Flex Space with Fenced Rear
For Sale
$375,000
5742 Peck Road, Croswell, MI 48422
COMMERCIAL - Croswell, MI
Property Size3,742 SF
Lot Size3.16 Acres
Price / SF$100.21
Days on Market131
Property Features for 5742 Peck Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Lot features
Corner Lot, Main Street
Subdivision
Lexington Twp (76015)
Standard status
Active
APN
150-033-100-010-00
Size
3,742 SF
Lot size
3.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2640
Utilities
Water source
Private
Listing Agency:
Epique Inc.
(248) 218-2604
Listed By:
Michael Rickerman · License #6506045489
(810) 712-1568
Added: Apr 28
Changed: Aug 4
Last Checked: Sep 5 at 2:06PM
MLS# 50205644
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 property includes a 3,742-square-foot building on 3.16 acres, with separate front and rear sections. The front portion measures 40 by 40 feet and provides 1,582 square feet with upper-level storage. The rear portion measures 40 by 54 feet and contains 2,160 square feet, also with additional upper-level storage. The building requires complete renovation and includes two garage doors: a 12-foot-high by 12-foot-wide front door and a 10-foot-high by 8-foot-wide side door.
The property is positioned at the intersection of Peck Road, designated M-90, and Wildcat Road in Croswell. A fenced rear portion provides a defined outdoor area, and the property’s water source is private.
The property is positioned at the intersection of Peck Road, designated M-90, and Wildcat Road in Croswell. A fenced rear portion provides a defined outdoor area, and the property’s water source is private.
Key Highlights
- 3.16‑acre flex property with a 3,742‑square‑foot building
- Front section measures 40x40 feet and includes 1,582 SF plus upper‑level storage
- Rear section measures 40x54 feet and includes 2,160 SF plus upper‑level storage
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
$20,007
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
5.34%
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%
$400,140
$400.1K
Cap Rate 7%
$285,814
$285.8K
Cap Rate 9%
$222,300
$222.3K
Market Conditions
NOI Build-Up for 3,742 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
$30.1K $8.04/SF
− Vacancy
−$1.5K −$0.40/SF
EGI
$28.6K $7.64/SF
− OpEx
−$8.6K −$2.29/SF
NOI
$20.0K $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%
$400,140
Cap Rate 7%
$285,814
Cap Rate 9%
$222,300
Alternative Uses
Best Use
Flex RnD
$575.4K
$503.5K – $671.3K
NOI $40,279 @ 7.0% cap · market cap 10.74%
Second Best
Industrial
$285.8K
$250.1K – $333.5K
NOI $20,007 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$794.7K
$695.4K – $927.2K
NOI $55,631 @ 7.0% cap · market cap 14.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48422, MI
6,130
Population
2,875
Households
2.1
Avg Household Size
43
Median Age
14%
College-Educated
89%
High-School Grad
95.2 sq mi
ZIP Area
64
Density / Sq Mi
$57,078
Median Household Income
$33,312
Median Earnings
$807
Median Rent
$162,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Three-building?
Where is this flex space located?
The property is located at 5742 Peck Road Croswell, MI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 3.16‑acre flex property with a 3,742‑square‑foot building; Front section measures 40x40 feet and includes 1,582 SF plus upper‑level storage; Rear section measures 40x54 feet and includes 2,160 SF plus upper‑level storage
