Multi-Tenant Office-Retail
For Sale
$1,125,000
1004 Michigan Avenue, Howell, MI 48843
Multi-tenant office and retail building offered for sale along Michigan Avenue in Howell, Michigan.
Property Size7,230 SF
Days on Market153
Property Features for 1004 Michigan Avenue
General Information
Standard status
Active
Size
7,230 SF
Class
C
Property subtype
Office
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
7,230 SF
Year Built
2002
Tenancy
Multi
Listing Agency:
Thomas A. Duke Company
Listed By:
John Porth · License #6501336460
(248) 476-8661
Source:
Thomasduke
Added: Apr 4
Changed: Sep 2
Last Checked: Sep 2 at 3:51PM
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 Thomas A. Duke Company
Investment Insights
Based on property information with market context.
This multi-tenant office and retail building is configured to support both office and storefront uses within a single property. The offering is marketed as a multi-tenant office/retail building with a West side Michigan Avenue presence in the City of Howell.
The property is located at 1004 Michigan Avenue, Howell, MI, just north of I-96. That positioning provides convenient regional access for prospective tenants and customers.
The building is listed for sale. Additional leasing or unit-specific details were not provided in the available information.
The property is located at 1004 Michigan Avenue, Howell, MI, just north of I-96. That positioning provides convenient regional access for prospective tenants and customers.
The building is listed for sale. Additional leasing or unit-specific details were not provided in the available information.
Key Highlights
- Multi‑tenant office and retail building for sale along Michigan Avenue in Howell, MI
- Located on the west side of Michigan Ave., just north of I‑96
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
$74,791
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
6.65%
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%
$1,495,820
$1.5M
Cap Rate 7%
$1,068,443
$1.1M
Cap Rate 9%
$831,011
$831.0K
Market Conditions
NOI Build-Up for 7,230 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
$130.1K $18.00/SF
− Vacancy
−$23.3K −$3.22/SF
EGI
$106.8K $14.78/SF
− OpEx
−$32.1K −$4.43/SF
NOI
$74.8K $10.34/SF
Area
Livingston County, MI
Vacancy
17.90%
Lease Rate
$18.00 /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%
$1,495,820
Cap Rate 7%
$1,068,443
Cap Rate 9%
$831,011
Alternative Uses
Best Use
Retail
$1.07M
$934.9K – $1.25M
NOI $74,791 @ 7.0% cap · market cap 6.65%
Second Best
Mixed Use
$766.9K
$671.0K – $894.7K
NOI $53,683 @ 7.0% cap · market cap 4.77%
Theoretical Best
Healthcare Medical
$1.15M
$1.01M – $1.34M
NOI $80,614 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Explore this area
Business Placement
Demographics for 48843, MI
47,704
Population
19,001
Households
2.5
Avg Household Size
41
Median Age
37%
College-Educated
95%
High-School Grad
89.6 sq mi
ZIP Area
532
Density / Sq Mi
$91,620
Median Household Income
$48,613
Median Earnings
$1,221
Median Rent
$323,100
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?
Office units - Multi-tenant office and retail building offered for sale along Michigan Avenue in Howell, Michigan.
Where is this office units located?
The property is located at 1004 Michigan Avenue Howell, MI.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: Multi‑tenant office and retail building for sale along Michigan Avenue in Howell, MI; Located on the west side of Michigan Ave., just north of I‑96
