Flex Space with
New
For Sale
$1,350,000
317 Catrell Dr, Howell, MI 48843
I-1 Light Industrial zoning supports a combined office, warehouse, and shop configuration.
Property Size18,016 SF
Price / SF$74.93
Days on Market2
Property Features for 317 Catrell Dr
General Information
Standard status
Active
Size
18,016 SF
Total Parking Spaces
20
Property subtype
Vacant-User
Zoning
I-1
Warehouse & Industrial
Clear Height
15 ft
Warehouse Space
14,556 SF
Office Build-Out
3,460 SF
Mezzanine
1,784 SF
Drive-In Doors
2
Voltage
480 V
Three-Phase Power
Yes
Additional Details
Asking Price
$1,350,000
Highway Access
Yes
Amenities
18,016 Square Foot Industrial Facility: Ef?cient layout with Approximately 14,556 Square Feet of Warehouse/Shop Space and 3,460 Square Feet of Of?ce Space
15' Clear Height: Ideal for Manufacturing, Fabrication, Warehousing, and Distribution Operations
Two 12' x 14' Grade-Level Doors: Provides Convenient Loading and Vehicle Access
480V Three-Phase Power: Heavy Electrical Service Suitable for Industrial Users
1,784 Square Foot Mezzanine Storage: Additional Storage Area without Sacri?cing Production for Space
Recent Capital Improvements: Renovated Of?ce Space Featuring a Conference Room, Private Of?ces, Reception Area, and Open Workspace, Upgraded Electrical Service, Upgraded LED Warehouse Lighting, and a New Sewer Line
Office HVAC and Radiant Warehouse Heat: Central Air Conditioning and Gas Forced-Air Heating in the Of?ce Space, with Radiant Heat throughout the Warehouse
Masonry and Steel Construction: Durable Industrial Construction with Slab-on-Grade Foundation I-1 Light Industrial Zoning: Legal Conforming Use Allowing a Wide Variety of Industrial Operations 20 Surface Parking Spaces: On-Site Parking Accommodates Employees, Visitors, and Fleet Vehicles Convenient Access to Interstate 96: Well-Suited for Manufacturing, Warehouse, Fabrication, Distribution, Contractor, or Owner-User Occupancy
Building Details
Building Size
18,016 SF
Year Built
1971
Buildings
1
Construction
masonry and steel
Listing Agency:
Detroit Office
(248) 415-2634
Listed By:
Darin Gross · License #License(s): MI: 6501384871
(248) 415-2634
Source:
Marcusmillichap
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 2:34PM
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 Detroit Office
Investment Insights
Based on property information with market context.
This 18,016-square-foot flex facility combines approximately 14,556 square feet of warehouse and shop area with 3,460 square feet of office space. The building includes 1,584 square feet of office build-out within the warehouse, approximately 1,784 square feet of mezzanine storage, 15-foot clear heights, and two 12-by-14-foot grade-level overhead doors. Masonry and steel construction, a slab-on-grade foundation, 480-volt three-phase power, radiant warehouse heat, and central air conditioning with gas forced-air heating in the office area support varied industrial operations.
The property occupies I-1 Light Industrial-zoned land at 317 Catrell Drive in Howell, Michigan, with direct access to Interstate 96. Site features include 20 surface parking spaces and a legal conforming use. Recent improvements include renovated office areas with a conference room, private offices, reception area, and open workspace, along with upgraded electrical service, LED warehouse lighting, and a new sewer line.
The property occupies I-1 Light Industrial-zoned land at 317 Catrell Drive in Howell, Michigan, with direct access to Interstate 96. Site features include 20 surface parking spaces and a legal conforming use. Recent improvements include renovated office areas with a conference room, private offices, reception area, and open workspace, along with upgraded electrical service, LED warehouse lighting, and a new sewer line.
Key Highlights
- 18,016‑square‑foot flex facility with approximately 14,556 square feet of warehouse and shop space
- 3,460 square feet of office space, including approximately 1,584 square feet within the warehouse
- Approximately 1,784 square feet of mezzanine storage and 15‑foot clear heights
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
$112,320
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
8.32%
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%
$2,246,400
$2.2M
Cap Rate 7%
$1,604,571
$1.6M
Cap Rate 9%
$1,248,000
$1.2M
Market Conditions
NOI Build-Up for 18,016 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
$179.4K $9.96/SF
− Vacancy
−$6.6K −$0.37/SF
EGI
$172.8K $9.59/SF
− OpEx
−$60.5K −$3.36/SF
NOI
$112.3K $6.23/SF
Area
Livingston County, MI
Vacancy
3.70%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$2,246,400
Cap Rate 7%
$1,604,571
Cap Rate 9%
$1,248,000
Alternative Uses
Best Use
Warehouse
$1.88M
$1.65M – $2.20M
NOI $131,758 @ 7.0% cap · market cap 9.76%
Second Best
Flex RnD
$1.60M
$1.40M – $1.87M
NOI $112,320 @ 7.0% cap · market cap 8.32%
Theoretical Best
Healthcare Medical
$2.87M
$2.51M – $3.35M
NOI $200,877 @ 7.0% cap · market cap 14.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15 ft
Clear height
2
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
431
Businesses Nearby
Under-served
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Flex space - I-1 Light Industrial zoning supports a combined office, warehouse, and shop configuration.
Where is this flex space located?
The property is located at 317 Catrell Dr Howell, MI.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 18,016‑square‑foot flex facility with approximately 14,556 square feet of warehouse and shop space; 3,460 square feet of office space, including approximately 1,584 square feet within the warehouse; Approximately 1,784 square feet of mezzanine storage and 15‑foot clear heights
