Flex Property with
For Sale
$200,000
327 N Shiawassee Street, Corunna, MI 48817
Main floor workspace includes rear storage, with a three-bedroom apartment upstairs for combined live-and-work use.
Property Size1,910 SF
Price / SF$104.71
Days on Market395
Property Features for 327 N Shiawassee Street
General Information
Standard status
Active
Size
1,910 SF
Property subtype
Industrial
Amenities
3
23140
Listing Agency:
(586) 615-6572
Listed By:
Smith Street
(586) 615-6572
Source:
Xome
Added: Jul 22, 2025
Changed: Aug 12
Last Checked: Aug 20 at 5:20AM
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 Smith Street
Investment Insights
Based on property information with market context.
This flex property offers a main floor with over 1,500 square feet of space, along with approximately 500 square feet of rear storage. The exterior has been recently painted, and the back addition features a new flat roof. Interior improvements include a newly permitted HVAC system and some electrical updates, supporting day-to-day business needs.
Upstairs, the property includes a large apartment with three bedrooms and a large bathroom. The layout is suited for occupancy that combines living space with business operations.
Located on N Shiawassee Street in Corunna, MI, the area is described as a growing market between Lansing and Flint. The seller will also consider land contract terms.
Upstairs, the property includes a large apartment with three bedrooms and a large bathroom. The layout is suited for occupancy that combines living space with business operations.
Located on N Shiawassee Street in Corunna, MI, the area is described as a growing market between Lansing and Flint. The seller will also consider land contract terms.
Key Highlights
- Main floor workspace totals 1,500+ sq ft with 500 sq ft rear storage
- Upstairs includes a 3‑bedroom apartment with a large bathroom
- New permitted HVAC plus some electrical updates
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
$11,588
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
5.79%
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%
$231,760
$231.8K
Cap Rate 7%
$165,543
$165.5K
Cap Rate 9%
$128,756
$128.8K
Market Conditions
NOI Build-Up for 1,910 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
$17.2K $9.00/SF
− Vacancy
−$636 −$0.33/SF
EGI
$16.6K $8.67/SF
− OpEx
−$5.0K −$2.60/SF
NOI
$11.6K $6.07/SF
Area
Shiawassee County, MI
Vacancy
3.70%
Lease Rate
$9.00 /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%
$231,760
Cap Rate 7%
$165,543
Cap Rate 9%
$128,756
Alternative Uses
Best Use
Industrial
$165.5K
$144.9K – $193.1K
NOI $11,588 @ 7.0% cap · market cap 5.79%
Second Best
Flex RnD
$149.8K
$131.1K – $174.8K
NOI $10,488 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$364.1K
$318.6K – $424.8K
NOI $25,490 @ 7.0% cap · market cap 12.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48817, MI
5,714
Population
2,513
Households
2.3
Avg Household Size
45
Median Age
16%
College-Educated
96%
High-School Grad
58.9 sq mi
ZIP Area
97
Density / Sq Mi
$57,468
Median Household Income
$39,300
Median Earnings
$879
Median Rent
$164,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Main floor workspace includes rear storage, with a three-bedroom apartment upstairs for combined live-and-work use.
Where is this flex space located?
The property is located at 327 N Shiawassee Street Corunna, MI.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Main floor workspace totals 1,500+ sq ft with 500 sq ft rear storage; Upstairs includes a 3‑bedroom apartment with a large bathroom; New permitted HVAC plus some electrical updates
