Licensed Outdoor Cannabis
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For Sale
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21736 Bedford Rd N, Battle Creek, MI 49017
Licensed adult-use cultivation property with fenced, irrigated fields and warehouse-based processing facilities.
Property Size43,448 SF
Price / SF$89.76
Days on Market6
Property Features for 21736 Bedford Rd N
General Information
Standard status
Active
Size
43,448 SF
Property subtype
Special Purpose
Zoning
AA AGR - Cannabis via Twp Overlay
Building Details
Year Built
2021
Buildings
2
Tenancy
Single
Listing Agency:
Ellsbury Group
(260) 615-9248
Listed By:
Lane Moser · License #MI 6501433695
Source:
Crexi
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 11 at 6:23AM
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.
This licensed Class C adult-use outdoor cultivation property spans three assembled parcels and includes a fenced, irrigated grow field. Improvements total 43,448 SF across two warehouse buildings: a 35,000 SF cultivation and processing facility and an 8,448 SF warehouse constructed in 2021. The operation is active under CRA licensing, with an operating agreement in place for continued farm operations after closing.
The property is located in Bedford Township, Calhoun County, and carries AA AGR zoning with a township overlay permitting cannabis. The primary parcel contains ±101 verified acres, providing substantial land area for the established cultivation operation. The property addresses are 21736 and 21678 Bedford Rd N plus 154 Wells Dr Bedford Rd N.
The property is located in Bedford Township, Calhoun County, and carries AA AGR zoning with a township overlay permitting cannabis. The primary parcel contains ±101 verified acres, providing substantial land area for the established cultivation operation. The property addresses are 21736 and 21678 Bedford Rd N plus 154 Wells Dr Bedford Rd N.
Key Highlights
- Licensed Class C adult‑use outdoor cultivation property operating under CRA licensing
- 43,448 SF of warehouse improvements, including a 35,000 SF cultivation and processing building
- 8,448 SF warehouse constructed in 2021
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
$326,297
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
8.37%
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%
$6,525,940
$6.5M
Cap Rate 7%
$4,661,386
$4.7M
Cap Rate 9%
$3,625,522
$3.6M
Market Conditions
NOI Build-Up for 43,448 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
$411.9K $9.48/SF
− Vacancy
−$28.0K −$0.64/SF
EGI
$383.9K $8.84/SF
− OpEx
−$57.6K −$1.33/SF
NOI
$326.3K $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%
$6,525,940
Cap Rate 7%
$4,661,386
Cap Rate 9%
$3,625,522
Alternative Uses
Best Use
Warehouse
$4.66M
$4.08M – $5.44M
NOI $326,297 @ 7.0% cap · market cap 8.37%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$515.40M
$450.97M – $601.30M
NOI $36,077,701 @ 7.0% cap · market cap 925.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
160
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 - Licensed adult-use cultivation property with fenced, irrigated fields and warehouse-based processing facilities.
Where is this cannabis property located?
The property is located at 21736 Bedford Rd N 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: Licensed Class C adult‑use outdoor cultivation property operating under CRA licensing; 43,448 SF of warehouse improvements, including a 35,000 SF cultivation and processing building; 8,448 SF warehouse constructed in 2021
