Mixed-Use Building with
For Sale
$164,900
135 E Washington Street, Freeland, MI 48623
Freeland, MI
Property Size1,584 SF
Lot Size0.27 Acres
Price / SF$104.10
Days on Market17
Property Features for 135 E Washington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Size
1,584 SF
Lot size
0.27 Acres
Building Details
Year built
1910
Listing Agency:
NextHome Greater Tri-Cities
(989) 239-7545
Listed By:
Gina Rapin · License #SBR-6501373179
(989) 280-2720
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 9:06AM
MLS# 50215810
Copyright © 2026 NextHome, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property contains 1,584 square feet across a commercial main floor and an upstairs apartment. The approximately 1,008-square-foot first level is configured for retail or office occupancy, while the upper floor provides a one-bedroom, one-bath residence with approximately 576 square feet. The arrangement supports integrated commercial and residential use within one building.
Situated at 135 E Washington Street in Freeland, Michigan, the property occupies a 0.27-acre lot. Improvements include a newer roof, siding, water heater, and front porch. Built in 1910, the building combines updated components with an established structure and offers both business and residential space at the same address.
Situated at 135 E Washington Street in Freeland, Michigan, the property occupies a 0.27-acre lot. Improvements include a newer roof, siding, water heater, and front porch. Built in 1910, the building combines updated components with an established structure and offers both business and residential space at the same address.
Key Highlights
- 1,584‑square‑foot mixed‑use property on a 0.27‑acre lot
- Main floor includes approximately 1,008 square feet of retail or office space
- Upper level offers a one‑bedroom, one‑bath apartment with approximately 576 square feet
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
$12,830
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
7.78%
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%
$256,600
$256.6K
Cap Rate 7%
$183,286
$183.3K
Cap Rate 9%
$142,556
$142.6K
Market Conditions
NOI Build-Up for 1,584 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
$22.8K $14.40/SF
− Vacancy
−$2.3K −$1.44/SF
EGI
$20.5K $12.96/SF
− OpEx
−$7.7K −$4.86/SF
NOI
$12.8K $8.10/SF
Area
Saginaw County, MI
Vacancy
10.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
37.50%
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%
$256,600
Cap Rate 7%
$183,286
Cap Rate 9%
$142,556
Alternative Uses
Best Use
Office B
$221.5K
$193.8K – $258.4K
NOI $15,503 @ 7.0% cap · market cap 9.40%
Second Best
Mixed Use
$183.3K
$160.4K – $213.8K
NOI $12,830 @ 7.0% cap · market cap 7.78%
Theoretical Best
Specialty Retail
$292.7K
$256.1K – $341.4K
NOI $20,486 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
258
Businesses Nearby
Explore this area
Business Placement
Demographics for 48623, MI
15,105
Population
5,495
Households
2.7
Avg Household Size
41
Median Age
33%
College-Educated
96%
High-School Grad
72.8 sq mi
ZIP Area
207
Density / Sq Mi
$96,371
Median Household Income
$54,433
Median Earnings
$1,176
Median Rent
$230,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combines adaptable commercial space with an upper-level residential unit for a live-work configuration.
Where is this mixed-use property located?
The property is located at 135 E Washington Street Freeland, MI.
What is the asking price?
The asking price for this property is $164,900.
What are key features of this property?
This property features: 1,584‑square‑foot mixed‑use property on a 0.27‑acre lot; Main floor includes approximately 1,008 square feet of retail or office space; Upper level offers a one‑bedroom, one‑bath apartment with approximately 576 square feet
