Day Care Center with Play
For Sale
Contact for pricing
2904 E Ashman Street, Midland, MI 48642
Commercially zoned facility with kitchen, bathrooms, open space, and a fenced outdoor area.
Property Size2,250 SF
Lot Size0.88 Acres
Price / SF$133.33
Days on Market42
Property Features for 2904 E Ashman Street
General Information
Standard status
Active
Size
2,250 SF
Total Parking Spaces
8
Lot size
0.88 Acres
Property subtype
Office, Special Purpose
Zoning
Commercial
Investment Type
Owner/User
Amenities
kitchen
bathrooms
fenced-in play area
outdoor space
Building Details
Year Built
1957
Buildings
1
Listing Agency:
Ayre Rhinehart Real Estate Partners
Listed By:
Matt Rapanos · License #MI
Source:
Crexi
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 31 at 1:19AM
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 Ayre Rhinehart Real Estate Partners
Investment Insights
Based on property information with market context.
Located at 2904 E Ashman Street in Midland, this 2,250-square-foot day care property offers a practical mix of interior and exterior space. The building includes a kitchen, bathrooms, and open areas, with a fenced play area and additional outdoor space behind the structure. Built in 1957, the property is zoned Commercial.
The 165 x 231 lot includes a large parking area and room for an additional building. The site is currently identified as Stepping Stones and is also described as suitable for office use and other uses.
The 165 x 231 lot includes a large parking area and room for an additional building. The site is currently identified as Stepping Stones and is also described as suitable for office use and other uses.
Key Highlights
- 2,250 sq ft building with kitchen, bathrooms, and open space
- 165 x 231 lot with room for an additional building
- Fenced‑in play area and rear outdoor space
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
$21,141
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
7.05%
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%
$422,820
$422.8K
Cap Rate 7%
$302,014
$302.0K
Cap Rate 9%
$234,900
$234.9K
Market Conditions
NOI Build-Up for 2,250 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
$32.4K $14.40/SF
− Vacancy
−$4.2K −$1.87/SF
EGI
$28.2K $12.53/SF
− OpEx
−$7.0K −$3.13/SF
NOI
$21.1K $9.40/SF
Area
Midland County, MI
Vacancy
13.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$422,820
Cap Rate 7%
$302,014
Cap Rate 9%
$234,900
Alternative Uses
Best Use
Office B
$302.0K
$264.3K – $352.4K
NOI $21,141 @ 7.0% cap · market cap 7.05%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$406.1K
$355.3K – $473.8K
NOI $28,427 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
665
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48642, MI
33,457
Population
14,663
Households
2.3
Avg Household Size
40
Median Age
42%
College-Educated
96%
High-School Grad
104.7 sq mi
ZIP Area
320
Density / Sq Mi
$77,690
Median Household Income
$48,407
Median Earnings
$1,100
Median Rent
$194,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Memorial Presbyterian Preschool (MPP) — 1310 Ashman St, Midland, MI 48640
- A Joyful Noise LLC — 2515 Ashman St, Midland, MI 48640
- Golden Rule Preschool & Child — 2515 Ashman St # B, Midland, MI 48640
- Sugnet Preschool — 3917 jefferson ave, midland, mi 48640
Frequently Asked Questions
What type of property is this?
Day care center - Commercially zoned facility with kitchen, bathrooms, open space, and a fenced outdoor area.
Where is this day care center located?
The property is located at 2904 E Ashman Street Midland, MI.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 2,250 sq ft building with kitchen, bathrooms, and open space; 165 x 231 lot with room for an additional building; Fenced‑in play area and rear outdoor space
