Mixed-Use Storefront with
For Sale
$550,000
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$87.92
Days on Market353
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) 750-3333
Listed By:
Debbie Caldwell · License #6501230158
(810) 733-3333
Source:
Exprealty
Added: Oct 28, 2025
Changed: Oct 13
Last Checked: Oct 15 at 1:48AM
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 / Yr
$45,980
Cap Rate
8.36%
Suggested Prices Based on Cap Rates
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
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 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 11.81%
Second Best
Apartment 5plus
$656.9K
$574.8K – $766.3K
NOI $45,980 @ 7.0% cap · market cap 8.36%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,491 @ 7.0% cap · market cap 15.18%
Zoning and permitted uses should be independently verified with authorities.
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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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 $550,000.
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
