Cannabis Industrial
For Sale
$595,000
1500 MCMILLAN RD, Owosso, MI 48867
Whitebox industrial space with radiant ceiling heat, insulated construction, and a recently resurfaced parking area.
Property Size6,000 SF
Price / SF$99.17
Days on Market429
Property Features for 1500 MCMILLAN RD
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Industrial
Amenities
3
Shingle
225325
Building Details
Year Built
2000
Listing Agency:
Pilot Property Group - Residential LLC
(586) 873-5419
Listed By:
Anthony Rubino · License #6502425251
(586) 873-5419
Source:
Xome
Added: Jun 27, 2025
Changed: Aug 29
Last Checked: Aug 22 at 3:21AM
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 Pilot Property Group - Residential LLC
Investment Insights
Based on property information with market context.
Constructed in 2000, this industrial building is whiteboxed for interior buildout and may qualify for use as a cannabis cultivation or processing facility. Radiant ceiling heat and 6 inches of insulation are in place, providing established building infrastructure for the next operator.
The parking area has been recently resurfaced, and the property backs up to city-owned land. Industrial zoning supports the stated cannabis-related use potential, subject to applicable approvals and requirements.
The parking area has been recently resurfaced, and the property backs up to city-owned land. Industrial zoning supports the stated cannabis-related use potential, subject to applicable approvals and requirements.
Key Highlights
- Cannabis grow or processing use potential
- Industrial zoning
- Whiteboxed building constructed in 2000
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
$36,401
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
6.12%
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%
$728,020
$728.0K
Cap Rate 7%
$520,014
$520.0K
Cap Rate 9%
$404,456
$404.5K
Market Conditions
NOI Build-Up for 6,000 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
$54.0K $9.00/SF
− Vacancy
−$2.0K −$0.33/SF
EGI
$52.0K $8.67/SF
− OpEx
−$15.6K −$2.60/SF
NOI
$36.4K $6.07/SF
Area
Shiawassee County, MI
Vacancy
3.70%
Lease Rate
$9.00 /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%
$728,020
Cap Rate 7%
$520,014
Cap Rate 9%
$404,456
Alternative Uses
Best Use
Industrial
$520.0K
$455.0K – $606.7K
NOI $36,401 @ 7.0% cap · market cap 6.12%
Second Best
Flex RnD
$470.7K
$411.8K – $549.1K
NOI $32,947 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$1.14M
$1.00M – $1.33M
NOI $80,074 @ 7.0% cap · market cap 13.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
142
Businesses Nearby
Explore this area
Business Placement
Demographics for 48867, MI
27,596
Population
12,660
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
136.0 sq mi
ZIP Area
203
Density / Sq Mi
$58,718
Median Household Income
$37,908
Median Earnings
$834
Median Rent
$145,600
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?
Cannabis property - Whitebox industrial space with radiant ceiling heat, insulated construction, and a recently resurfaced parking area.
Where is this cannabis property located?
The property is located at 1500 MCMILLAN RD Owosso, MI.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Cannabis grow or processing use potential; Industrial zoning; Whiteboxed building constructed in 2000
