Freestanding Retail
For Sale
$1,950,000
2991 N Williamston Rd, Williamston, MI 48895
Large open retail layout within a freestanding building, supported by split HVAC upgrades and C-2 zoning.
Property Size16,885 SF
Price / SF$115.49
Days on Market270
Property Features for 2991 N Williamston Rd
General Information
Standard status
Active
Size
16,885 SF
Property subtype
Retail
Zoning
C-2
Building Details
Building Size
16,885 SF
Year Built
1996
Listing Agency:
NAI Mid-Michigan
Listed By:
David Robinson · License #6502386052
(517) 599-6846
Source:
Cpix.resimplifi
Added: Dec 11, 2025
Changed: Sep 3
Last Checked: Sep 7 at 4:31AM
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 NAI Mid-Michigan
Investment Insights
Based on property information with market context.
This freestanding retail building totals 16,885 square feet and is configured around a large open layout that can support a variety of retail operations. The pitched shingled roof is approximately four years old, and the property has had recent upgrades including new split HVAC systems. The building also has public sewer and well water.
The property is zoned C-2, providing flexibility for retail and other commercial uses under the local zoning framework.
Historically operated as a retail establishment since 1996, the building is positioned for an owner or investor seeking a free-standing retail asset in the Williamston area.
The property is zoned C-2, providing flexibility for retail and other commercial uses under the local zoning framework.
Historically operated as a retail establishment since 1996, the building is positioned for an owner or investor seeking a free-standing retail asset in the Williamston area.
Key Highlights
- 16,885 SF free‑standing building with retail history since 1996
- Large open retail layout suitable for a variety of retail operations
- Pitched shingled roof is about 4 years old
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
$116,446
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
5.97%
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%
$2,328,920
$2.3M
Cap Rate 7%
$1,663,514
$1.7M
Cap Rate 9%
$1,293,844
$1.3M
Market Conditions
NOI Build-Up for 16,885 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
$202.6K $12.00/SF
− Vacancy
−$36.3K −$2.15/SF
EGI
$166.4K $9.85/SF
− OpEx
−$49.9K −$2.96/SF
NOI
$116.4K $6.90/SF
Area
Ingham County, MI
Vacancy
17.90%
Lease Rate
$12.00 /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%
$2,328,920
Cap Rate 7%
$1,663,514
Cap Rate 9%
$1,293,844
Alternative Uses
Best Use
Retail
$1.66M
$1.46M – $1.94M
NOI $116,446 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.71M
$2.37M – $3.16M
NOI $189,895 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 100%
Tractor Supply Co.
Home Improvements & Furnishings
9,970 visits/mo
0.1 miles
Demographics for 48895, MI
11,472
Population
5,019
Households
2.3
Avg Household Size
43
Median Age
50%
College-Educated
97%
High-School Grad
82.9 sq mi
ZIP Area
138
Density / Sq Mi
$100,565
Median Household Income
$57,330
Median Earnings
$1,005
Median Rent
$272,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Large open retail layout within a freestanding building, supported by split HVAC upgrades and C-2 zoning.
Where is this retail space located?
The property is located at 2991 N Williamston Rd Williamston, MI.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 16,885 SF free‑standing building with retail history since 1996; Large open retail layout suitable for a variety of retail operations; Pitched shingled roof is about 4 years old
