms; Opportunity to divide into two medical suites; Signage on Michigan Ave. provides excellent visibility
