Assisted Living Facility With Multiple
For Sale
$2,200,000
1605 Vandekarr Rd, Owosso, MI 48867
Multi-building care property includes living quarters, office space, laundry areas, and resident event facilities.
Property Size13,000 SF
Lot Size2.29 Acres
Price / SF$169.23
Days on Market382
Property Features for 1605 Vandekarr Rd
General Information
Standard status
Active
Size
13,000 SF
Lot size
2.29 Acres
Property subtype
Multifamily
Amenities
covered front porch with handicapped ramp
sunroom
fireplace
barrier-free entrances
low bar area for wheelchair accessibility
Building Details
Building Size
13,000 SF
Year Built
2001
Year Renovated
2016
Buildings
5
Stories
1
Listing Agency:
Woodworth Commercial LLC
(989) 723-3711
Listed By:
Ryan Calhoun · License #6501440781
(989) 723-3711
Source:
Cpix.resimplifi
Added: Aug 15, 2025
Changed: Aug 31
Last Checked: Aug 30 at 1:00PM
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 Woodworth Commercial LLC
Investment Insights
Based on property information with market context.
This assisted living facility includes three buildings with living quarters, a separate office, and a barn/garage configured for resident activities. The main building contains 3,326 square feet with four rooms, a shower room, two bathrooms, laundry space, a sunroom, covered porch, handicapped ramp, and a basement being finished for storage. Two additional buildings, each 3,640 square feet, were built in 2016 and provide six rooms, kitchens with walk-in pantries, laundry rooms, fireplaces, modern finishes, and barrier-free entrances. The separate 520-square-foot office building was built in 2001.
Also built in 2016, the 2,000-square-foot barn/garage has 12-foot ceilings, full heating, and a barrier-free entrance. Its front section supports maintenance functions, while the rear is arranged for resident parties and can accommodate up to 40 people. The property occupies 2.29 acres at 1605 Vandekarr Rd in Owosso, with Corunna and surrounding communities identified as nearby service areas.
Also built in 2016, the 2,000-square-foot barn/garage has 12-foot ceilings, full heating, and a barrier-free entrance. Its front section supports maintenance functions, while the rear is arranged for resident parties and can accommodate up to 40 people. The property occupies 2.29 acres at 1605 Vandekarr Rd in Owosso, with Corunna and surrounding communities identified as nearby service areas.
Key Highlights
- 2.29‑acre assisted living property with multiple improved buildings
- Two 3,640‑square‑foot living‑quarters buildings built in 2016
- Main building measures 3,326 square feet and includes 4 rooms, 2 bathrooms, laundry, sunroom, and basement storage
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
$95,547
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
4.34%
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%
$1,910,940
$1.9M
Cap Rate 7%
$1,364,957
$1.4M
Cap Rate 9%
$1,061,633
$1.1M
Market Conditions
NOI Build-Up for 13,000 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
$187.2K $14.40/SF
− Vacancy
−$13.5K −$1.04/SF
EGI
$173.7K $13.36/SF
− OpEx
−$78.2K −$6.01/SF
NOI
$95.5K $7.35/SF
Area
Shiawassee County, MI
Vacancy
7.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,910,940
Cap Rate 7%
$1,364,957
Cap Rate 9%
$1,061,633
Alternative Uses
Best Use
Apartment 5plus
$1.36M
$1.19M – $1.59M
NOI $95,547 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.48M
$2.17M – $2.89M
NOI $173,494 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
66
Businesses Nearby
Well-served
Demand for This Use
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
Questions? Ask Rey
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Similar Off Market Nearby
- Welcome Home Assisted Living — 1605 Vandecarr Rd, Owosso, MI 48867
Frequently Asked Questions
What type of property is this?
Assisted living facility - Multi-building care property includes living quarters, office space, laundry areas, and resident event facilities.
Where is this assisted living facility located?
The property is located at 1605 Vandekarr Rd Owosso, MI.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 2.29‑acre assisted living property with multiple improved buildings; Two 3,640‑square‑foot living‑quarters buildings built in 2016; Main building measures 3,326 square feet and includes 4 rooms, 2 bathrooms, laundry, sunroom, and basement storage
