Listing Agency: EXP Realty Main m***@exprealty.net Show Phone

Listed By: Carmita Ballard Show Phone

Source: Exprealty

Added: Aug 13 Changed: Oct 3 Last Checked: Oct 4 at 3:04PM

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Investment Insights

Based on property information with market context.

Located at 1014 N Johnson St in Bay City, this approximately 2,800 sq. ft. commercial building was originally built in 1900 and has undergone extensive renovation. The property is currently operating as a licensed cannabis dispensary, with updated interior finishes, a newer roof, and a maintained retail configuration.

The offering consists of the real estate only. Business operations, licensing, inventory, furniture, fixtures, equipment, security systems, POS equipment, and other contents are excluded, although certain business-related assets may be negotiated separately. Continued cannabis use and other commercial applications remain subject to applicable zoning and licensing requirements.

Key Highlights

• Approximately 2,800 sq. ft. commercial building
• Currently operating as a licensed cannabis dispensary
• Extensive interior renovation with updated finishes

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,868

Cap Rate

5.22%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$417,360 $417.4K

Cap Rate 7%

$298,114 $298.1K

Cap Rate 9%

$231,867 $231.9K

Market Conditions

NOI Build-Up for 2,823 SF

Gross rent

$33.9K $12.00/SF

− Vacancy

−$4.1K −$1.44/SF

EGI

$29.8K $10.56/SF

− OpEx

−$8.9K −$3.17/SF

NOI

$20.9K $7.39/SF

Area

Bay County, MI

Vacancy

12.00%

Lease Rate

$12.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$417,360

Cap Rate 7%

$298,114

Cap Rate 9%

$231,867

Alternative Uses

Best Use

Retail

$298.1K

$260.9K – $347.8K (±1% cap)

NOI $20,868 @ 7.0% cap · market cap 5.22%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$511.0K

$447.2K – $596.2K (±1% cap)

NOI $35,773 @ 7.0% cap · market cap 8.94%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Open Analytics

Current Use

Xhale Cannabis Company (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick HVAC Service Daycare Center Parking Lot & Garage (Bike/Boat/Book/etc) Store Carpet & Flooring Store Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

289

Businesses Nearby

6k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

7-Eleven Shops & Services

6,411 visits/mo 0.5 miles

Demographics for 48708, MI

25,860

Population

12,625

Households

2

Avg Household Size

41

Median Age

17%

College-Educated

89%

High-School Grad

29.1 sq mi

ZIP Area

889

Density / Sq Mi

$50,216

Median Household Income

$31,978

Median Earnings

$703

Median Rent

$98,500

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this cannabis properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Cannabis property - Updated retail building with a newer roof and refreshed interior finishes.

Where is this cannabis property located?

The property is located at 1014 N Johnson St Bay City, MI.

What is the asking price?

The asking price for this property is $399,999.

What are key features of this property?

This property features: Approximately 2,800 sq. ft. commercial building; Currently operating as a licensed cannabis dispensary; Extensive interior renovation with updated finishes