Industrial Flex Property with
For Sale
$1,700,000
15620 W Michigan Avenue Albion, Albion, MI 49224
Versatile multi-building commercial site includes professional office space and an industrial structure with overhead truck doors.
Property Size10,400 SF
Lot Size22.85 Acres
Days on Market51
Property Features for 15620 W Michigan Avenue Albion
General Information
Standard status
Active
Size
10,400 SF
Lot size
22.85 Acres
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,364
Amenities
Yes
2
1
No
Real Estate
Well
22.85
1030 x 970
10400.0
Building Details
Building Size
10,400 SF
Year Built
1980
Buildings
2
Listed By:
Brian McDonald
(269) 399-5881
Source:
Remax-executive
Added: Jul 15
Changed: Sep 2
Last Checked: Sep 2 at 1:38PM
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 Brian McDonald
Investment Insights
Based on property information with market context.
This versatile commercial/industrial property includes two primary components. The front building is suited for professional office space. The large industrial structure features high ceilings, abundant flexible interior use space, and overhead doors designed to accommodate trucks and trailers.
The property is set up for mixed-use business needs and offers high-visibility frontage along I-94.
Available for sale, the seller also indicates the property is being offered as a rental. Seller financing is listed as an option in the remarks.
The property is set up for mixed-use business needs and offers high-visibility frontage along I-94.
Available for sale, the seller also indicates the property is being offered as a rental. Seller financing is listed as an option in the remarks.
Key Highlights
- 22.85‑acre commercial/industrial property with high‑visibility frontage along I‑94
- Two buildings totaling 10,400 sq ft: a front professional office building plus a large industrial structure
- Industrial building includes overhead doors sized to accommodate trucks and trailers
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
Office B
$1.64M
$1.43M – $1.91M
NOI $114,570 @ 7.0% cap · market cap 6.74%
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
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
18
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile multi-building commercial site includes professional office space and an industrial structure with overhead truck doors.
Where is this flex space located?
The property is located at 15620 W Michigan Avenue Albion 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/industrial property with high‑visibility frontage along I‑94; Two buildings totaling 10,400 sq ft: a front professional office building plus a large industrial structure; Industrial building includes overhead doors sized to accommodate trucks and trailers
