Updated Flex Space with Garage
For Sale
Contact for pricing
1001 Ethel, Hancock, MI 49930
Corner-lot commercial building with mixed-use zoning, private parking, and adaptable interior areas.
Property Size3,240 SF
Price / SF$103.40
Days on Market492
Property Features for 1001 Ethel
General Information
Standard status
Active
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: Oct 12
Last Checked: Oct 14 at 10:39PM
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 / Yr
$18,350
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
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
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 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 11.94%
Second Best
Office B
$459.0K
$401.7K – $535.5K
NOI $32,132 @ 7.0% cap · market cap 9.59%
Theoretical Best
Multifamily LT 5
$40.06M
$35.05M – $46.74M
NOI $2,804,343 @ 7.0% cap · market cap 837.12%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
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
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Market
Vacancy Rate% for Office in Midwest region
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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 $335,000.
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+/-
