Flex Building With Bay
New
For Sale
$749,900
2970 Cherryhill Drive, Fort Gratiot, MI 48059
Block construction with office, reception, and two bathrooms supports adaptable commercial operations.
Property Size5,600 SF
Days on Market2
Property Features for 2970 Cherryhill Drive
General Information
Standard status
Active
Size
5,600 SF
Property subtype
Commercial
Zoning
Commercial, Multiple
Additional Details
Drive-In Doors
3
Taxes and HOA fees
Annual Taxes
$8,351
Amenities
Three 13-foot bay doors
Office area
Reception space
Two bathrooms
Separate HVAC systems
Building Details
Building Size
5,600 SF
Year Built
1989
Buildings
2
Construction
block
Listing Agency:
Epique Realty
(810) 305-3456
Listed By:
Cory Shivers
Source:
Irishhillsfivestarhomes
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 6:27PM
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 Epique Realty
Investment Insights
Based on property information with market context.
This 3,200-square-foot flex property is a block building with an open interior, dedicated office area, reception space, and two bathrooms. Three 13-foot bay doors provide access for service, storage, or light industrial activity. The layout was previously divided into two units, and separate HVAC systems serve each side, supporting independent occupancy or owner-user flexibility.
A 2,400-square-foot pole barn is also on the property and has operated as an auto shop since 2003. The main building most recently served as a gym, while its open configuration can accommodate a range of commercial applications. The property is located at 2970 Cherryhill Drive in Fort Gratiot, Michigan. Equipment, tools, inventory, and car hoists are excluded from the offering but are negotiable.
A 2,400-square-foot pole barn is also on the property and has operated as an auto shop since 2003. The main building most recently served as a gym, while its open configuration can accommodate a range of commercial applications. The property is located at 2970 Cherryhill Drive in Fort Gratiot, Michigan. Equipment, tools, inventory, and car hoists are excluded from the offering but are negotiable.
Key Highlights
- 3,200‑square‑foot block building with three 13‑foot bay doors
- Previous two‑unit configuration with separate HVAC systems for each side
- Dedicated office, reception area, and two bathrooms
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
$67,839
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
9.05%
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%
$1,356,780
$1.4M
Cap Rate 7%
$969,129
$969.1K
Cap Rate 9%
$753,767
$753.8K
Market Conditions
NOI Build-Up for 5,600 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
$112.2K $20.04/SF
− Vacancy
−$7.9K −$1.40/SF
EGI
$104.4K $18.64/SF
− OpEx
−$36.5K −$6.52/SF
NOI
$67.8K $12.11/SF
Area
St. Clair County, MI
Vacancy
7.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
35.00%
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%
$1,356,780
Cap Rate 7%
$969,129
Cap Rate 9%
$753,767
Alternative Uses
Best Use
Retail
$1.03M
$904.9K – $1.21M
NOI $72,391 @ 7.0% cap · market cap 9.65%
Second Best
Flex RnD
$969.1K
$848.0K – $1.13M
NOI $67,839 @ 7.0% cap · market cap 9.05%
Theoretical Best
Multifamily LT 5
$4.21M
$3.68M – $4.91M
NOI $294,692 @ 7.0% cap · market cap 39.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Drive-in doors
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48059, MI
15,319
Population
7,324
Households
2.1
Avg Household Size
47
Median Age
30%
College-Educated
94%
High-School Grad
31.7 sq mi
ZIP Area
483
Density / Sq Mi
$78,841
Median Household Income
$44,716
Median Earnings
$956
Median Rent
$199,200
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?
Flex space - Block construction with office, reception, and two bathrooms supports adaptable commercial operations.
Where is this flex space located?
The property is located at 2970 Cherryhill Drive Fort Gratiot, MI.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: 3,200‑square‑foot block building with three 13‑foot bay doors; Previous two‑unit configuration with separate HVAC systems for each side; Dedicated office, reception area, and two bathrooms
