Licensed Cannabis Cultivation
For Sale
$3,900,000
21736 Bedford Rd N, Battle Creek, MI 49017
Established outdoor cultivation property with irrigated fields, processing facilities, residences, and active Michigan CRA licensing.
Property Size15,585 SF
Price / SF$250.24
Days on Market69
Property Features for 21736 Bedford Rd N
General Information
Standard status
Active
Size
15,585 SF
Property subtype
Commercial
Building Details
Year Built
2021
Listing Agency:
Ellsbury Group
Listed By:
Lane Moser · License #RB19000138
(260) 615-9248
Source:
Metrodetroithomeguide
Added: Jul 9
Changed: Sep 14
Last Checked: Sep 15 at 12:42PM
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 adult-use cannabis cultivation property spans three parcels in Bedford Township, with the primary grow area extending approximately 101 acres. The fenced outdoor field includes irrigation and trellis structures, while two residences accompany the primary parcel. A separate 7-acre parcel includes a 5,000-square-foot warehouse, and the main parcel contains an 11,248-square-foot building constructed in 2021 for drying, processing, and secure storage. The two warehouses provide a combined 16,248 square feet of operational space and include dehumidification and ducted air-handling systems.
Access is provided by two entrances along N Bedford Rd (M-37) and another entrance from Wells St, separating cultivation and support-area circulation. The operation holds a Michigan CRA Class C Grower license, AU-G-C-000871, and an Establishment license, AU-ER-002775. The property is leased to an operating tenant on a triple-net basis through March 2027, with the residences and agricultural infrastructure included in the sale.
Access is provided by two entrances along N Bedford Rd (M-37) and another entrance from Wells St, separating cultivation and support-area circulation. The operation holds a Michigan CRA Class C Grower license, AU-G-C-000871, and an Establishment license, AU-ER-002775. The property is leased to an operating tenant on a triple-net basis through March 2027, with the residences and agricultural infrastructure included in the sale.
Key Highlights
- Approximately 101 acres on the primary cultivation parcel
- Michigan CRA Class C Grower license AU‑G‑C‑000871
- Two warehouses total 16,248 SF, including an 11,248 SF main building
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
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Current Use
Location Intelligence
Trade Area within ½ mile
28
Businesses Nearby
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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
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Cannabis property - Established outdoor cultivation property with irrigated fields, processing facilities, residences, and active Michigan CRA licensing.
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: Approximately 101 acres on the primary cultivation parcel; Michigan CRA Class C Grower license AU‑G‑C‑000871; Two warehouses total 16,248 SF, including an 11,248 SF main building
