Multi-Unit Flex
For Sale
$650,000
1201 Corunna Avenue, Owosso, MI 48867
Mixed-use improvements combine storefront, office, warehouse, and workshop areas.
Property Size8,494 SF
Price / SF$76.52
Days on Market116
Property Features for 1201 Corunna Avenue
General Information
Standard status
Active
Size
8,494 SF
Property subtype
Commercial
Building Details
Building Size
8,494 SF
Year Built
1960
Listing Agency:
The Home Office Realty LLC
(989) 277-7860
Listed By:
Morgan Beilfuss · License #6501277052
(989) 277-7860
Source:
Homesforsaleinmich
Added: Apr 21
Changed: Aug 14
Last Checked: Aug 14 at 4:00AM
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 The Home Office Realty LLC
Investment Insights
Based on property information with market context.
This flex property, built in 1960, combines five units with storefront, office, salon/barber shop, warehouse, and workshop areas. The improvements include 8,494 square feet overall, with a 5,934-square-foot portion configured for office, retail, and warehouse use.
A separate 40X64 pole barn is heated and includes a lift and high overhead doors. An 18X40 carport provides covered storage for an RV. The combination of unit-based storefront space and larger service-oriented areas supports a range of commercial functions within one property.
A separate 40X64 pole barn is heated and includes a lift and high overhead doors. An 18X40 carport provides covered storage for an RV. The combination of unit-based storefront space and larger service-oriented areas supports a range of commercial functions within one property.
Key Highlights
- Five units with storefront, office, salon/barber shop, warehouse, and workshop areas
- 8,494 sq. ft overall, including a 5,934 sq ft office/retail/warehouse portion
- 40X64 heated pole barn with lift and high overhead doors
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
$51,532
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
7.93%
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%
$1,030,640
$1.0M
Cap Rate 7%
$736,171
$736.2K
Cap Rate 9%
$572,578
$572.6K
Market Conditions
NOI Build-Up for 8,494 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
$76.4K $9.00/SF
− Vacancy
−$2.8K −$0.33/SF
EGI
$73.6K $8.67/SF
− OpEx
−$22.1K −$2.60/SF
NOI
$51.5K $6.07/SF
Area
Shiawassee County, MI
Vacancy
3.70%
Lease Rate
$9.00 /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%
$1,030,640
Cap Rate 7%
$736,171
Cap Rate 9%
$572,578
Alternative Uses
Best Use
Retail
$1.26M
$1.10M – $1.47M
NOI $88,175 @ 7.0% cap · market cap 13.57%
Second Best
Office B
$1.21M
$1.06M – $1.41M
NOI $84,780 @ 7.0% cap · market cap 13.04%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,359 @ 7.0% cap · market cap 17.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
257
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Mixed-use improvements combine storefront, office, warehouse, and workshop areas.
Where is this flex space located?
The property is located at 1201 Corunna Avenue Owosso, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Five units with storefront, office, salon/barber shop, warehouse, and workshop areas; 8,494 sq. ft overall, including a 5,934 sq ft office/retail/warehouse portion; 40X64 heated pole barn with lift and high overhead doors
