Wedding Venue with Banquet
For Sale
$4,700,000
1537 E Pierson Rd, Flushing, MI 48433
Updated commercial property combines event space, restaurant facilities, and front-facing retail or office suites.
Property Size22,592 SF
Lot Size4.36 Acres
Price / SF$208.04
Days on Market436
Property Features for 1537 E Pierson Rd
General Information
Standard status
Active
Size
22,592 SF
Lot size
4.36 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Amenities
banquet hall
Building Details
Year Renovated
2022
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams First
(248) 846-3246
Listed By:
Bahia M Jarrah · License #6501324031
Source:
Metrodetroithomeguide
Added: Jun 19, 2025
Changed: Aug 28
Last Checked: Aug 28 at 12:22PM
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.
This multi-use commercial property includes a luxury banquet hall configured for weddings, receptions, birthdays, and other upscale social events. The building also contains a former restaurant area that can support fine dining or lounge use, plus four large retail or office suites along the front. Two suites are leased, while two are in the leasing process. Separate utilities and substantial on-site parking support the varied layout, and the property was updated in 2022.
The site encompasses ±4.36 acres with frontage on Pierson and Elms and convenient access to I-75, US-23, and I-69. Commercial zoning accommodates a range of potential applications identified for the property, including restaurant, event venue, retail, office, and medical use. The building contains ±22,592 sq ft and offers prominent signage exposure along a well-traveled corridor.
The site encompasses ±4.36 acres with frontage on Pierson and Elms and convenient access to I-75, US-23, and I-69. Commercial zoning accommodates a range of potential applications identified for the property, including restaurant, event venue, retail, office, and medical use. The building contains ±22,592 sq ft and offers prominent signage exposure along a well-traveled corridor.
Key Highlights
- ±22,592 sq ft multi‑use commercial building on ±4.36 acres
- Luxury banquet hall for weddings, receptions, birthdays, and upscale social events
- Four large front retail/office suites; two leased and two in the process of leasing
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
$248,882
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
5.30%
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%
$4,977,640
$5.0M
Cap Rate 7%
$3,555,457
$3.6M
Cap Rate 9%
$2,765,356
$2.8M
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
$385.0K $17.04/SF
− Vacancy
−$53.1K −$2.35/SF
EGI
$331.8K $14.69/SF
− OpEx
−$83.0K −$3.67/SF
NOI
$248.9K $11.02/SF
Area
Genesee County, MI
Vacancy
13.80%
Lease Rate
$17.04 /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%
$4,977,640
Cap Rate 7%
$3,555,457
Cap Rate 9%
$2,765,356
Alternative Uses
Best Use
Office B
$3.56M
$3.11M – $4.15M
NOI $248,882 @ 7.0% cap · market cap 5.30%
Second Best
Retail
$3.35M
$2.93M – $3.91M
NOI $234,525 @ 7.0% cap · market cap 4.99%
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
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Updated commercial property combines event space, restaurant facilities, and front-facing retail or office suites.
Where is this wedding venue located?
The property is located at 1537 E Pierson Rd 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 commercial building on ±4.36 acres; Luxury banquet hall for weddings, receptions, birthdays, and upscale social events; Four large front retail/office suites; two leased and two in the process of leasing
