Brick Flex Space
For Sale
$389,900
317 S Grand Street, Marshall, MI 49068
Commercial Sale, Marshall, MI
Property Size3,640 SF
Lot Size0.56 Acres
Price / SF$107.12
Days on Market149
Property Features for 317 S Grand Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Interior features
Broadband
Elementary school district
Marshall
Middle school district
Marshall
High school district
Marshall
Directions
South of the circle on Kalamazoo to Spruce then East to Grand then North to property
Standard status
Active
APN
53-000-745-00
Size
3,640 SF
Lot size
0.56 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LL@LO
Tax Annual Amount
5495
Legal Description
LL@LO
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
12' overhead doors
14-foot ceilings
New Furnaces
separating Firewall
separate utilities
Building Details
Year built
1998
Floors in Building
1
Number of units
2
Building materials
Brick
Roof type
Composition
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate
(269) 789-0140
Listed By:
Brian Fazekas · License #6506047758
(269) 209-2286
Added: Apr 15
Changed: Sep 7
Last Checked: Sep 10 at 2:06PM
MLS# 26015495
Copyright © 2026 Michigan Regional Information Center, LLC. 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 3,640-square-foot brick commercial property is configured as two separate office and warehouse units, each measuring approximately 1,800 square feet. Both units include 12-foot overhead doors, 14-foot ceilings, forced-air heating, central air, and separate utilities. A firewall divides the suites, while new furnaces support the building’s mechanical systems. Built in 1998, the property also includes broadband access, cable availability, composition roofing, and two bathrooms.
The 0.56-acre property is located at 317 S Grand Street in Marshall, Michigan. Its duplex configuration provides distinct spaces within one commercial building, with brick construction and dedicated utility service for each unit.
The 0.56-acre property is located at 317 S Grand Street in Marshall, Michigan. Its duplex configuration provides distinct spaces within one commercial building, with brick construction and dedicated utility service for each unit.
Key Highlights
- 3,640 SF brick commercial building configured as two separate office/warehouse units
- Approximately 1,800 SF per unit with 12‑foot overhead doors
- 14‑foot ceilings in both commercial units
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
$27,337
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
7.01%
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%
$546,740
$546.7K
Cap Rate 7%
$390,529
$390.5K
Cap Rate 9%
$303,744
$303.7K
Market Conditions
NOI Build-Up for 3,640 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
$34.5K $9.48/SF
− Vacancy
−$2.3K −$0.64/SF
EGI
$32.2K $8.84/SF
− OpEx
−$4.8K −$1.33/SF
NOI
$27.3K $7.51/SF
Area
Calhoun County, MI
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$546,740
Cap Rate 7%
$390,529
Cap Rate 9%
$303,744
Alternative Uses
Best Use
Flex RnD
$704.6K
$616.6K – $822.1K
NOI $49,325 @ 7.0% cap · market cap 12.65%
Second Best
Office B
$572.9K
$501.3K – $668.3K
NOI $40,100 @ 7.0% cap · market cap 10.28%
Theoretical Best
Healthcare Medical
$43.18M
$37.78M – $50.38M
NOI $3,022,529 @ 7.0% cap · market cap 775.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
14 ft
Clear height
2
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
808
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49068, MI
14,325
Population
6,901
Households
2.1
Avg Household Size
45
Median Age
36%
College-Educated
96%
High-School Grad
129.9 sq mi
ZIP Area
110
Density / Sq Mi
$78,476
Median Household Income
$47,198
Median Earnings
$904
Median Rent
$196,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two separately metered commercial units combine office and warehouse functionality with overhead loading doors and adaptable layouts.
Where is this flex space located?
The property is located at 317 S Grand Street Marshall, MI.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: 3,640 SF brick commercial building configured as two separate office/warehouse units; Approximately 1,800 SF per unit with 12‑foot overhead doors; 14‑foot ceilings in both commercial units
