Retail/Office Space on State
For Sale
Contact for pricing
3 State Park Dr, Bay City, MI 48706
Renovated retail/office space in great location, built in 2023.
Property Size3,500 SF
Price / SF$82.86
Days on Market230
Property Features for 3 State Park Dr
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Retail, Office
Zoning
C-2
Building Details
Year Built
2023
Listing Agency:
Commercial Equities
Listed By:
Sandra J. Covaleski · License #6502139796
(989) 450-2236
Source:
Crexi
Added: Feb 17
Changed: Sep 23
Last Checked: Oct 5 at 4:26PM
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 Commercial Equities
Investment Insights
Based on property information with market context.
This renovated property, constructed in 2023, is suitable for retail or office use. Originally intended as a dispensary, the interior includes completed restrooms and a safe, with the remaining build-out to be completed. The property benefits from its location at a traffic light on State Park Drive and Wilder Road. On-site parking is available on the north side of the property, offering convenient access from both State Park Drive and Old Kawkawlin. The property has a size of 3500 square feet.
Key Highlights
- Built in 2023 and renovated for a dispensary.
- Excellent location at the traffic light on State Park & Wilder Road.
- Restrooms and safe are already completed.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,872
Cap Rate
8.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$517,440
$517.4K
Cap Rate 7%
$369,600
$369.6K
Cap Rate 9%
$287,467
$287.5K
Market Conditions
NOI Build-Up for 3,500 SF
Gross rent
$42.0K $12.00/SF
− Vacancy
−$5.0K −$1.44/SF
EGI
$37.0K $10.56/SF
− OpEx
−$11.1K −$3.17/SF
NOI
$25.9K $7.39/SF
Area
Bay County, MI
Vacancy
12.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$517,440
Cap Rate 7%
$369,600
Cap Rate 9%
$287,467
Alternative Uses
Best Use
Office B
$475.2K
$415.8K – $554.4K
NOI $33,264 @ 7.0% cap · market cap 11.47%
Second Best
Retail
$369.6K
$323.4K – $431.2K
NOI $25,872 @ 7.0% cap · market cap 8.92%
Theoretical Best
Office A
$633.6K
$554.4K – $739.2K
NOI $44,352 @ 7.0% cap · market cap 15.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
481
Businesses Nearby
Explore this area
Business Placement
Demographics for 48706, MI
39,381
Population
18,163
Households
2.2
Avg Household Size
45
Median Age
24%
College-Educated
93%
High-School Grad
66.3 sq mi
ZIP Area
594
Density / Sq Mi
$61,908
Median Household Income
$40,151
Median Earnings
$887
Median Rent
$142,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Retail space - Renovated retail/office space in great location, built in 2023.
Where is this retail space located?
The property is located at 3 State Park Dr Bay City, MI.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Built in 2023 and renovated for a dispensary.; Excellent location at the traffic light on State Park & Wilder Road.; Restrooms and safe are already completed.
