Multi-Use Wedding & Banquet
For Sale
$4,700,000
1537 E Pierson Road, Flushing, MI 48433
Updated 2022 wedding and banquet hall with leased retail/office suites, separate utilities, and on-site parking.
Property Size22,592 SF
Days on Market29
Property Features for 1537 E Pierson Road
General Information
Standard status
Active
Size
22,592 SF
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$44,591
Building Details
Building Size
22,592 SF
Listing Agency:
Keller Williams First
(248) 846-3246
Listed By:
Bahia M Jarrah · License #6501324031
Source:
Thebrokeragehouse
Added: Jul 29
Changed: Aug 23
Last Checked: Aug 25 at 8:50AM
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 Keller Williams First
Investment Insights
Based on property information with market context.
A rare multi-use commercial building built for events, weddings, and upscale dining. The property includes a luxury banquet hall for weddings, receptions, birthdays, and social events, plus a former Signature’s Restaurant space suited for fine dining or an upscale lounge. Four large front retail/office suites are also included—two currently leased and two in the process of leasing—supporting both current and future tenant demand.
Set on 4.36 acres with frontage on Pierson & Elms, the building totals 22,592 sq ft and is positioned for visibility and convenient access to I-75, US-23, and I-69. The building includes ample on-site parking, and the utilities are separate.
Updated in 2022, the property offers flexible zoning for restaurant, event venue, retail, office, or medical use, with strong signage exposure along the frontage corridor.
Set on 4.36 acres with frontage on Pierson & Elms, the building totals 22,592 sq ft and is positioned for visibility and convenient access to I-75, US-23, and I-69. The building includes ample on-site parking, and the utilities are separate.
Updated in 2022, the property offers flexible zoning for restaurant, event venue, retail, office, or medical use, with strong signage exposure along the frontage corridor.
Key Highlights
- 22,592 sq ft multi‑use building
- 4.36 acres with frontage on Pierson & Elms
- Luxury banquet hall for weddings and social events
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
$200,319
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
4.26%
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%
$4,006,380
$4.0M
Cap Rate 7%
$2,861,700
$2.9M
Cap Rate 9%
$2,225,767
$2.2M
Market Conditions
NOI Build-Up for 22,592 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
$325.3K $14.40/SF
− Vacancy
−$58.2K −$2.58/SF
EGI
$267.1K $11.82/SF
− OpEx
−$66.8K −$2.96/SF
NOI
$200.3K $8.87/SF
Area
Genesee County, MI
Vacancy
17.90%
Lease Rate
$14.40 /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%
$4,006,380
Cap Rate 7%
$2,861,700
Cap Rate 9%
$2,225,767
Alternative Uses
Best Use
Specialty Retail
$2.86M
$2.50M – $3.34M
NOI $200,319 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.75M
$4.16M – $5.55M
NOI $332,777 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
155k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Shops & Services 32%
Groceries 28%
Kroger
Groceries
42,862 visits/mo
0.2 miles
McDonald's
Dining
27,214 visits/mo
0.4 miles
Speedway
Shops & Services
25,945 visits/mo
0.3 miles
Taco Bell
Dining
12,846 visits/mo
0.1 miles
Wendy's
Dining
10,583 visits/mo
0.3 miles
Demographics for 48433, MI
26,688
Population
10,597
Households
2.5
Avg Household Size
44
Median Age
29%
College-Educated
95%
High-School Grad
55.5 sq mi
ZIP Area
481
Density / Sq Mi
$81,301
Median Household Income
$45,126
Median Earnings
$982
Median Rent
$197,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Updated 2022 wedding and banquet hall with leased retail/office suites, separate utilities, and on-site parking.
Where is this wedding venue located?
The property is located at 1537 E Pierson Road Flushing, MI.
What is the asking price?
The asking price for this property is $4,700,000.
What are key features of this property?
This property features: 22,592 sq ft multi‑use building; 4.36 acres with frontage on Pierson & Elms; Luxury banquet hall for weddings and social events
