Licensed Cannabis Cultivation
For Sale
$3,900,000
21736 Bedford Road, Battle Creek, MI 49017
Established outdoor cultivation operation with irrigated rows, support warehouses, residences, and Michigan CRA licenses.
Property Size15,585 SF
Days on Market10
Property Features for 21736 Bedford Road
General Information
Standard status
Active
Size
15,585 SF
Property subtype
Commercial
Zoning
AA AGR
Taxes and HOA fees
Annual Taxes
$30,038
Building Details
Building Size
15,585 SF
Year Built
2021
Buildings
4
Stories
15585
Units
4
Listing Agency:
Ellsbury Group
(260) 615-9248
Listed By:
Lane Moser · License #RB19000138
(260) 615-9248
Source:
Thebrokeragehouse
Added: Aug 22
Changed: Aug 30
Last Checked: Aug 31 at 5:09PM
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 Ellsbury Group
Investment Insights
Based on property information with market context.
Paisley Trees Farm is a licensed adult-use cannabis cultivation property assembled across three parcels in Bedford Township, Calhoun County. The outdoor grow area is fenced, irrigated, and arranged with trellis-supported planted rows. Improvements include two residences and 16,248 SF of warehouse space. The primary 11,248 SF warehouse was built in 2021 and includes areas for drying, processing, and secure storage with dehumidification and ducted air handling. A second 5,000 SF building is located on the Wells Drive parcel.
The property has two entrances from N Bedford Road (M-37) and another entrance serving the Wells Drive parcel. Zoning is AA AGR with a Cannabis Overlay. Michigan CRA approvals include a Class C Grower license, AU-G-C-000871, and an Establishment license, AU-ER-002775. A third-party tenant occupies the property under an NNN lease through March 2027. Following the lease term, the stated alternatives include renewal, owner-provided farm operations, or direct operation by the purchaser. The offering includes the two residences at 21678 Bedford Road N.
The property has two entrances from N Bedford Road (M-37) and another entrance serving the Wells Drive parcel. Zoning is AA AGR with a Cannabis Overlay. Michigan CRA approvals include a Class C Grower license, AU-G-C-000871, and an Establishment license, AU-ER-002775. A third-party tenant occupies the property under an NNN lease through March 2027. Following the lease term, the stated alternatives include renewal, owner-provided farm operations, or direct operation by the purchaser. The offering includes the two residences at 21678 Bedford Road N.
Key Highlights
- ±110 Acres across 3 parcels, including ±101 acres at the primary grow parcel
- 16,248 SF of warehouse space: 11,248 SF main building plus a 5,000 SF support building
- Fenced, developed outdoor grow field with irrigated rows and trellis structures
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
$117,044
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
3.00%
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%
$2,340,880
$2.3M
Cap Rate 7%
$1,672,057
$1.7M
Cap Rate 9%
$1,300,489
$1.3M
Market Conditions
NOI Build-Up for 15,585 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
$147.7K $9.48/SF
− Vacancy
−$10.0K −$0.64/SF
EGI
$137.7K $8.84/SF
− OpEx
−$20.7K −$1.33/SF
NOI
$117.0K $7.51/SF
Area
Calhoun County, MI
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$2,340,880
Cap Rate 7%
$1,672,057
Cap Rate 9%
$1,300,489
Alternative Uses
Best Use
Warehouse
$1.67M
$1.46M – $1.95M
NOI $117,044 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$184.87M
$161.77M – $215.69M
NOI $12,941,239 @ 7.0% cap · market cap 331.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
28
Businesses Nearby
Explore this area
Business Placement
Demographics for 49017, MI
21,377
Population
9,701
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
56.8 sq mi
ZIP Area
376
Density / Sq Mi
$58,500
Median Household Income
$40,386
Median Earnings
$946
Median Rent
$134,800
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?
Cannabis property - Established outdoor cultivation operation with irrigated rows, support warehouses, residences, and Michigan CRA licenses.
Where is this cannabis property located?
The property is located at 21736 Bedford Road Battle Creek, MI.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: ±110 Acres across 3 parcels, including ±101 acres at the primary grow parcel; 16,248 SF of warehouse space: 11,248 SF main building plus a 5,000 SF support building; Fenced, developed outdoor grow field with irrigated rows and trellis structures
