Warehouse with Industrial
For Sale
$1,100,000
2376 Wadhams Rd, Smiths Creek, MI 48074
Warehouse property accompanied by two parcels in a light industrial zoning district.
Property Size5,831 SF
Lot Size15.16 Acres
Price / SF$188.65
Days on Market371
Property Features for 2376 Wadhams Rd
General Information
Standard status
Active
Size
5,831 SF
Lot size
15.16 Acres
Property subtype
Industrial, Land
Zoning
I-1 LIG
Building Details
Building Size
5,831 SF
Buildings
1
Stories
1
Listing Agency:
Kramer Commercial Realty
(810) 531-4090
Listed By:
Korissa Kramer · License #6502386241
(810) 531-4090
Source:
Cpix.resimplifi
Added: Aug 26, 2025
Changed: Aug 30
Last Checked: Aug 30 at 12:28PM
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 Kramer Commercial Realty
Investment Insights
Based on property information with market context.
This warehouse property includes 5,831 SF and is offered with a combined 15.16 acres across two parcels. The site is designated I-1 LIG, identified as light industrial zoning, and includes both the primary parcel and an outlot.
The property is located at 2376 Wadhams Rd in Smiths Creek, Michigan. Parcel sizes are approximately 13.830 acres and 1.330 acres, providing a combined land component alongside the warehouse improvements.
The property is located at 2376 Wadhams Rd in Smiths Creek, Michigan. Parcel sizes are approximately 13.830 acres and 1.330 acres, providing a combined land component alongside the warehouse improvements.
Key Highlights
- 5,831 SF warehouse property
- 15.16 +/- acres total across two parcels
- Zoned I‑1 LIG for light industrial use
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
$41,485
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
3.77%
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%
$829,700
$829.7K
Cap Rate 7%
$592,643
$592.6K
Cap Rate 9%
$460,944
$460.9K
Market Conditions
NOI Build-Up for 5,831 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
$52.5K $9.00/SF
− Vacancy
−$3.7K −$0.63/SF
EGI
$48.8K $8.37/SF
− OpEx
−$7.3K −$1.26/SF
NOI
$41.5K $7.11/SF
Area
St. Clair County, MI
Vacancy
7.00%
Lease Rate
$9.00 /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%
$829,700
Cap Rate 7%
$592,643
Cap Rate 9%
$460,944
Alternative Uses
Best Use
Warehouse
$592.6K
$518.6K – $691.4K
NOI $41,485 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$4.38M
$3.84M – $5.11M
NOI $306,848 @ 7.0% cap · market cap 27.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48074, MI
9,608
Population
3,809
Households
2.5
Avg Household Size
43
Median Age
15%
College-Educated
90%
High-School Grad
37.2 sq mi
ZIP Area
258
Density / Sq Mi
$69,600
Median Household Income
$43,577
Median Earnings
$1,139
Median Rent
$191,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- D&G Self Storage — 2243 Wadhams Rd, Kimball, MI 48074
- Wadhams RV Storage — 5151 Lapeer Rd, Kimball, MI 48074
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse property accompanied by two parcels in a light industrial zoning district.
Where is this warehouse located?
The property is located at 2376 Wadhams Rd Smiths Creek, MI.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 5,831 SF warehouse property; 15.16 +/- acres total across two parcels; Zoned I‑1 LIG for light industrial use
