Updated Mixed-Use Brick
New
For Sale
$525,000
Pending
207 E Grand River Ave, Howell, MI 48843
Historic brick construction combines adaptable commercial space, retained salon infrastructure, and a partially finished basement.
Property Size2,244 SF
Days on Market4
Property Features for 207 E Grand River Ave
General Information
Standard status
Pending
Size
2,244 SF
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$8,491
Amenities
exposed brick walls
soaring ceilings
oversized windows
full basement
private deck
updated electrical
updated plumbing
Building Details
Building Size
2,244 SF
Year Built
1920
Buildings
1
Construction
brick
Owner Occupied
Yes
Listing Agency:
(517) 294-0358
Listed By:
Laura L Toms
(517) 294-0358
Source:
Elliman
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 20 at 8:09AM
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 Laura L Toms
Investment Insights
Based on property information with market context.
This 1920 brick mixed-use building combines historic architectural details with recent electrical and plumbing updates. Original brickwork, tall ceilings, and oversized windows shape the main interior, which was most recently used for professional office space and previously operated as a salon. Existing salon infrastructure remains in place, while the layout has been built around it for future flexibility. A full basement, partially finished, adds usable area. The second floor includes a studio apartment used by the owner, with a private rear entrance and deck; it is not income producing.
The property is located at 207 E Grand River Ave in downtown Howell’s Social District, directly across from the Livingston County Courthouse. Dining, coffee shops, boutique shopping, festivals, and community events are nearby. Access includes a front entrance, rear parking, street parking, and a community parking lot. The property has a walk score of 44 and a bike score of 36.
The property is located at 207 E Grand River Ave in downtown Howell’s Social District, directly across from the Livingston County Courthouse. Dining, coffee shops, boutique shopping, festivals, and community events are nearby. Access includes a front entrance, rear parking, street parking, and a community parking lot. The property has a walk score of 44 and a bike score of 36.
Key Highlights
- 1920 brick building with original exposed brick, soaring ceilings, and oversized windows
- Updated electrical and plumbing systems
- Former salon space retains much of its infrastructure
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
$23,213
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
4.42%
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%
$464,260
$464.3K
Cap Rate 7%
$331,614
$331.6K
Cap Rate 9%
$257,922
$257.9K
Market Conditions
NOI Build-Up for 2,244 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
$40.4K $18.00/SF
− Vacancy
−$7.2K −$3.22/SF
EGI
$33.2K $14.78/SF
− OpEx
−$9.9K −$4.43/SF
NOI
$23.2K $10.34/SF
Area
Livingston County, MI
Vacancy
17.90%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$464,260
Cap Rate 7%
$331,614
Cap Rate 9%
$257,922
Alternative Uses
Best Use
Retail
$331.6K
$290.2K – $386.9K
NOI $23,213 @ 7.0% cap · market cap 4.42%
Second Best
Mixed Use
$238.0K
$208.3K – $277.7K
NOI $16,662 @ 7.0% cap · market cap 3.17%
Theoretical Best
Healthcare Medical
$357.4K
$312.8K – $417.0K
NOI $25,020 @ 7.0% cap · market cap 4.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
827
Businesses Nearby
Explore this area
Business Placement
Demographics for 48843, MI
47,704
Population
19,001
Households
2.5
Avg Household Size
41
Median Age
37%
College-Educated
95%
High-School Grad
89.6 sq mi
ZIP Area
532
Density / Sq Mi
$91,620
Median Household Income
$48,613
Median Earnings
$1,221
Median Rent
$323,100
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?
Mixed-use property - Historic brick construction combines adaptable commercial space, retained salon infrastructure, and a partially finished basement.
Where is this mixed-use property located?
The property is located at 207 E Grand River Ave Howell, MI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 1920 brick building with original exposed brick, soaring ceilings, and oversized windows; Updated electrical and plumbing systems; Former salon space retains much of its infrastructure
