Professional Office
New
For Sale
$265,000
312 N Water St, Owosso, MI 48867
Flexible office layout with private rooms, collaborative workspace, a conference room, kitchenette, and designated parking.
Property Size2,030 SF
Price / SF$130.54
Days on Market1
Property Features for 312 N Water St
General Information
Standard status
Active
Size
2,030 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,580
Building Details
Year Built
1994
Buildings
1
Building Size
2,030 SF
Abandoned
No
Listing Agency:
The Home Office Realty LLC
Listed By:
Morgan Beilfuss · License #6501277052
(989) 277-7860
Source:
Elliman
Added: Sep 19
Last Checked: Sep 19 at 8:13AM
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 The Home Office Realty LLC
Investment Insights
Based on property information with market context.
Constructed in 1994, this 2,030-square-foot office building offers a practical professional setting with a defined entry porch, lobby, private offices, open work areas, and a conference room. The interior also includes a secretarial station with built-in desk, kitchenette, two half baths, solid wood doors, and Pella windows.
The property is located at 312 N Water St in downtown Owosso, across from the Shiawassee River walking path and near the Cone Zone. Designated parking is included. Walk Score is 17, characterized as Car-Dependent, while BikeScore is 32, characterized as Somewhat Bikeable.
The property is located at 312 N Water St in downtown Owosso, across from the Shiawassee River walking path and near the Cone Zone. Designated parking is included. Walk Score is 17, characterized as Car-Dependent, while BikeScore is 32, characterized as Somewhat Bikeable.
Key Highlights
- 2,030‑square‑foot office building constructed in 1994
- Private offices, open workspace, conference room, and lobby
- Built‑in secretarial desk and dedicated work area
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
$20,262
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
7.65%
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%
$405,240
$405.2K
Cap Rate 7%
$289,457
$289.5K
Cap Rate 9%
$225,133
$225.1K
Market Conditions
NOI Build-Up for 2,030 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
$34.6K $17.04/SF
− Vacancy
−$7.6K −$3.73/SF
EGI
$27.0K $13.31/SF
− OpEx
−$6.8K −$3.33/SF
NOI
$20.3K $9.98/SF
Area
Shiawassee County, MI
Vacancy
21.90%
Lease Rate
$17.04 /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%
$405,240
Cap Rate 7%
$289,457
Cap Rate 9%
$225,133
Alternative Uses
Best Use
Office B
$289.5K
$253.3K – $337.7K
NOI $20,262 @ 7.0% cap · market cap 7.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$387.0K
$338.7K – $451.5K
NOI $27,092 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,098
Businesses Nearby
Explore this area
Business Placement
Demographics for 48867, MI
27,596
Population
12,660
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
136.0 sq mi
ZIP Area
203
Density / Sq Mi
$58,718
Median Household Income
$37,908
Median Earnings
$834
Median Rent
$145,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Flexible office layout with private rooms, collaborative workspace, a conference room, kitchenette, and designated parking.
Where is this office building located?
The property is located at 312 N Water St Owosso, MI.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: 2,030‑square‑foot office building constructed in 1994; Private offices, open workspace, conference room, and lobby; Built‑in secretarial desk and dedicated work area
