Licensed Cannabis Cultivation
For Sale
$3,900,000
21736 Bedford Road N, Battle Creek, MI 49017
Commercial Sale, Battle Creek, MI
Property Size15,585 SF
Lot Size110.00 Acres
Price / SF$250.24
Days on Market47
Property Features for 21736 Bedford Road N
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
AA AGR
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Elementary school district
Battle Creek
Middle school district
Battle Creek
High school district
Battle Creek
Standard status
Active
APN
04-015-007-01
Size
15,585 SF
Lot size
110.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Per Title
Tax Annual Amount
30038
Legal Description
Per Title
Utilities
Utilities
Electricity Available
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Water source
Well
Building Details
Year built
2021
Number of units
4
Building materials
Aluminum Siding
Roof type
Metal
Listing Agency:
Ellsbury Group
(219) 200-5133
Listed By:
Lane Moser · License #RB19000138
(260) 615-9248
Added: Aug 10
Changed: Sep 16
Last Checked: Sep 25 at 11:06PM
MLS# 26041991
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This licensed cannabis cultivation property comprises approximately 110 acres across three parcels in Bedford Township, with a fenced and irrigated outdoor growing area supported by trellis structures and developed cultivation rows. The offering includes two residential dwellings, warehouse improvements, secure storage, processing and drying areas, dehumidification, and ducted air handling. The properties are served by electricity, a well, and septic systems.
Access is provided by two entrances from N Bedford Road (M-37) and an additional entrance from Wells Street, separating cultivation and support areas. The land is designated AA AGR with a Cannabis Overlay. Michigan Cannabis Regulatory Agency licensing includes a Class C Grower license and an Establishment license. An in-place NNN lease with a third-party tenant runs through March 2027. License transfer requires Michigan Cannabis Regulatory Agency approval.
Access is provided by two entrances from N Bedford Road (M-37) and an additional entrance from Wells Street, separating cultivation and support areas. The land is designated AA AGR with a Cannabis Overlay. Michigan Cannabis Regulatory Agency licensing includes a Class C Grower license and an Establishment license. An in-place NNN lease with a third-party tenant runs through March 2027. License transfer requires Michigan Cannabis Regulatory Agency approval.
Key Highlights
- Approximately 110 acres across 3 parcels
- Class C Grower license AU‑G‑C‑000871 and Establishment license AU‑ER‑002775
- Fenced, developed, irrigated outdoor grow field with 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
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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
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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 - Licensed outdoor cultivation operation with fenced irrigated growing areas, support buildings, residences, and multiple access points.
Where is this cannabis property located?
The property is located at 21736 Bedford Road 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 110 acres across 3 parcels; Class C Grower license AU‑G‑C‑000871 and Establishment license AU‑ER‑002775; Fenced, developed, irrigated outdoor grow field with trellis structures
