Building Details

Year built 1964

Roof type Shingle

Listing Agency: Pilot Property Group - Residential LLC b***@pilotpg.com Show Phone

Listed By: Anthony Rubino · License #6502425251 Show Phone

Added: Apr 14, 2025 Changed: Aug 19 Last Checked: Aug 27 at 11:06PM

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MLS# 50171324

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 flex-space property contains 10 units within a 9,000-square-foot brick building, accompanied by a carport. Constructed in 1964, the asset occupies 1.47 acres and is served by oil heating, public water, and a shingle roof.

The property is located at 2736 Golf Course Drive in Marlette, Michigan, across from the Marlette Golf Course. Its multi-unit configuration provides a defined commercial layout within an established building footprint.

Key Highlights

• 10 units in a 9,000‑square‑foot flex‑space property
• 1.47‑acre parcel with a brick building and carport
• Constructed in 1964

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

$48,119

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

5.74%

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%

$962,380 $962.4K

Cap Rate 7%

$687,414 $687.4K

Cap Rate 9%

$534,656 $534.7K

Market Conditions

NOI Build-Up for 9,000 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

$72.4K $8.04/SF

− Vacancy

−$3.6K −$0.40/SF

EGI

$68.7K $7.64/SF

− OpEx

−$20.6K −$2.29/SF

NOI

$48.1K $5.35/SF

Area

Sanilac County, MI

Vacancy

5.00%

Lease Rate

$8.04 /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%

$962,380

Cap Rate 7%

$687,414

Cap Rate 9%

$534,656

Alternative Uses

Best Use

Flex RnD

$1.38M

$1.21M – $1.61M (±1% cap)

NOI $96,876 @ 7.0% cap · market cap 11.55%

Second Best

Industrial

$687.4K

$601.5K – $802.0K (±1% cap)

NOI $48,119 @ 7.0% cap · market cap 5.74%

Theoretical Best

Office A

$1.91M

$1.67M – $2.23M (±1% cap)

NOI $133,799 @ 7.0% cap · market cap 15.95%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Electrical Service Grocery & Convenience Store Storage Facility (Bike/Boat/Book/etc) Store Bakery Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

10

Office units

10

Residential units

Location Intelligence

Trade Area within ½ mile

261

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 48453, MI

4,956

Population

2,147

Households

2.3

Avg Household Size

41

Median Age

13%

College-Educated

92%

High-School Grad

107.0 sq mi

ZIP Area

46

Density / Sq Mi

$53,413

Median Household Income

$31,907

Median Earnings

$851

Median Rent

$156,500

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Brick commercial property with a separate carport and public water service.

Where is this flex space located?

The property is located at 2736 Golf Course Drive Marlette, MI.

What is the asking price?

The asking price for this property is $839,000.

What are key features of this property?

This property features: 10 units in a 9,000‑square‑foot flex‑space property; 1.47‑acre parcel with a brick building and carport; Constructed in 1964