Turnkey Industrial Cannabis
For Sale
$2,495,000
9081 Skyline Dr, Morenci, MI 49256
Former cultivation facility on a 3.049-acre I-2 parcel with temperature-controlled rooms, water storage tank, and utility-ready buildout.
Property Size20,040 SF
Lot Size3.05 Acres
Days on Market49
Property Features for 9081 Skyline Dr
General Information
Standard status
Active
Size
20,040 SF
Lot size
3.05 Acres
Property subtype
Industrial
Zoning
I-2
Building Details
Building Size
20,040 SF
Year Built
2020
Listing Agency:
(419) 276-1236
Listed By:
Doug Wright, CCIM · License #MI #BRK 6502433060
(419) 276-1236
Source:
Svn
Added: Jul 13
Changed: Aug 26
Last Checked: Aug 29 at 7:57AM
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 Doug Wright, CCIM
Investment Insights
Based on property information with market context.
Former cultivation facility situated on a 3.049-acre I-2 zoned parcel within Morenci’s Skyline Industrial District. The property is fully outfitted with specialized equipment and features a compartmentalized layout intended to support highly regulated, climate-controlled operations. Improvements include approximately ten temperature-controlled flowering rooms, a large barrel room, a ~5,000-gallon water storage tank, and multiple storage and mechanical rooms. For workforce use, the facility also includes two restrooms with showers and locker rooms.
The site is positioned near the Michigan–Ohio border, providing access to both markets. It is approximately 35 miles west of Toledo, Ohio, with roughly a 50–55 minute drive to the Toledo metro area, and about 25 minutes from Downtown Adrian.
With its dedicated temperature control infrastructure, water storage, and compartmentalized interior design, the property is engineered for specialized production workflows and related industrial use cases within the I-2 zoning framework.
The site is positioned near the Michigan–Ohio border, providing access to both markets. It is approximately 35 miles west of Toledo, Ohio, with roughly a 50–55 minute drive to the Toledo metro area, and about 25 minutes from Downtown Adrian.
With its dedicated temperature control infrastructure, water storage, and compartmentalized interior design, the property is engineered for specialized production workflows and related industrial use cases within the I-2 zoning framework.
Key Highlights
- Former cultivation facility on a 3.049‑acre I‑2 zoned parcel in Morenci, Michigan (Skyline Industrial District).
- Built in 2020 and fully outfitted with specialized equipment for regulated, climate‑controlled operations.
- Approximately ten temperature‑controlled flowering rooms plus a large barrel room for controlled‑environment workflows.
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
$184,628
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
7.40%
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%
$3,692,560
$3.7M
Cap Rate 7%
$2,637,543
$2.6M
Cap Rate 9%
$2,051,422
$2.1M
Market Conditions
NOI Build-Up for 20,040 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
$293.4K $14.64/SF
− Vacancy
−$29.6K −$1.48/SF
EGI
$263.8K $13.16/SF
− OpEx
−$79.1K −$3.95/SF
NOI
$184.6K $9.21/SF
Area
Lenawee County, MI
Vacancy
10.10%
Lease Rate
$14.64 /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%
$3,692,560
Cap Rate 7%
$2,637,543
Cap Rate 9%
$2,051,422
Alternative Uses
Best Use
Industrial
$2.64M
$2.31M – $3.08M
NOI $184,628 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$248.63M
$217.55M – $290.07M
NOI $17,404,353 @ 7.0% cap · market cap 697.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
44
Businesses Nearby
Explore this area
Business Placement
Demographics for 49256, MI
3,909
Population
1,608
Households
2.4
Avg Household Size
40
Median Age
12%
College-Educated
88%
High-School Grad
60.5 sq mi
ZIP Area
65
Density / Sq Mi
$60,982
Median Household Income
$32,056
Median Earnings
$778
Median Rent
$112,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Cannabis property - Former cultivation facility on a 3.049-acre I-2 parcel with temperature-controlled rooms, water storage tank, and utility-ready buildout.
Where is this cannabis property located?
The property is located at 9081 Skyline Dr Morenci, MI.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Former cultivation facility on a 3.049‑acre I‑2 zoned parcel in Morenci, Michigan (Skyline Industrial District).; Built in 2020 and fully outfitted with specialized equipment for regulated, climate‑controlled operations.; Approximately ten temperature‑controlled flowering rooms plus a large barrel room for controlled‑environment workflows.
