Building Details

Year Built 2001

Listing Agency: Northern Star Real Estate

Listed By: John C Brown Show Phone

Source: Katie-k

Added: Jul 29 Changed: Oct 9 Last Checked: Oct 16 at 11:51AM

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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 Northern Star Real Estate

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Investment Insights

Based on property information with market context.

This 1,782-square-foot building, constructed in 2001, is positioned across from the Gun Lake launch site and boat launch. Township approval for Airbnb use supports its short-term rental classification.

The property is located at 2380 S Patterson Rd in Shelbyville, Michigan. The building is offered in as-is condition, with a cash sale specified.

Key Highlights

• Across from Gun Lake launch site and boat launch
• Township approval for Airbnb use
• 1,782 square feet

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$11,436

Cap Rate

6.53%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$228,720 $228.7K

Cap Rate 7%

$163,371 $163.4K

Cap Rate 9%

$127,067 $127.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,782 SF

Gross rent

$22.0K $12.36/SF

− Vacancy

−$1.2K −$0.69/SF

EGI

$20.8K $11.67/SF

− OpEx

−$9.4K −$5.25/SF

NOI

$11.4K $6.42/SF

Area

Allegan County, MI

Vacancy

5.60%

Lease Rate

$12.36 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$228,720

Cap Rate 7%

$163,371

Cap Rate 9%

$127,067

Alternative Uses

Best Use

Apartment 5plus

$163.4K

$143.0K – $190.6K (±1% cap)

NOI $11,436 @ 7.0% cap · market cap 6.53%

Second Best

—

—

no second resolved use

Theoretical Best

Hotel Hospitality

$16.73M

$14.64M – $19.52M (±1% cap)

NOI $1,171,438 @ 7.0% cap · market cap 669.39%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Short term rental ...

Suggested Use

Top Pick Auto Repair Shop Auto Parts Store Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

5

Businesses Nearby

Explore this area Business Placement

Demographics for 49344, MI

3,847

Population

2,101

Households

1.8

Avg Household Size

45

Median Age

14%

College-Educated

91%

High-School Grad

31.0 sq mi

ZIP Area

124

Density / Sq Mi

$76,420

Median Household Income

$39,596

Median Earnings

$1,289

Median Rent

$272,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Frequently Asked Questions

What type of property is this?

Short term rental property - Building positioned across from the Gun Lake launch area with township approval for Airbnb use.

Where is this short term rental property located?

The property is located at 2380 S Patterson Rd Shelbyville, MI.

What is the asking price?

The asking price for this property is $175,000.

What are key features of this property?

This property features: Across from Gun Lake launch site and boat launch; Township approval for Airbnb use; 1,782 square feet