Heated Auto Shop with
For Sale
$199,000
9449 Genesee Street, New Lothrop, MI 48460
COMMERCIAL - New Lothrop, MI
Property Size2,464 SF
Lot Size0.09 Acres
Price / SF$80.76
Days on Market38
Property Features for 9449 Genesee Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Lot features
Corner Lot
Subdivision
New Lothrop (78026)
Standard status
Active
APN
0046000500803
Size
2,464 SF
Lot size
0.09 Acres
Utilities
Cooling system
Central Air
Water source
Public
Amenities
updated lighting
first-floor office
restroom
unfinished second-floor space
overhead doors
hydraulic lifts
Building Details
Year built
2013
Listing Agency:
Century 21 Signature Realty · Century 21 Real Estate
(989) 921-7000
Listed By:
Ken Kujawa · License #6502333762
(989) 239-5581
Added: Jul 20
Changed: Aug 4
Last Checked: Aug 26 at 5:06PM
MLS# 50215603
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 for-sale commercial property features a fully heated garage/work area with a first-floor office and restroom. The building also includes an unfinished second-floor space that could be completed for additional office use or used for storage, depending on the buyer’s needs. Updated interior and exterior lighting are in place to support day-to-day operations.
Vehicle access is supported by three overhead doors, including one 14-foot door and two 10-foot doors. Two hydraulic vehicle lifts are already installed, providing practical in-shop capability for vehicle maintenance and service activities.
The property is sized at 2,464 square feet and sits on a 0.09-acre lot, with a move-in ready configuration geared toward automotive or service use.
Vehicle access is supported by three overhead doors, including one 14-foot door and two 10-foot doors. Two hydraulic vehicle lifts are already installed, providing practical in-shop capability for vehicle maintenance and service activities.
The property is sized at 2,464 square feet and sits on a 0.09-acre lot, with a move-in ready configuration geared toward automotive or service use.
Key Highlights
- 2013‑built commercial garage with over 2,400 sq. ft. of heated garage and office space
- Central air plus public water service
- First‑floor office and restroom, with an unfinished second‑floor space for additional office or 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
$14,949
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
7.51%
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%
$298,980
$299.0K
Cap Rate 7%
$213,557
$213.6K
Cap Rate 9%
$166,100
$166.1K
Market Conditions
NOI Build-Up for 2,464 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
$22.2K $9.00/SF
− Vacancy
−$821 −$0.33/SF
EGI
$21.4K $8.67/SF
− OpEx
−$6.4K −$2.60/SF
NOI
$14.9K $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%
$298,980
Cap Rate 7%
$213,557
Cap Rate 9%
$166,100
Alternative Uses
Best Use
Retail
$365.4K
$319.7K – $426.3K
NOI $25,579 @ 7.0% cap · market cap 12.85%
Second Best
Industrial
$213.6K
$186.9K – $249.2K
NOI $14,949 @ 7.0% cap · market cap 7.51%
Theoretical Best
Office A
$469.8K
$411.1K – $548.1K
NOI $32,884 @ 7.0% cap · market cap 16.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Location Intelligence
Trade Area within ½ mile
79
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48460, MI
2,341
Population
1,107
Households
2.1
Avg Household Size
44
Median Age
24%
College-Educated
94%
High-School Grad
34.5 sq mi
ZIP Area
68
Density / Sq Mi
$81,146
Median Household Income
$51,842
Median Earnings
$713
Median Rent
$200,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Fully heated garage with first-floor office, restroom, and three overhead doors, plus two hydraulic vehicle lifts.
Where is this auto shop located?
The property is located at 9449 Genesee Street New Lothrop, MI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 2013‑built commercial garage with over 2,400 sq. ft. of heated garage and office space; Central air plus public water service; First‑floor office and restroom, with an unfinished second‑floor space for additional office or storage
