Light Industrial Warehouse For
For Sale
$299,999
24 Leonard Road, Battle Creek, MI 49037
Freestanding, newly constructed warehouse suitable for cannabis or industrial use.
Property Size1,619 SF
Lot Size4.41 Acres
Days on Market267
Property Features for 24 Leonard Road
General Information
Standard status
Active
Size
1,619 SF
Lot size
4.41 Acres
Property subtype
Commercial
Building Details
Building Size
1,619 SF
Year Built
1930
Listing Agency:
C3 CRE, LLC
(248) 220-1110
Listed By:
Corbin Yaldoo · License #6502431997
(248) 220-1110
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 19
Last Checked: Aug 20 at 11:48AM
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 C3 CRE, LLC
Investment Insights
Based on property information with market context.
This newly constructed, freestanding light industrial warehouse is available for sale. Previously used as a cannabis processing facility with an active license, the property is suitable for cannabis processors or traditional light industrial users. The building features ceiling heights ranging from 16 to 9 feet and electrical service of 208 - 230/360 V. It includes a supply fan with a 2-speed belt drive/6-ton system with a 2-stage compressor. The property has one loading garage door, measuring 7-2 in height and 6-8 feet in width. The property is in excellent condition, offering ample on-site parking and convenient entry/exit access. This presents a significant opportunity in a market with limited newer industrial buildings for an owner/investor or user.
Key Highlights
- Newly constructed freestanding light industrial warehouse.
- Cannabis processing license in place, suitable for cannabis processors.
- 16‑9 feet ceiling heights.
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
$12,159
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
4.05%
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%
$243,180
$243.2K
Cap Rate 7%
$173,700
$173.7K
Cap Rate 9%
$135,100
$135.1K
Market Conditions
NOI Build-Up for 1,619 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
$15.3K $9.48/SF
− Vacancy
−$1.0K −$0.64/SF
EGI
$14.3K $8.84/SF
− OpEx
−$2.1K −$1.33/SF
NOI
$12.2K $7.51/SF
Area
Calhoun County, MI
Vacancy
6.80%
Lease Rate
$9.48 /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%
$243,180
Cap Rate 7%
$173,700
Cap Rate 9%
$135,100
Alternative Uses
Best Use
Warehouse
$173.7K
$152.0K – $202.7K
NOI $12,159 @ 7.0% cap · market cap 4.05%
Second Best
Industrial
$143.0K
$125.2K – $166.9K
NOI $10,013 @ 7.0% cap · market cap 3.34%
Theoretical Best
Healthcare Medical
$19.21M
$16.80M – $22.41M
NOI $1,344,361 @ 7.0% cap · market cap 448.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
77
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49037, MI
21,427
Population
9,971
Households
2.1
Avg Household Size
37
Median Age
12%
College-Educated
88%
High-School Grad
19.3 sq mi
ZIP Area
1,110
Density / Sq Mi
$42,598
Median Household Income
$32,024
Median Earnings
$843
Median Rent
$90,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Freestanding, newly constructed warehouse suitable for cannabis or industrial use.
Where is this warehouse located?
The property is located at 24 Leonard Road Battle Creek, MI.
What is the asking price?
The asking price for this property is $299,999.
What are key features of this property?
This property features: Newly constructed freestanding light industrial warehouse.; Cannabis processing license in place, suitable for cannabis processors.; 16‑9 feet ceiling heights.
