Stockbridge Commercial Space For
For Sale
$244,900
115 E Elizabeth Street Unit 115, Stockbridge, MI 49285
Commercial space in Stockbridge with recent updates and multiple uses.
Property Size1,413 SF
Price / SF$173.32
Days on Market655
Property Features for 115 E Elizabeth Street Unit 115
General Information
Standard status
Active
Size
1,413 SF
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$2,064
Amenities
Central Air
3
Parking.
Driveway, On Street.
69.12x99.07
Back Yard. Asphalt, Paved Road.
Building Details
Stories
1
Listing Agency:
Howard Hanna Real Estate Executives
(517) 657-9100
Listed By:
Howard Hanna Real Estate Executives
Source:
Xome
Added: Oct 24, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:40AM
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 Howard Hanna Real Estate Executives
Investment Insights
Based on property information with market context.
This commercial space, located in the village of Stockbridge, offers 2,288 square feet of space. The building has undergone numerous updates, including a newer roof, windows, siding, furnace, AC, and water heater. Historically, the building served as a police and fire building, then as the Stockbridge Township office, and most recently as a salon and spa. The property could be operated as a salon again. Multiple entrance points allow for the building to be divided into several spaces suitable for multiple business uses. A parking space is included with the parcel, and there is a small fenced-in green space in the back. The property is located downtown near the town square, where community events take place.
Key Highlights
- Prime downtown location in the village of Stockbridge, near the town square and community events.
- Updated with newer roof, windows, siding, furnace/AC, and water heater.
- Versatile 2,288 sq. ft. commercial space suitable for various business types.
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
$11,918
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
4.87%
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%
$238,360
$238.4K
Cap Rate 7%
$170,257
$170.3K
Cap Rate 9%
$132,422
$132.4K
Market Conditions
NOI Build-Up for 1,413 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
$20.3K $14.40/SF
− Vacancy
−$4.5K −$3.15/SF
EGI
$15.9K $11.25/SF
− OpEx
−$4.0K −$2.81/SF
NOI
$11.9K $8.43/SF
Area
Ingham County, MI
Vacancy
21.90%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$238,360
Cap Rate 7%
$170,257
Cap Rate 9%
$132,422
Alternative Uses
Best Use
Office B
$170.3K
$149.0K – $198.6K
NOI $11,918 @ 7.0% cap · market cap 4.87%
Second Best
Retail
$139.2K
$121.8K – $162.4K
NOI $9,745 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$227.0K
$198.6K – $264.9K
NOI $15,891 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
180
Businesses Nearby
Explore this area
Business Placement
Demographics for 49285, MI
5,866
Population
2,686
Households
2.2
Avg Household Size
44
Median Age
23%
College-Educated
91%
High-School Grad
76.0 sq mi
ZIP Area
77
Density / Sq Mi
$72,578
Median Household Income
$46,530
Median Earnings
$814
Median Rent
$208,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Commercial space in Stockbridge with recent updates and multiple uses.
Where is this retail space located?
The property is located at 115 E Elizabeth Street Unit 115 Stockbridge, MI.
What is the asking price?
The asking price for this property is $244,900.
What are key features of this property?
This property features: Prime downtown location in the village of Stockbridge, near the town square and community events.; Updated with newer roof, windows, siding, furnace/AC, and water heater.; Versatile 2,288 sq. ft. commercial space suitable for various business types.
