Updated Mixed-Use Building with
For Sale
$345,000
114 N Washington St, Owosso, MI 48867
Downtown storefront combines historic character with two occupied apartments and basement space.
Property Size2,500 SF
Price / SF$138
Days on Market11
Property Features for 114 N Washington St
General Information
Standard status
Active
Size
2,500 SF
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
2
Amenities
full basement
original-style tin ceilings
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Kori Shook & Associates
(989) 720-4242
Listed By:
John Hankerd
(989) 277-9003
Source:
Exprealty
Added: Sep 3
Changed: Sep 12
Last Checked: Sep 13 at 10:15AM
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 Kori Shook & Associates
Investment Insights
Based on property information with market context.
This mixed-use building pairs an improved commercial storefront with two recently renovated apartments. The approximately 2,500-square-foot property retains historic character, including original-style tin ceilings, while offering a finished setting for retail, professional, or specialty business use. A full basement provides additional room for storage, inventory, workshop activities, or other business needs.
The property is positioned at 114 N Washington Street in the main business district of Downtown Owosso, with visibility and pedestrian activity near restaurants, shops, and community events. Both apartments are occupied by long-term tenants. The business currently operating at the property is also available separately, allowing consideration of the real estate, the business, or both.
The property is positioned at 114 N Washington Street in the main business district of Downtown Owosso, with visibility and pedestrian activity near restaurants, shops, and community events. Both apartments are occupied by long-term tenants. The business currently operating at the property is also available separately, allowing consideration of the real estate, the business, or both.
Key Highlights
- Approximately 2,500‑square‑foot mixed‑use building
- Improved storefront with original‑style tin ceilings
- Two recently updated apartments with long‑term tenants
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
$25,952
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
7.52%
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%
$519,040
$519.0K
Cap Rate 7%
$370,743
$370.7K
Cap Rate 9%
$288,356
$288.4K
Market Conditions
NOI Build-Up for 2,500 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
$38.7K $15.48/SF
− Vacancy
−$1.6K −$0.65/SF
EGI
$37.1K $14.83/SF
− OpEx
−$11.1K −$4.45/SF
NOI
$26.0K $10.38/SF
Area
Shiawassee County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$519,040
Cap Rate 7%
$370,743
Cap Rate 9%
$288,356
Alternative Uses
Best Use
Retail
$370.7K
$324.4K – $432.5K
NOI $25,952 @ 7.0% cap · market cap 7.52%
Second Best
Apartment 5plus
$262.5K
$229.7K – $306.2K
NOI $18,374 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$476.6K
$417.1K – $556.1K
NOI $33,364 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
834
Businesses Nearby
Explore this area
Business Placement
Demographics for 48867, MI
27,596
Population
12,660
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
136.0 sq mi
ZIP Area
203
Density / Sq Mi
$58,718
Median Household Income
$37,908
Median Earnings
$834
Median Rent
$145,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown storefront combines historic character with two occupied apartments and basement space.
Where is this mixed-use property located?
The property is located at 114 N Washington St Owosso, 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: Approximately 2,500‑square‑foot mixed‑use building; Improved storefront with original‑style tin ceilings; Two recently updated apartments with long‑term tenants
