Flex Office and Industrial
For Sale
$1,700,000
15620 W Michigan Avenue, Albion, MI 49224
Versatile commercial/industrial site with a front professional office building and a large industrial structure with overhead truck doors.
Property Size10,400 SF
Lot Size22.85 Acres
Days on Market48
Property Features for 15620 W Michigan Avenue
General Information
Standard status
Active
Size
10,400 SF
Lot size
22.85 Acres
Property subtype
Commercial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,364
Building Details
Building Size
10,400 SF
Year Built
1980
Units
4
Listing Agency:
ERA Reardon Realty, L.L.C.
(517) 937-0826
Listed By:
Christy Cottingham · License #6501392484
(517) 937-0826
Source:
Carolbollo
Added: Jul 8
Changed: Aug 24
Last Checked: Aug 23 at 8:58AM
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 ERA Reardon Realty, L.L.C.
Investment Insights
Based on property information with market context.
This versatile commercial/industrial property spans 22.85 acres and offers both office and industrial improvements. The front building is suited for professional office space, while the large industrial structure is designed for flexible use with high ceilings and overhead doors built to accommodate trucks and trailers.
The property is described as having high-visibility frontage along I-94. In addition to being offered for sale, the property is also being marketed as a rental.
Seller financing is noted as an available option for qualified buyers.
The property is described as having high-visibility frontage along I-94. In addition to being offered for sale, the property is also being marketed as a rental.
Seller financing is noted as an available option for qualified buyers.
Key Highlights
- 22.85 acres of commercial/industrial property with high‑visibility frontage along I‑94
- Front building suited for professional office space
- Large industrial structure with high ceilings and overhead doors for 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
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
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial/industrial site with a front professional office building and a large industrial structure with overhead truck doors.
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 acres of commercial/industrial property with high‑visibility frontage along I‑94; Front building suited for professional office space; Large industrial structure with high ceilings and overhead doors for trucks and trailers
