Former Cannabis Dispensary and Grow
23896 Sherwood Avenue, Center Line, MI 48015
For Sale
Contact for pricing
Fenced commercial property combines multiple grow rooms with a separate warehouse component.
Property Size25,480 SF
Price / SF$98.12
Days on Market98
Property Features for 23896 Sherwood Avenue
General Information
Standard status
Size
Property subtype
Listing Agency:
Newmark Knight Frank Detroit
(248) 350-9500
Listed By:
Mike Davidson
(248) 357-6599
Source:
Moodyscre
Added: Aug 5
Changed: Oct 26
Last Checked: Nov 8 at 6:29AM
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 Newmark Knight Frank Detroit
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Investment Insights
Based on property information with market context.
Located at 23896 Sherwood Avenue in Center Line, Michigan, this former marijuana dispensary and cultivation property contains 25,480 square feet of improvements. The configuration includes a dispensary area, multiple grow rooms, and a separate warehouse component not designated for marijuana use.
The 2.5-acre site is enclosed with fencing and finished with a concrete lot. The building and site provide a purpose-built framework for cannabis-related operations, along with a distinct warehouse area within the overall property.
The 2.5-acre site is enclosed with fencing and finished with a concrete lot. The building and site provide a purpose-built framework for cannabis-related operations, along with a distinct warehouse area within the overall property.
Key Highlights
- 25,480 square feet of total building area
- Former marijuana dispensary and grow facility
- Multiple grow rooms included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$150,483
Cap Rate
6.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,009,660
$3.0M
Cap Rate 7%
$2,149,757
$2.1M
Cap Rate 9%
$1,672,033
$1.7M
Market Conditions
NOI Build-Up for 25,480 SF
Gross rent
$186.5K $7.32/SF
− Vacancy
−$9.5K −$0.37/SF
EGI
$177.0K $6.95/SF
− OpEx
−$26.6K −$1.04/SF
NOI
$150.5K $5.91/SF
Area
Macomb County, MI
Vacancy
5.08%
Lease Rate
$7.32 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,009,660
Cap Rate 7%
$2,149,757
Cap Rate 9%
$1,672,033
Alternative Uses
Best Use
Warehouse
$2.15M
$1.88M – $2.51M
NOI $150,483 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.77M
$4.17M – $5.57M
NOI $333,919 @ 7.0% cap · market cap 13.36%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
622
Businesses Nearby
Explore this area
Business Placement
Demographics for 48015, MI
8,552
Population
3,789
Households
2.3
Avg Household Size
42
Median Age
19%
College-Educated
87%
High-School Grad
1.8 sq mi
ZIP Area
4,751
Density / Sq Mi
$52,857
Median Household Income
$45,326
Median Earnings
$627
Median Rent
$145,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Cannabis property - Fenced commercial property combines multiple grow rooms with a separate warehouse component.
Where is this cannabis property located?
The property is located at 23896 Sherwood Avenue Center Line, MI.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 25,480 square feet of total building area; Former marijuana dispensary and grow facility; Multiple grow rooms included
