Cannabis Facility Building with
For Sale
$595,000
1500 Mcmillan Road, Owosso, MI 48867
COM/IND/BUS OPP, Owosso, MI
Property Size6,000 SF
Lot Size3.17 Acres
Price / SF$99.17
Days on Market424
Property Features for 1500 Mcmillan Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial
Lot features
Main Street
Subdivision
Shiawassee Twp (78013)
Standard status
Active
APN
050-553-000-008-00
Size
6,000 SF
Lot size
3.17 Acres
Utilities
Water source
Public
Building Details
Year built
2000
Roof type
Shingle
Listing Agency:
Pilot Property Group - Residential LLC
(586) 254-0900
Listed By:
Anthony Rubino · License #6502425251
(586) 873-5419
Added: Jun 30, 2025
Changed: Aug 19
Last Checked: Aug 27 at 11:06PM
MLS# 50180127
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6,000-square-foot cannabis property occupies 3.17 acres and was built in 2000. The building is whiteboxed for interior buildout and features radiant ceiling heat supported by 6 inches of insulation. A shingle roof and public water service are also in place.
The property qualifies for use as a cannabis grow or processing facility. Its parking area has been recently resurfaced, and the site backs up to city-owned property. Located in Owosso, Michigan, the asset combines an existing commercial structure with a sizable parcel for a specialized cannabis operation.
The property qualifies for use as a cannabis grow or processing facility. Its parking area has been recently resurfaced, and the site backs up to city-owned property. Located in Owosso, Michigan, the asset combines an existing commercial structure with a sizable parcel for a specialized cannabis operation.
Key Highlights
- 6,000 square feet on 3.17 acres
- Qualifies for a cannabis grow or processing facility
- Whiteboxed interior ready for buildout
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
$36,401
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
6.12%
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%
$728,020
$728.0K
Cap Rate 7%
$520,014
$520.0K
Cap Rate 9%
$404,456
$404.5K
Market Conditions
NOI Build-Up for 6,000 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
$54.0K $9.00/SF
− Vacancy
−$2.0K −$0.33/SF
EGI
$52.0K $8.67/SF
− OpEx
−$15.6K −$2.60/SF
NOI
$36.4K $6.07/SF
Area
Shiawassee County, MI
Vacancy
3.70%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$728,020
Cap Rate 7%
$520,014
Cap Rate 9%
$404,456
Alternative Uses
Best Use
Industrial
$520.0K
$455.0K – $606.7K
NOI $36,401 @ 7.0% cap · market cap 6.12%
Second Best
Flex RnD
$470.7K
$411.8K – $549.1K
NOI $32,947 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$1.14M
$1.00M – $1.33M
NOI $80,074 @ 7.0% cap · market cap 13.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
97
Businesses Nearby
Explore this area
Business Placement
Demographics for 48867, MI
27,596
Population
12,660
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
136.0 sq mi
ZIP Area
203
Density / Sq Mi
$58,718
Median Household Income
$37,908
Median Earnings
$834
Median Rent
$145,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Cannabis property - Whiteboxed commercial building with radiant ceiling heat and a recently resurfaced parking area.
Where is this cannabis property located?
The property is located at 1500 Mcmillan Road Owosso, MI.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 6,000 square feet on 3.17 acres; Qualifies for a cannabis grow or processing facility; Whiteboxed interior ready for buildout
