Repurposed Multi-Use Neighborhood
For Sale
$1,790,000
301 N 9th St, Saint Clair, MI 48079
A professionally repurposed former elementary school offering space for offices, fitness, daycare, nonprofits, and service businesses.
Property Size47,495 SF
Days on Market48
Property Features for 301 N 9th St
General Information
Standard status
Active
Size
47,495 SF
Property subtype
Retail
Amenities
graded HVAC systems
new parking lot
enhanced interior finishes
automated entry access with on-site security monitoring
Building Details
Building Size
47,495 SF
Tenancy
Multi
Listing Agency:
(586) 263-5111
Listed By:
Michael Scamardella
Source:
Linorealty
Added: Jun 25
Changed: Aug 11
Last Checked: Aug 11 at 5:29AM
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 Michael Scamardella
Investment Insights
Based on property information with market context.
This former elementary school has been professionally repurposed into a multi-use neighborhood center with a tenant mix that includes professional offices, fitness studios, daycare providers, nonprofit organizations, and service-based businesses. The building includes graded HVAC systems, enhanced interior finishes, and automated entry access with on-site security monitoring.
The property is located at 301 N 9th St in Saint Clair, MI 48079, and features a new parking lot. Recent environmental assessments are available.
Overall, the center is configured to support multiple compatible uses under one roof, with operational upgrades aimed at day-to-day accessibility and building performance.
The property is located at 301 N 9th St in Saint Clair, MI 48079, and features a new parking lot. Recent environmental assessments are available.
Overall, the center is configured to support multiple compatible uses under one roof, with operational upgrades aimed at day-to-day accessibility and building performance.
Key Highlights
- Former elementary school professionally repurposed into a multi‑use neighborhood center
- Current tenant mix includes professional offices, fitness studios, daycare providers, nonprofits, and service businesses
- New parking lot
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
$163,502
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
9.13%
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%
$3,270,040
$3.3M
Cap Rate 7%
$2,335,743
$2.3M
Cap Rate 9%
$1,816,689
$1.8M
Market Conditions
NOI Build-Up for 47,495 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
$285.0K $6.00/SF
− Vacancy
−$67.0K −$1.41/SF
EGI
$218.0K $4.59/SF
− OpEx
−$54.5K −$1.15/SF
NOI
$163.5K $3.44/SF
Area
St. Clair County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,270,040
Cap Rate 7%
$2,335,743
Cap Rate 9%
$1,816,689
Alternative Uses
Best Use
Office B
$2.34M
$2.04M – $2.73M
NOI $163,502 @ 7.0% cap · market cap 9.13%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$35.71M
$31.24M – $41.66M
NOI $2,499,360 @ 7.0% cap · market cap 139.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Explore this area
Business Placement
Demographics for 48079, MI
12,553
Population
5,403
Households
2.3
Avg Household Size
45
Median Age
25%
College-Educated
95%
High-School Grad
41.9 sq mi
ZIP Area
300
Density / Sq Mi
$80,313
Median Household Income
$46,643
Median Earnings
$1,090
Median Rent
$276,600
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?
Office building - A professionally repurposed former elementary school offering space for offices, fitness, daycare, nonprofits, and service businesses.
Where is this office building located?
The property is located at 301 N 9th St Saint Clair, MI.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: Former elementary school professionally repurposed into a multi‑use neighborhood center; Current tenant mix includes professional offices, fitness studios, daycare providers, nonprofits, and service businesses; New parking lot
