Brick Flex Space
For Sale
$389,900
317 S Grand Street, Marshall, MI 49068
Two separately metered commercial units combine office functionality with warehouse access and flexible business space.
Property Size3,640 SF
Price / SF$107.12
Days on Market132
Property Features for 317 S Grand Street
General Information
Standard status
Active
Size
3,640 SF
Property subtype
Business Opportunities
Additional Details
Utilities to Site
Yes
Clear Height
14 ft
Office Units
2
Amenities
Composition
156156
Building Details
Year Built
1998
Buildings
1
Building Size
3,640 SF
Construction
brick
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate
(269) 209-2286
Listed By:
Brian Fazekas · License #6506047758
(269) 209-2286
Source:
Xome
Added: Apr 12
Changed: Aug 21
Last Checked: Aug 21 at 8:58AM
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 Berkshire Hathaway HomeServices Michigan Real Estate
Investment Insights
Based on property information with market context.
This brick flex-space property contains 3,640 square feet arranged as a commercial duplex with two separate units. Each unit measures approximately 1,800 square feet and combines office and warehouse functionality. Both sides include 12-foot overhead doors, 14-foot ceilings, and new furnaces, while a separating firewall supports distinct occupancy. Separate utilities serve each unit, providing independent operational arrangements within the building.
Built in 1998, the property is located at 317 S Grand Street in Marshall, Michigan. The two-unit configuration supports businesses seeking individual space as well as users evaluating a multi-tenant commercial setup.
Built in 1998, the property is located at 317 S Grand Street in Marshall, Michigan. The two-unit configuration supports businesses seeking individual space as well as users evaluating a multi-tenant commercial setup.
Key Highlights
- 3,640 square feet of total office/warehouse space
- Two separate units of approximately 1,800 square feet each
- 12‑foot overhead doors and 14‑foot ceilings in each unit
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
$27,337
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
7.01%
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%
$546,740
$546.7K
Cap Rate 7%
$390,529
$390.5K
Cap Rate 9%
$303,744
$303.7K
Market Conditions
NOI Build-Up for 3,640 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
$34.5K $9.48/SF
− Vacancy
−$2.3K −$0.64/SF
EGI
$32.2K $8.84/SF
− OpEx
−$4.8K −$1.33/SF
NOI
$27.3K $7.51/SF
Area
Calhoun County, MI
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$546,740
Cap Rate 7%
$390,529
Cap Rate 9%
$303,744
Alternative Uses
Best Use
Flex RnD
$704.6K
$616.6K – $822.1K
NOI $49,325 @ 7.0% cap · market cap 12.65%
Second Best
Office B
$572.9K
$501.3K – $668.3K
NOI $40,100 @ 7.0% cap · market cap 10.28%
Theoretical Best
Healthcare Medical
$43.18M
$37.78M – $50.38M
NOI $3,022,529 @ 7.0% cap · market cap 775.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
2
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
808
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49068, MI
14,325
Population
6,901
Households
2.1
Avg Household Size
45
Median Age
36%
College-Educated
96%
High-School Grad
129.9 sq mi
ZIP Area
110
Density / Sq Mi
$78,476
Median Household Income
$47,198
Median Earnings
$904
Median Rent
$196,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Two separately metered commercial units combine office functionality with warehouse access and flexible business space.
Where is this flex space located?
The property is located at 317 S Grand Street Marshall, MI.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: 3,640 square feet of total office/warehouse space; Two separate units of approximately 1,800 square feet each; 12‑foot overhead doors and 14‑foot ceilings in each unit
