Flex Space with Garage
For Sale
$269,900
Pending
1-a-10320 Holly Rd, Grand Blanc, MI 48439
Finished garage condominium units offer private restrooms, climate control, and dedicated electrical service for storage or workspace use.
Property Size1,500 SF
Days on Market42
Property Features for 1-a-10320 Holly Rd
General Information
Standard status
Pending
Size
1,500 SF
Taxes and HOA fees
Annual Taxes
$6,124
Listing Agency:
Gearhead Homes Realty Inc
(248) 974-6003
Listed By:
Brian McNamara · License #6501376331
(248) 974-6003
Source:
Exprealty
Added: Jul 10
Changed: Aug 18
Last Checked: Aug 20 at 12:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Gearhead Homes Realty Inc
Investment Insights
Based on property information with market context.
This newly built flex-space property offers 1,500-square-foot garage condominium units measuring 30 feet wide by 50 feet deep. Each unit has a vaulted ceiling ranging from 20 feet at the front to 17 feet at the rear, a private half bathroom, and a floor drain with an oil/water separation system. Finished interiors include block and drywall, R19 insulated walls, R38 insulated ceilings, reinforced concrete floors with a vapor barrier, LED lighting, and plumbing rough-ins for a utility sink.
Building systems include a 14-foot insulated garage door with window panels, a remote-operated Jackshaft opener, 100-amp electrical service, forced-air gas heat and A/C, a Wi-Fi thermostat, an interior hose bib, Comcast internet hookup, and plumbing for water and gas. Units can be combined for additional square footage, with optional post-closing upgrades including a mezzanine, utility sink, ceiling fans, and enhanced electrical packages. The property is located at 1-a-10320 Holly Rd, Grand Blanc, MI 48439.
Building systems include a 14-foot insulated garage door with window panels, a remote-operated Jackshaft opener, 100-amp electrical service, forced-air gas heat and A/C, a Wi-Fi thermostat, an interior hose bib, Comcast internet hookup, and plumbing for water and gas. Units can be combined for additional square footage, with optional post-closing upgrades including a mezzanine, utility sink, ceiling fans, and enhanced electrical packages. The property is located at 1-a-10320 Holly Rd, Grand Blanc, MI 48439.
Key Highlights
- 1,500 sq. ft. units measure 30’W x 50’D
- Vaulted ceilings reach 20’ at the front and taper to 17’ at the rear
- Private half bathroom and floor drain with oil/water separation system
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
$10,316
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
3.82%
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%
$206,320
$206.3K
Cap Rate 7%
$147,371
$147.4K
Cap Rate 9%
$114,622
$114.6K
Market Conditions
NOI Build-Up for 1,500 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
$13.5K $9.00/SF
− Vacancy
−$1.4K −$0.91/SF
EGI
$12.1K $8.09/SF
− OpEx
−$1.8K −$1.21/SF
NOI
$10.3K $6.88/SF
Area
Genesee County, MI
Vacancy
10.10%
Lease Rate
$9.00 /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%
$206,320
Cap Rate 7%
$147,371
Cap Rate 9%
$114,622
Alternative Uses
Best Use
Warehouse
$147.4K
$129.0K – $171.9K
NOI $10,316 @ 7.0% cap · market cap 3.82%
Second Best
Industrial
$121.4K
$106.2K – $141.6K
NOI $8,496 @ 7.0% cap · market cap 3.15%
Theoretical Best
Office A
$315.6K
$276.2K – $368.3K
NOI $22,095 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
371
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48439, MI
51,719
Population
22,101
Households
2.3
Avg Household Size
41
Median Age
43%
College-Educated
96%
High-School Grad
54.5 sq mi
ZIP Area
949
Density / Sq Mi
$88,505
Median Household Income
$47,506
Median Earnings
$1,035
Median Rent
$250,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Finished garage condominium units offer private restrooms, climate control, and dedicated electrical service for storage or workspace use.
Where is this flex space located?
The property is located at 1-a-10320 Holly Rd Grand Blanc, MI.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: 1,500 sq. ft. units measure 30’W x 50’D; Vaulted ceilings reach 20’ at the front and taper to 17’ at the rear; Private half bathroom and floor drain with oil/water separation system
