Building Details

Year built 1978

Listing Agency: PEYTON PROPERTIES, LLC d***@msn.com Show Phone

Listed By: CAROLYN MURPHY Show Phone

Added: Oct 17 Changed: Oct 19 Last Checked: Oct 23 at 4:06PM

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MLS# 50225280

Copyright © 2026 Clare Gladwin Board of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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Investment Insights

Based on property information with market context.

This 1,860-square-foot coin laundry occupies three village lots totaling 0.61 acres. Improvements include high-end dryers, front-load washers, furnishings, lighting and other equipment. The site also has room for expansion, and public water serves the property.

Built in 1978, the facility is adjacent to a park and rail trail in Farwell, Michigan.

Key Highlights

• 1,860‑square‑foot coin laundry on 0.61 acres across three village lots
• Recent additions include high‑end dryers, front‑load washers, furnishings and lighting
• Additional space available for expansion

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,909

Cap Rate

8.58%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$458,180 $458.2K

Cap Rate 7%

$327,271 $327.3K

Cap Rate 9%

$254,544 $254.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,860 SF

Gross rent

$34.6K $18.60/SF

− Vacancy

−$1.9K −$1.00/SF

EGI

$32.7K $17.60/SF

− OpEx

−$9.8K −$5.28/SF

NOI

$22.9K $12.32/SF

Area

Detroit, MI

Vacancy

5.40%

Lease Rate

$18.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$458,180

Cap Rate 7%

$327,271

Cap Rate 9%

$254,544

Alternative Uses

Best Use

Retail

$327.3K

$286.4K – $381.8K (±1% cap)

NOI $22,909 @ 7.0% cap · market cap 8.58%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$410.3K

$359.0K – $478.7K (±1% cap)

NOI $28,723 @ 7.0% cap · market cap 10.76%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Retail space

Suggested Use

Top Pick Real Estate Agency Dental Office Building Supply Auto Repair Shop Restaurant Big Box & Wholesale Store

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

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

145

Businesses Nearby

Explore this area Business Placement

Demographics for 48622, MI

6,364

Population

3,213

Households

2

Avg Household Size

47

Median Age

18%

College-Educated

93%

High-School Grad

86.1 sq mi

ZIP Area

74

Density / Sq Mi

$57,500

Median Household Income

$36,019

Median Earnings

$754

Median Rent

$123,600

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

Frequently Asked Questions

What type of property is this?

Retail space - The facility includes recently upgraded laundry equipment and has additional space for expansion.

Where is this retail space located?

The property is located at 103 S Superior Streets Farwell, MI.

What is the asking price?

The asking price for this property is $267,000.

What are key features of this property?

This property features: 1,860‑square‑foot coin laundry on 0.61 acres across three village lots; Recent additions include high‑end dryers, front‑load washers, furnishings and lighting; Additional space available for expansion