Mixed-Use Storefront with
For Sale
$600,000
2256 E M 21, Owosso, MI 48867
Storefront property with overhead apartments, oversized garages, updated electrical, and parking on both sides.
Property Size6,256 SF
Price / SF$95.91
Days on Market305
Property Features for 2256 E M 21
General Information
Standard status
Active
Size
6,256 SF
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,139
Amenities
2 2 bedroom apartments overhead
oversized 2- 2car garages
Listing Agency:
American Associates Inc
(810) 733-3333
Listed By:
Debbie Caldwell · License #6501230158
(810) 733-3333
Source:
Exprealty
Added: Oct 30, 2025
Changed: Aug 29
Last Checked: Aug 29 at 1:07PM
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 Inc
Investment Insights
Based on property information with market context.
This mixed-use property combines a 6256-square-foot storefront with two two-bedroom apartments positioned above the commercial space. The apartments can support on-site living or be rented separately. Two oversized 2-car garages add substantial storage capacity, while parking is available on both sides of the building.
Recent improvements include updates to the electrical system. City water is available at the road. The property is offered as real estate only, providing a combination of commercial storefront space, residential units, garage storage, and on-site parking.
Recent improvements include updates to the electrical system. City water is available at the road. The property is offered as real estate only, providing a combination of commercial storefront space, residential units, garage storage, and on-site parking.
Key Highlights
- 6256‑square‑foot storefront with two two‑bedroom apartments overhead
- Two oversized 2‑car garages provide additional storage
- Updated electrical system
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
$45,980
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
7.66%
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%
$919,600
$919.6K
Cap Rate 7%
$656,857
$656.9K
Cap Rate 9%
$510,889
$510.9K
Market Conditions
NOI Build-Up for 6,256 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
$90.1K $14.40/SF
− Vacancy
−$6.5K −$1.04/SF
EGI
$83.6K $13.36/SF
− OpEx
−$37.6K −$6.01/SF
NOI
$46.0K $7.35/SF
Area
Shiawassee County, MI
Vacancy
7.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$919,600
Cap Rate 7%
$656,857
Cap Rate 9%
$510,889
Alternative Uses
Best Use
Retail
$927.8K
$811.8K – $1.08M
NOI $64,943 @ 7.0% cap · market cap 10.82%
Second Best
Apartment 5plus
$656.9K
$574.8K – $766.3K
NOI $45,980 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,491 @ 7.0% cap · market cap 13.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
Explore this area
Business Placement
Demographics for 48867, MI
27,596
Population
12,660
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
136.0 sq mi
ZIP Area
203
Density / Sq Mi
$58,718
Median Household Income
$37,908
Median Earnings
$834
Median Rent
$145,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Storefront property with overhead apartments, oversized garages, updated electrical, and parking on both sides.
Where is this mixed-use property located?
The property is located at 2256 E M 21 Owosso, MI.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 6256‑square‑foot storefront with two two‑bedroom apartments overhead; Two oversized 2‑car garages provide additional storage; Updated electrical system
