Building Details

Year Built 2004

Year Renovated 2004

Buildings 4

Stories 1

Units 4

Tenancy Multi

Listing Agency: Coldwell Banker Commercial Haynes Real Estate t***@me.com Show Phone

Listed By: Tom Fritz · License #6506045434

Source: Crexi

Added: Feb 22, 2022 Changed: Aug 14 Last Checked: Aug 20 at 6:17PM

Report an Issue

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 Coldwell Banker Commercial Haynes Real Estate

Investment Insights

Based on property information with market context.

This property features four buildings totaling 19,000 square feet. The first building includes six private offices, a reception area, a lounge, and four lavatories. It also contains a conference room, a bullpen area, a meeting room, and a production room. Building 2 is a 6,000-square-foot shop area equipped with six grade-level overhead doors. Building 3 provides an additional 3,750 square feet of shop space. Building 4 is a 3,200-square-foot steel structure with four grade-level overhead doors. The property is located with convenient access to I-75 at exit 6. All four buildings are currently fully occupied, offering immediate rental income potential.

Key Highlights

• 19,000 sq ft of prime real estate across four buildings.
• Currently fully occupied, providing immediate rental income.
• Building 2: 6,000 sq ft shop with six overhead doors at grade.

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

$115,382

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

7.69%

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%

$2,307,640 $2.3M

Cap Rate 7%

$1,648,314 $1.6M

Cap Rate 9%

$1,282,022 $1.3M

Market Conditions

NOI Build-Up for 18,960 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

$188.8K $9.96/SF

− Vacancy

−$11.3K −$0.60/SF

EGI

$177.5K $9.36/SF

− OpEx

−$62.1K −$3.28/SF

NOI

$115.4K $6.09/SF

Area

Monroe County, MI

Vacancy

6.00%

Lease Rate

$9.96 /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%

$2,307,640

Cap Rate 7%

$1,648,314

Cap Rate 9%

$1,282,022

Alternative Uses

Best Use

Industrial

$16.10M

$14.09M – $18.79M (±1% cap)

NOI $1,127,279 @ 7.0% cap · market cap 75.15%

Second Best

Flex RnD

$1.65M

$1.44M – $1.92M (±1% cap)

NOI $115,382 @ 7.0% cap · market cap 7.69%

Theoretical Best

Warehouse

$19.55M

$17.11M – $22.81M (±1% cap)

NOI $1,368,838 @ 7.0% cap · market cap 91.26%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Intec Engineering Inc Land Surveyor Hammond Micheal L Architect

Suggested Use

Top Pick Building Supply (Bike/Boat/Book/etc) Store Restaurant Law Firm Auto Repair Shop Daycare Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

23

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 48177, MI

232

Population

169

Households

1.4

Avg Household Size

36

Median Age

9%

College-Educated

98%

High-School Grad

0.7 sq mi

ZIP Area

331

Density / Sq Mi

$85,905

Median Household Income

$59,750

Median Earnings

$181,500

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Frequently Asked Questions

What type of property is this?

Flex space - Four buildings totaling 19,000 SF with full occupancy.

Where is this flex space located?

The property is located at 1761 W Samaria Samaria, MI.

What is the asking price?

The asking price for this property is $1,500,000.

What are key features of this property?

This property features: 19,000 sq ft of prime real estate across four buildings.; Currently fully occupied, providing immediate rental income.; Building 2: **6,000 sq ft shop with six overhead doors at grade.**