Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Restored Building on M-21 Title is generated by Realmo AI

    2250 E M 21, Owosso, MI 48867

    View on Map
    Claim this Listing
    For Sale
    $549,900

    Commercial building on almost 5 acres, move-in ready.

    Type:Commercial
    Lot size:
    5.00 Acres
    Added:
    Apr 3, 2026
    Days on Market:
    59
    Last Refresh:
    Apr 3 at 4:57 pm

    Property Features for 2250 E M 21

    General Information

    Standard status
    Active
    Lot size
    5.00 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1919

    We can help!

    Listing Contact
    Debbie Caldwell

    Listing agent Debbie Caldwell License #6502136257

    Listing office American Associates REALTORS

    Listing date Apr 3, 2026

    Source Elliman

    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 American Associates REALTORS

    HighLights

    • Prime commercial location on highly traveled M‑21.
    • Beautifully restored building on almost 5 acres.
    • Move‑in ready condition suitable for various businesses (bakery, coffee shop, office, boutique).
    • Newer windows, roof, porch, decking, updated plumbing, and 400 amp electrical service.
    • Includes an upstairs apartment, full attic space, and basement storage.
    • Parking lot with space for 23‑24 cars and a 25‑foot driveway.

    Overview

    This commercial property is located on the highly traveled M-21 and features a restored building on almost 5 acres. The building includes newer windows on the main floor, a newer roof, and newer porch and decking. Updated plumbing and 400 amp electrical service are in place. The furnace was installed in 2018, and central air was installed in 2022. The property also features double hot water heaters and a new well pump. A 25-foot driveway leads to a parking lot with space for 23 to 24 cars. The building includes an upstairs apartment, a full attic space, and a basement with storage space. The last use of the property was as an ice cream shop with drive-through pickup. It is move-in ready and suitable for various businesses, including a bakery, coffee shop, office, or boutique.
    Location Intelligence

    Current Use by Public Records

    Drive through restaurants

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Owosso
    County
    Shiawassee
    State
    Michigan
    Longitude
    -84.124155
    Latitude
    42.998268

    Nearby Similar for Sale

    • $549,900
      2,070 SF

      Restored Building on M-21

      Commercial building on 4.28 acres, move-in ready for business.
      2250 E Main, Owosso, MI 48867
      View Details
    • $84,500
      4,540 SF

      Mixed-Use Property in Owosso, MI

      Mixed-use property with two business frontages and apartment.
      904 W Main, Owosso, MI 48867
      View Details
    • $139,900
      1,400 SF

      Owosso Duplex with Remodeled Unit

      Duplex in Caledonia Township featuring a remodeled vacant unit.
      2026 James, Owosso, MI 48867
      View Details
    • $175,000
      3 SF

      Updated Duplex in Owosso

      Two-unit property with updates and potential for additional living space.
      514 Hampton, Owosso, MI 48867
      View Details
    • $595,000
      6,000 SF

      Owosso Industrial Building For Sale

      Industrial building in Owosso, suitable for cannabis grow or processing.
      1500 Mcmillan, Owosso, MI 48867
      View Details
    • $349,999
      14,800 SF

      Owosso Warehouse/Storage Opportunity

      14,800 SF warehouse/storage building on 1.37 acres in Owosso.
      403 State Street, Owosso, MI 48867
      View Details
    • $600,000
      6,256 SF

      Corunna Mixed-Use Storefront Opportunity

      6200+ sq ft storefront with two apartments and garages.
      2256 E Main Street, Corunna, MI 48867
      View Details
    • $123,900
      2,042 SF

      Rented Duplex Near Downtown Owosso

      Fully rented duplex near downtown, tenants pay all utilities.
      206-208 N Howell, Owosso, MI 48867
      View Details
    • $825,000
      7,000 SF

      Industrial Building in Owosso Township

      7,000 sq ft industrial building on 1.57 acres.
      1400 McMillan Rd, Owosso, MI 48867
      View Details
    • $875,000
      35,775 SF

      Shopping Mall with Rental Income

      Shopping mall with established tenants and potential for growth.
      201 S Washington St, Owosso, MI 48867
      View Details
    • $399,000
      3,200 SF

      M-21 Warehouse/Industrial Building For Sale

      3,200 SF industrial/warehouse building on M-21 with flexible B-2 zoning.
      2246 East Main Street, Owosso, MI 48867
      View Details
    • $299,900
      3,840 SF

      Commercial Pole Building in Owosso

      Commercial pole building with retail and storage opportunity.
      315 S Gould St, Owosso, MI 48867
      View Details

    FAQs

    What type of property is this?
    Drive through restaurant - Commercial building on almost 5 acres, move-in ready.
    Where is this drive through restaurant located?
    The property is located at 2250 E M 21 Owosso, MI.
    What is the asking price?
    The asking price for this property is $549,900.
    What are key features of this property?
    This property features: Prime commercial location on highly traveled M‑21.; Beautifully restored building on almost 5 acres.; Move‑in ready condition suitable for various businesses (bakery, coffee shop, office, boutique).
    (810) 733-3333
    We can help!
    Listing Contact
    Debbie Caldwell
    Real Estate License ID: 6502136257
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2250 E M 21, CorunnaCity_Shiawassee, MI 48867
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!