Flex Building with Road
For Sale
$249,000
95 W Carleton Road, Hillsdale, MI 49242
COMMERCIAL - Hillsdale, MI
Property Size1,804 SF
Lot Size0.44 Acres
Price / SF$138.03
Days on Market255
Property Features for 95 W Carleton Road
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
Hillsdale
Middle school district
Hillsdale
High school district
Hillsdale
Directions
Southeast side of Carleton Rd. Just south of Fayette St.
Subdivision
Hillsdale County - X
Standard status
Active
APN
006-222-454-09
Size
1,804 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Per Deed
Tax Annual Amount
3474
Legal Description
Per Deed
Utilities
Utilities
Cable Available
Heating system
Radiant
Building Details
Year built
1950
Listing Agency:
Spieth & Satow Auctions & Real Estate
(517) 439-2528
Listed By:
Darin W Spieth · License #6501348697
(517) 398-6060
Added: Dec 15, 2025
Changed: Aug 4
Last Checked: Aug 27 at 1:06AM
MLS# 25061953
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 flex-space property includes an approximately 1,804-square-foot building on 0.44 acres. Constructed in 1950, the structure has radiant heating, broadband, a bathroom, and utilities in place, including cable availability. The building can be maintained in its current configuration or adapted for another commercial use.
The property fronts W Carleton Road, also identified as M99, in Hillsdale, Michigan, with over 140 feet of road frontage. Existing pavement occupies a substantial portion of the site, providing established hardscape around the building. Its position along the curved roadway and its combination of building area, frontage, and paved surface define the property’s commercial layout.
The property fronts W Carleton Road, also identified as M99, in Hillsdale, Michigan, with over 140 feet of road frontage. Existing pavement occupies a substantial portion of the site, providing established hardscape around the building. Its position along the curved roadway and its combination of building area, frontage, and paved surface define the property’s commercial layout.
Key Highlights
- 1,804‑square‑foot flex‑space building on a 0.44‑acre site
- Over 140 feet of road frontage on W Carleton Road (M99)
- Existing pavement covers a substantial portion of the property
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
$15,146
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
6.08%
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%
$302,920
$302.9K
Cap Rate 7%
$216,371
$216.4K
Cap Rate 9%
$168,289
$168.3K
Market Conditions
NOI Build-Up for 1,804 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
$25.3K $14.04/SF
− Vacancy
−$2.0K −$1.12/SF
EGI
$23.3K $12.92/SF
− OpEx
−$8.2K −$4.52/SF
NOI
$15.1K $8.40/SF
Area
Hillsdale County, MI
Vacancy
8.00%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
35.00%
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%
$302,920
Cap Rate 7%
$216,371
Cap Rate 9%
$168,289
Alternative Uses
Best Use
Flex RnD
$216.4K
$189.3K – $252.4K
NOI $15,146 @ 7.0% cap · market cap 6.08%
Second Best
Industrial
$146.0K
$127.7K – $170.3K
NOI $10,217 @ 7.0% cap · market cap 4.10%
Theoretical Best
Specialty Retail
$286.6K
$250.8K – $334.4K
NOI $20,065 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
723
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49242, MI
14,812
Population
6,687
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
90.6 sq mi
ZIP Area
163
Density / Sq Mi
$57,813
Median Household Income
$28,886
Median Earnings
$770
Median Rent
$182,900
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.
Similar Off Market Nearby
- Cascades Urology — 240 W Carleton Rd, Hillsdale, MI 49242
- Hillsdale College Dining — Central Hall, 33 E College St, Hillsdale, MI 49242
Frequently Asked Questions
What type of property is this?
Flex space - Existing utilities, paved area, and adaptable interior support a range of commercial configurations.
Where is this flex space located?
The property is located at 95 W Carleton Road Hillsdale, MI.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: 1,804‑square‑foot flex‑space building on a 0.44‑acre site; Over 140 feet of road frontage on W Carleton Road (M99); Existing pavement covers a substantial portion of the property
