Updated Multi-Entry Storefront
For Sale
$244,900
115 E Elizabeth Street, Stockbridge, MI 49285
Multiple entrances support flexible configuration for salon, spa, office, or other commercial uses.
Property Size2,288 SF
Price / SF$107.04
Days on Market645
Property Features for 115 E Elizabeth Street
General Information
Standard status
Active
Size
2,288 SF
Total Parking Spaces
1
Taxes and HOA fees
Annual Taxes
$2,063
Amenities
fenced green space
Building Details
Buildings
1
Building Size
2,288 SF
Listing Agency:
Howard Hanna Real Estate Executives
(517) 657-9100
Listed By:
Tracey Hernly & Co.
(517) 657-9100
Source:
Exprealty
Added: Nov 25, 2024
Changed: Aug 31
Last Checked: Aug 31 at 6:55PM
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 2,288-square-foot storefront building has received substantial updates, including a newer roof, windows, siding, furnace/AC, and water heater. Multiple entrances create the option to configure the interior as several commercial spaces. The property’s previous uses include a police and fire building, Stockbridge Township office, and salon and spa, providing a documented range of commercial applications.
Located at 115 E Elizabeth Street in downtown Stockbridge, the property sits near the town square, which hosts community events. The parcel includes parking and a small fenced green space behind the building. Its existing improvements and adaptable entry configuration support continued salon or spa use as well as other business arrangements supported by the building layout.
Located at 115 E Elizabeth Street in downtown Stockbridge, the property sits near the town square, which hosts community events. The parcel includes parking and a small fenced green space behind the building. Its existing improvements and adaptable entry configuration support continued salon or spa use as well as other business arrangements supported by the building layout.
Key Highlights
- 2,288‑square‑foot storefront building
- Newer roof, windows, siding, furnace/AC, and water heater
- Multiple entrances allow configuration into several commercial spaces
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
$15,779
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
6.44%
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%
$315,580
$315.6K
Cap Rate 7%
$225,414
$225.4K
Cap Rate 9%
$175,322
$175.3K
Market Conditions
NOI Build-Up for 2,288 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
$27.5K $12.00/SF
− Vacancy
−$4.9K −$2.15/SF
EGI
$22.5K $9.85/SF
− OpEx
−$6.8K −$2.96/SF
NOI
$15.8K $6.90/SF
Area
Ingham County, MI
Vacancy
17.90%
Lease Rate
$12.00 /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%
$315,580
Cap Rate 7%
$225,414
Cap Rate 9%
$175,322
Alternative Uses
Best Use
Retail
$225.4K
$197.2K – $263.0K
NOI $15,779 @ 7.0% cap · market cap 6.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$367.6K
$321.7K – $428.9K
NOI $25,732 @ 7.0% cap · market cap 10.51%
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
Balanced
Demand for This Use
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Multiple entrances support flexible configuration for salon, spa, office, or other commercial uses.
Where is this storefront property located?
The property is located at 115 E Elizabeth Street 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: 2,288‑square‑foot storefront building; Newer roof, windows, siding, furnace/AC, and water heater; Multiple entrances allow configuration into several commercial spaces
