Green Zone Cannabis
For Sale
Contact for pricing
24280 Mound Road, Warren, MI 48091
M-2-zoned property with prior grow-facility use and three-phase power.
Property Size4,800 SF
Price / SF$72.71
Days on Market11
Property Features for 24280 Mound Road
General Information
Standard status
Active
Size
4,800 SF
Class
D
Property subtype
Industrial
Zoning
M-2
Building Details
Year Built
1949
Buildings
1
Stories
1
Units
1
Listing Agency:
Pilot Property Group
Listed By:
Alex Termini · License #MI 6501392648
Source:
Crexi
Added: Aug 28
Changed: Sep 4
Last Checked: Sep 6 at 1:10AM
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 Pilot Property Group
Investment Insights
Based on property information with market context.
Located at 24280 Mound Rd in Warren, Michigan, this M-2-zoned property was built in 1949 and previously operated as a grow facility. The property is identified as Green Zone approved and is described as meeting City and State requirements for a grow facility. Three-phase power is in place. Walk Score is 34, while Bike Score is 43.
Key Highlights
- M‑2 zoning
- Previously operated as a grow facility
- Green Zone approved
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
$24,659
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
7.07%
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%
$493,180
$493.2K
Cap Rate 7%
$352,271
$352.3K
Cap Rate 9%
$273,989
$274.0K
Market Conditions
NOI Build-Up for 4,800 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
$36.9K $7.68/SF
− Vacancy
−$1.6K −$0.34/SF
EGI
$35.2K $7.34/SF
− OpEx
−$10.6K −$2.20/SF
NOI
$24.7K $5.14/SF
Area
Warren, MI
Vacancy
4.44%
Lease Rate
$7.68 /SF/Yr
Expense Ratio
30.00%
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%
$493,180
Cap Rate 7%
$352,271
Cap Rate 9%
$273,989
Alternative Uses
Best Use
Industrial
$352.3K
$308.2K – $411.0K
NOI $24,659 @ 7.0% cap · market cap 7.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$926.5K – $1.24M
NOI $74,123 @ 7.0% cap · market cap 21.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
425
Businesses Nearby
Explore this area
Business Placement
Demographics for 48091, MI
32,267
Population
12,919
Households
2.5
Avg Household Size
37
Median Age
17%
College-Educated
82%
High-School Grad
7.9 sq mi
ZIP Area
4,084
Density / Sq Mi
$53,400
Median Household Income
$31,877
Median Earnings
$1,231
Median Rent
$138,700
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.
Frequently Asked Questions
What type of property is this?
Cannabis property - M-2-zoned property with prior grow-facility use and three-phase power.
Where is this cannabis property located?
The property is located at 24280 Mound Road Warren, MI.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: M‑2 zoning; Previously operated as a grow facility; Green Zone approved
