Versatile Commercial
For Sale
Contact for pricing
1249 M 32, Johannesburg, MI 49751
Mixed-use property with warehouse, retail, and residential potential.
Property Size2,024 SF
Price / SF$113.59
Days on Market87
Property Features for 1249 M 32
General Information
Standard status
Active
Size
2,024 SF
Property subtype
Special Purpose
Listing Agency:
Coldwell Banker Schmidt Realtors
(989) 390-2062
Listed By:
Anna Tomaski · License #MI 6506048989
Source:
Crexi
Added: May 15
Changed: Aug 8
Last Checked: Aug 8 at 3:12PM
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 Coldwell Banker Schmidt Realtors
Investment Insights
Based on property information with market context.
This versatile commercial property features a 44x46 main building suitable for multiple business uses. The building includes office space, a warehouse area, and potential for retail or workshop applications. The property was previously used for online sales storage and formerly operated as an auto mechanic shop, with existing in-floor brackets that could be used for vehicle lift installation. Additional outbuildings include a 32x60 wooden barn and a 20x50 garage, providing ample storage, workspace, or expansion possibilities. A 4-bedroom, 2-bath home is also located on the property, creating a live-work setup. The property offers a total area of 2024 square feet.
Key Highlights
- Live/Work Setup: Includes a 4‑bedroom, 2‑bath home onsite.
- Versatile Commercial Building: 44x46 main building suitable for various business types.
- Ample Storage/Workspace: Features a 32x60 wooden barn and 20x50 garage.
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
$21,011
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
9.14%
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%
$420,220
$420.2K
Cap Rate 7%
$300,157
$300.2K
Cap Rate 9%
$233,456
$233.5K
Market Conditions
NOI Build-Up for 2,024 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
$31.3K $15.48/SF
− Vacancy
−$1.3K −$0.65/SF
EGI
$30.0K $14.83/SF
− OpEx
−$9.0K −$4.45/SF
NOI
$21.0K $10.38/SF
Area
Otsego 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%
$420,220
Cap Rate 7%
$300,157
Cap Rate 9%
$233,456
Alternative Uses
Best Use
Warehouse
$2.77M
$2.43M – $3.23M
NOI $194,061 @ 7.0% cap · market cap 84.41%
Second Best
Industrial
$2.28M
$2.00M – $2.66M
NOI $159,815 @ 7.0% cap · market cap 69.52%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 49751, MI
2,014
Population
1,765
Households
1.1
Avg Household Size
53
Median Age
24%
College-Educated
93%
High-School Grad
155.1 sq mi
ZIP Area
13
Density / Sq Mi
$65,833
Median Household Income
$35,595
Median Earnings
$863
Median Rent
$175,500
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?
Mixed-use property - Mixed-use property with warehouse, retail, and residential potential.
Where is this mixed-use property located?
The property is located at 1249 M 32 Johannesburg, MI.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Live/Work Setup: Includes a 4‑bedroom, 2‑bath home onsite.; Versatile Commercial Building: 44x46 main building suitable for various business types.; Ample Storage/Workspace: Features a 32x60 wooden barn and 20x50 garage.
