Flex Space with
For Sale
$867,000
13240 US-131, Schoolcraft, MI 49087
Versatile commercial building combining customer-facing retail areas, offices, storage, and vehicle warehousing under one roof.
Property Size10,354 SF
Price / SF$83.74
Days on Market320
Property Features for 13240 US-131
General Information
Standard status
Active
Size
10,354 SF
Total Parking Spaces
40
Property subtype
Retail
Zoning
C-LI Commercial/Light Industrial Zone
Amenities
Power
Natural Gas
40 Parking Spaces
Building Details
Year Built
1975
Tenancy
Single Tenant
Listing Agency:
STRATFORD ASSOCIATES
(269) 372-4103
Listed By:
Roger Rumble
(269) 372-4103
Source:
Carwm.resimplifi
Added: Oct 15, 2025
Changed: Aug 28
Last Checked: Aug 29 at 5:59AM
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 STRATFORD ASSOCIATES
Investment Insights
Based on property information with market context.
This 10,354-square-foot flex property combines customer-facing retail space with back-of-house storage and warehouse areas. The front portion includes retail display and sales areas, a small office, 12-foot ceilings, and two 8-foot grade-level overhead doors. The rear section provides dry storage and vehicle and inventory warehousing, with 14-foot ceilings plus 8-foot and 10-foot overhead doors. A second level above the front area provides records storage and space used periodically for an office or conference room.
The property is located just north of the Schoolcraft Village limits at 13240 US-131 in Schoolcraft, Michigan. Site services include natural gas, single- and three-phase electric power, an on-site well, and a septic system. Built in 1975, the property is zoned C-LI Commercial/Light Industrial Zone.
The property is located just north of the Schoolcraft Village limits at 13240 US-131 in Schoolcraft, Michigan. Site services include natural gas, single- and three-phase electric power, an on-site well, and a septic system. Built in 1975, the property is zoned C-LI Commercial/Light Industrial Zone.
Key Highlights
- 10,354 SF flex building with retail, office, storage, and warehouse areas
- Front section measures approximately 7,100 SF with 12' ceilings
- Rear warehouse section measures approximately 3,250 SF with 14' ceilings
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
$71,405
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
8.24%
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%
$1,428,100
$1.4M
Cap Rate 7%
$1,020,071
$1.0M
Cap Rate 9%
$793,389
$793.4K
Market Conditions
NOI Build-Up for 10,354 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
$124.2K $12.00/SF
− Vacancy
−$22.2K −$2.15/SF
EGI
$102.0K $9.85/SF
− OpEx
−$30.6K −$2.96/SF
NOI
$71.4K $6.90/SF
Area
Kalamazoo County, MI
Vacancy
17.90%
Lease Rate
$12.00 /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%
$1,428,100
Cap Rate 7%
$1,020,071
Cap Rate 9%
$793,389
Alternative Uses
Best Use
Warehouse
$2.71M
$2.37M – $3.16M
NOI $189,660 @ 7.0% cap · market cap 21.88%
Second Best
Industrial
$2.23M
$1.95M – $2.60M
NOI $156,191 @ 7.0% cap · market cap 18.02%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
196
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49087, MI
6,403
Population
2,474
Households
2.6
Avg Household Size
42
Median Age
43%
College-Educated
98%
High-School Grad
62.5 sq mi
ZIP Area
102
Density / Sq Mi
$94,556
Median Household Income
$54,172
Median Earnings
$968
Median Rent
$279,800
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Versatile commercial building combining customer-facing retail areas, offices, storage, and vehicle warehousing under one roof.
Where is this flex space located?
The property is located at 13240 US-131 Schoolcraft, MI.
What is the asking price?
The asking price for this property is $867,000.
What are key features of this property?
This property features: 10,354 SF flex building with retail, office, storage, and warehouse areas; Front section measures approximately 7,100 SF with 12' ceilings; Rear warehouse section measures approximately 3,250 SF with 14' ceilings
