Flex Building with Finished
For Sale
$700,000
126 West Drive N, Marshall, MI 49068
COMMERCIAL - Marshall, MI
Property Size9,000 SF
Lot Size0.73 Acres
Price / SF$77.78
Days on Market47
Property Features for 126 West Drive N
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking
40
Interior features
Broadband
Elementary school district
Marshall
Middle school district
Marshall
High school district
Marshall
Standard status
Active
APN
53-004-909-06
Size
9,000 SF
Lot size
0.73 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LL@LO
Tax Annual Amount
10911
Legal Description
LL@LO
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1992
Number of units
1
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate
(269) 789-0140
Listed By:
Carole Shapiro · License #6506033200
(269) 209-4076
Added: Jul 7
Changed: Aug 6
Last Checked: Aug 22 at 8:06AM
MLS# 26034175
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 9,000-square-foot flex building, constructed in 1992, sits on 0.73 acres and combines finished and unfinished interior areas. More than 3,500 square feet is finished for business use, while the remaining space can be configured to suit operational needs. The property has metal siding, a metal roof, forced-air heating, central air, broadband, and two bathrooms.
Forty dedicated parking spaces support the building, which is located at 126 West Drive N in Marshall, Michigan. The interior layout can accommodate professional office, restaurant, retail or showroom, fitness, and recreational uses as described in the property information.
Forty dedicated parking spaces support the building, which is located at 126 West Drive N in Marshall, Michigan. The interior layout can accommodate professional office, restaurant, retail or showroom, fitness, and recreational uses as described in the property information.
Key Highlights
- 9,000‑square‑foot commercial building on 0.73 acres
- More than 3,500 square feet of finished interior space
- 40 dedicated parking 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
$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
Industrial
$795.2K
$695.8K – $927.7K
NOI $55,663 @ 7.0% cap · market cap 7.95%
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
Property Profile
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 Industrial 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 - Versatile commercial building with finished interior areas, unfinished space, and on-site parking for multiple business formats.
Where is this flex space located?
The property is located at 126 West Drive N 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 commercial building on 0.73 acres; More than 3,500 square feet of finished interior space; 40 dedicated parking spaces
