Updated Flex Space with Garage
For Sale
Contact for pricing
Pending
1001 Ethel, Hancock, MI 49930
Corner-lot commercial building with mixed-use zoning, private parking, and adaptable interior areas.
Property Size3,240 SF
Days on Market447
Property Features for 1001 Ethel
General Information
Standard status
Pending
Size
3,240 SF
Property subtype
Special Purpose
Zoning
Community Mixed-Use
Additional Details
Power
200 amps
Amenities
bathrooms
breakroom with kitchenette
Building Details
Buildings
1
Listing Agency:
CENTURY 21 North Country
Listed By:
Danielle Hoskins · License #MI
Source:
Crexi
Added: Jun 11, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:16AM
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 CENTURY 21 North Country
Investment Insights
Based on property information with market context.
This 3,240-square-foot flex property occupies a corner lot within Hancock’s Community Mixed-Use zoning district. The interior includes an open room measuring approximately 22x36 feet, two bathrooms, and a 16x12-foot breakroom with kitchenette. Two garage areas—approximately 24x46 feet and 24x24 feet—provide additional workshop or storage capacity, with potential for other configurations subject to the buyer’s plans and applicable requirements.
The property includes private parking and a sizable lot serving customer and operational access. It sits in a mixed commercial and residential area near schools and a hospital. The roof was replaced approximately 5+/- years ago, while the heating system with central air conditioning is approximately 10+/- years old. Electrical service is provided by a 200amp panel. Restrictive covenants at closing will prohibit competing heating, plumbing, and fireplace service or sales businesses from operating at the property for 15 years, subject to final deed language.
The property includes private parking and a sizable lot serving customer and operational access. It sits in a mixed commercial and residential area near schools and a hospital. The roof was replaced approximately 5+/- years ago, while the heating system with central air conditioning is approximately 10+/- years old. Electrical service is provided by a 200amp panel. Restrictive covenants at closing will prohibit competing heating, plumbing, and fireplace service or sales businesses from operating at the property for 15 years, subject to final deed language.
Key Highlights
- 3,240‑square‑foot commercial flex property on a corner lot
- Community Mixed‑Use zoning in the City of Hancock
- Open room measures approximately 22x36+/-
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
$18,350
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
5.32%
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%
$367,000
$367.0K
Cap Rate 7%
$262,143
$262.1K
Cap Rate 9%
$203,889
$203.9K
Market Conditions
NOI Build-Up for 3,240 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
$29.2K $9.00/SF
− Vacancy
−$2.9K −$0.91/SF
EGI
$26.2K $8.09/SF
− OpEx
−$7.9K −$2.43/SF
NOI
$18.4K $5.66/SF
Area
Houghton County, MI
Vacancy
10.10%
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%
$367,000
Cap Rate 7%
$262,143
Cap Rate 9%
$203,889
Alternative Uses
Best Use
Flex RnD
$571.2K
$499.8K – $666.4K
NOI $39,986 @ 7.0% cap · market cap 11.59%
Second Best
Office B
$459.0K
$401.7K – $535.5K
NOI $32,132 @ 7.0% cap · market cap 9.31%
Theoretical Best
Multifamily LT 5
$40.06M
$35.05M – $46.74M
NOI $2,804,343 @ 7.0% cap · market cap 812.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
297
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49930, MI
7,135
Population
3,366
Households
2.1
Avg Household Size
36
Median Age
44%
College-Educated
96%
High-School Grad
49.5 sq mi
ZIP Area
144
Density / Sq Mi
$67,946
Median Household Income
$31,847
Median Earnings
$749
Median Rent
$211,900
Median Home Value
Market
Vacancy Rate% for Office 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 - Corner-lot commercial building with mixed-use zoning, private parking, and adaptable interior areas.
Where is this flex space located?
The property is located at 1001 Ethel Hancock, MI.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 3,240‑square‑foot commercial flex property on a corner lot; Community Mixed‑Use zoning in the City of Hancock; Open room measures approximately 22x36+/-
