Flex Building with
For Sale
$700,000
126 West Drive, Marshall, MI 49068
Built in 1992, the property combines finished offices with unfinished space for adaptable commercial layouts.
Property Size9,000 SF
Lot Size0.75 Acres
Price / SF$77.78
Days on Market38
Property Features for 126 West Drive
General Information
Standard status
Active
Size
9,000 SF
Total Parking Spaces
40
Lot size
0.75 Acres
Property subtype
Business Opportunities
Additional Details
Asking Price
$700,000
Taxes and HOA fees
Annual Taxes
$10,911
Amenities
Metal
40 Parking Spaces.
239.89x135x230x135
Paved Road.
Building Details
Year Built
1992
Buildings
1
Building Size
9,000 SF
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate
(269) 209-4076
Listed By:
Carole Shapiro · License #6506033200
(269) 209-4076
Source:
Xome
Added: Jul 4
Changed: Aug 9
Last Checked: Aug 9 at 9:43AM
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 Berkshire Hathaway HomeServices Michigan Real Estate
Investment Insights
Based on property information with market context.
This flex space at 126 West Drive in Marshall, Michigan, contains 9,000 square feet within a metal-sided commercial building constructed in 1992. More than 3,500 square feet is finished interior area, while the remaining space is unfinished and available for configuration. The layout can support office, restaurant, retail or showroom, fitness, and recreational uses as described in the property information.
The building sits on over 3/4 of an acre and includes 40 dedicated parking spaces. The site is served by a paved road, with parcel dimensions of 239.89x135x230x135. Its combination of finished and unfinished areas provides a range of options for an owner or operator seeking flexible commercial space.
The building sits on over 3/4 of an acre and includes 40 dedicated parking spaces. The site is served by a paved road, with parcel dimensions of 239.89x135x230x135. Its combination of finished and unfinished areas provides a range of options for an owner or operator seeking flexible commercial space.
Key Highlights
- 9,000‑square‑foot flex building constructed in 1992
- Over 3/4 of an acre with 40 dedicated parking spaces
- More than 3,500 square feet of finished interior space
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
$55,663
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
7.95%
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%
$1,113,260
$1.1M
Cap Rate 7%
$795,186
$795.2K
Cap Rate 9%
$618,478
$618.5K
Market Conditions
NOI Build-Up for 9,000 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
$85.3K $9.48/SF
− Vacancy
−$5.8K −$0.64/SF
EGI
$79.5K $8.84/SF
− OpEx
−$23.9K −$2.65/SF
NOI
$55.7K $6.18/SF
Area
Calhoun County, MI
Vacancy
6.80%
Lease Rate
$9.48 /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%
$1,113,260
Cap Rate 7%
$795,186
Cap Rate 9%
$618,478
Alternative Uses
Best Use
Flex RnD
$1.74M
$1.52M – $2.03M
NOI $121,957 @ 7.0% cap · market cap 17.42%
Second Best
Office B
$1.42M
$1.24M – $1.65M
NOI $99,147 @ 7.0% cap · market cap 14.16%
Theoretical Best
Healthcare Medical
$106.76M
$93.42M – $124.55M
NOI $7,473,286 @ 7.0% cap · market cap 1,067.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
310
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49068, MI
14,325
Population
6,901
Households
2.1
Avg Household Size
45
Median Age
36%
College-Educated
96%
High-School Grad
129.9 sq mi
ZIP Area
110
Density / Sq Mi
$78,476
Median Household Income
$47,198
Median Earnings
$904
Median Rent
$196,800
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?
Flex space - Built in 1992, the property combines finished offices with unfinished space for adaptable commercial layouts.
Where is this flex space located?
The property is located at 126 West Drive Marshall, MI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 9,000‑square‑foot flex building constructed in 1992; Over 3/4 of an acre with 40 dedicated parking spaces; More than 3,500 square feet of finished interior space
