Flex Space with Truck
For Sale
$1,700,000
15620 W Michigan Avenue, Albion, MI 49224
Commercial Sale, Albion, MI
Property Size10,400 SF
Lot Size22.85 Acres
Price / SF$163.46
Days on Market80
Property Features for 15620 W Michigan Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Elementary school district
Marshall
Middle school district
Marshall
High school district
Marshall
Standard status
Active
APN
806-06-29-376-002-03
Size
10,400 SF
Lot size
22.85 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Sec 29 T2S R3W part SW 1/4 COM
Tax Annual Amount
8365
Legal Description
Sec 29 T2S R3W part SW 1/4 COM
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Forced Air
Water source
Well
Building Details
Year built
1980
Floors in Building
1
Number of units
4
Listing Agency:
ERA Reardon Realty, L.L.C.
(517) 782-2996
Listed By:
Christy Cottingham · License #6501392484
(517) 937-0826
Added: Jul 8
Changed: Sep 16
Last Checked: Sep 25 at 5:06PM
MLS# 26034638
Copyright © 2026 Michigan Regional Information Center, LLC. 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 flex-space property includes 10,400 square feet of improvements across 22.85 acres. The front building is configured for professional office use, while the larger industrial structure provides high ceilings, overhead doors sized for trucks and trailers, and adaptable interior space. The property was built in 1980 and includes two bathrooms.
The site has frontage along I-94 and is located in Albion, Michigan. On-site infrastructure includes cable availability, a well water source, and a septic tank. The property is offered for sale and is also available as a rental, providing flexibility for an owner-user or occupant seeking office and industrial functions in one location.
The site has frontage along I-94 and is located in Albion, Michigan. On-site infrastructure includes cable availability, a well water source, and a septic tank. The property is offered for sale and is also available as a rental, providing flexibility for an owner-user or occupant seeking office and industrial functions in one location.
Key Highlights
- 22.85‑acre commercial and industrial property
- 10,400 square feet of building area
- Frontage along I‑94
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
$140,928
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
8.29%
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%
$2,818,560
$2.8M
Cap Rate 7%
$2,013,257
$2.0M
Cap Rate 9%
$1,565,867
$1.6M
Market Conditions
NOI Build-Up for 10,400 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
$222.1K $21.36/SF
− Vacancy
−$5.3K −$0.51/SF
EGI
$216.8K $20.85/SF
− OpEx
−$75.9K −$7.30/SF
NOI
$140.9K $13.55/SF
Area
Calhoun County, MI
Vacancy
2.40%
Lease Rate
$21.36 /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%
$2,818,560
Cap Rate 7%
$2,013,257
Cap Rate 9%
$1,565,867
Alternative Uses
Best Use
Flex RnD
$2.01M
$1.76M – $2.35M
NOI $140,928 @ 7.0% cap · market cap 8.29%
Second Best
Warehouse
$1.12M
$976.3K – $1.30M
NOI $78,105 @ 7.0% cap · market cap 4.59%
Theoretical Best
Healthcare Medical
$123.37M
$107.95M – $143.93M
NOI $8,635,797 @ 7.0% cap · market cap 507.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49224, MI
13,199
Population
5,277
Households
2.5
Avg Household Size
36
Median Age
19%
College-Educated
88%
High-School Grad
99.9 sq mi
ZIP Area
132
Density / Sq Mi
$52,552
Median Household Income
$28,136
Median Earnings
$846
Median Rent
$119,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial property combines office accommodation with a large industrial building designed for flexible business use.
Where is this flex space located?
The property is located at 15620 W Michigan Avenue Albion, MI.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 22.85‑acre commercial and industrial property; 10,400 square feet of building area; Frontage along I‑94
