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    Morenci Cannabis Business Zone Land Title is generated by Realmo AI

    300 Hammontree Dr, Morenci, MI 49256

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    Land in established cannabis business zone near Ohio border.

    Type:Industrial
    Added:
    Jun 21, 2023
    Days on Market:
    1067
    Last Refresh:
    Mar 17 at 1:24 pm

    Property Features for 300 Hammontree Dr

    General Information

    Standard status
    Active
    Property subtype
    Industrial

    Building Details

    Year Built
    2019

    We can help!

    Listing Contact
    Gavin Mills
    Gavin Mills

    Listing agent Gavin Mills License #MI 6501397648

    Listing office NAI Farbman

    Listing date Jun 21, 2023

    Source Crexi

    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 Farbman

    HighLights

    • Located in Morenci's Cannabis Business Zone, a frontier town experiencing unprecedented traffic.
    • Situated within the 65‑acre Skyline Industrial/Business Park.
    • Positioned in the southernmost city on Michigan’s border with Ohio, Indiana, and Illinois.
    • Draws traffic from a wide radius: 30 miles North, East, and West, and 200 miles South.
    • Good access to E. Main Street.
    • Two partially completed cannabis facilities already exist in the park.

    Overview

    Located in the city of Morenci, this property resides within the 65-acre Skyline Industrial/Business Park. The city, situated on the southwestern border of Lenawee County on M-156, is approximately 1 hour and 40 minutes from Metro Detroit. Sharing a southern boundary with Ohio, the city is positioned as the southernmost city on Michigan’s border with Ohio, Indiana, and Illinois. The area, once dominated by agriculture, has transformed into a frontier town experiencing increased traffic. Since the passing of medical marijuana laws in 2016/2017, the city has attracted individuals from various directions: 30 miles north along W. Mulberry Rd., 30 miles east along Fay Highway, 30 miles west along Sims Highway, and even 200 miles south from the Ohio-Michigan border. The property benefits from good access to E. Main Street. Currently, there are two partially completed cannabis facilities in the park in addition to this offering. The property is located in the Cannabis Business Zone.
    Location Intelligence

    Current Use by Public Records

    Cannabis Properties

    Map

    City
    Morenci
    County
    Lenawee
    State
    Michigan
    Longitude
    -84.2204
    Latitude
    41.7515

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    FAQs

    What type of property is this?
    Cannabis property - Land in established cannabis business zone near Ohio border.
    Where is this cannabis property located?
    The property is located at 300 Hammontree Dr Morenci, MI.
    What is the asking price?
    The asking price for this property is $1,275,000.
    What are key features of this property?
    This property features: Located in Morenci's Cannabis Business Zone, a frontier town experiencing unprecedented traffic.; Situated within the 65‑acre Skyline Industrial/Business Park.; Positioned in the southernmost city on Michigan’s border with Ohio, Indiana, and Illinois.
    (248) 351-4384 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Gavin Mills
    Gavin Mills
    Real Estate License ID: MI 6501397648
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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