Multi-Tenant Retail
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For Sale
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11528 Saginaw Road, Grand Blanc, MI 48439
The property is fully occupied and configured for multiple retail tenants.
Property Size3,700 SF
Price / SF$162.16
Days on Market6
Property Features for 11528 Saginaw Road
General Information
Standard status
Active
Size
3,700 SF
Class
B
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$58,000
Additional Details
Cap Rate
10%
Building Details
Year Built
1905
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
White Horse Real Estate
Listed By:
Josh Miller · License #6502428120
Source:
Crexi
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 11 at 11:17AM
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 White Horse Real Estate
Investment Insights
Based on property information with market context.
This 3,700-square-foot retail building was constructed in 1905 and accommodates multiple tenants. Current occupancy is 100%, with a 10% cap rate associated with the property. The asset is located at 11528 Saginaw Road in Grand Blanc, Michigan 48439 and is identified as the Jimmy John's Building.
Key Highlights
- 3,700‑square‑foot retail building constructed in 1905
- 100% occupied multi‑tenant retail property
- 10% cap rate
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
$38,409
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
6.40%
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%
$768,180
$768.2K
Cap Rate 7%
$548,700
$548.7K
Cap Rate 9%
$426,767
$426.8K
Market Conditions
NOI Build-Up for 3,700 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
$57.3K $15.48/SF
− Vacancy
−$2.4K −$0.65/SF
EGI
$54.9K $14.83/SF
− OpEx
−$16.5K −$4.45/SF
NOI
$38.4K $10.38/SF
Area
Genesee 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%
$768,180
Cap Rate 7%
$548,700
Cap Rate 9%
$426,767
Alternative Uses
Best Use
Retail
$548.7K
$480.1K – $640.2K
NOI $38,409 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$778.6K
$681.3K – $908.3K
NOI $54,500 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
649
Businesses Nearby
Explore this area
Business Placement
Demographics for 48439, MI
51,719
Population
22,101
Households
2.3
Avg Household Size
41
Median Age
43%
College-Educated
96%
High-School Grad
54.5 sq mi
ZIP Area
949
Density / Sq Mi
$88,505
Median Household Income
$47,506
Median Earnings
$1,035
Median Rent
$250,800
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?
Retail space - The property is fully occupied and configured for multiple retail tenants.
Where is this retail space located?
The property is located at 11528 Saginaw Road Grand Blanc, MI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 3,700‑square‑foot retail building constructed in 1905; 100% occupied multi‑tenant retail property; 10% cap rate
