Building Details

Year Built 2004

Buildings 4

Tenancy Multi

Listing Agency: Pilot Property Group j***@pilotpg.com Show Phone

Listed By: Jon Wright · License #6502433568

Source: Crexi

Added: Apr 24 Changed: Aug 30 Last Checked: May 8 at 7:40AM

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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 Pilot Property Group

Investment Insights

Based on property information with market context.

This warehouse property comprises four industrial buildings totaling approximately 14,900 square feet. Three buildings contain approximately 3,600 SF each, while the fourth offers approximately 4,100 SF. The buildings feature 16-foot ceilings, large overhead doors, heating, and on-site parking. Constructed in 2004, the property is zoned I-L for light industrial use.

The site is 75% occupied by two tenants under new three-year lease agreements, with one remaining unit available for lease-up. Approximately 0.75 acres of undeveloped land lies behind the buildings and may support future expansion or outdoor storage. Access is available to the Blue Water Bridge international border crossing, I-94, and I-69.

Key Highlights

• Four industrial buildings totaling approximately 14,900 square feet
• Three buildings of approximately 3,600 SF and one 4,100 SF building
• 16‑foot ceiling heights with large overhead doors and heating

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

$106,006

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

8.15%

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%

$2,120,120 $2.1M

Cap Rate 7%

$1,514,371 $1.5M

Cap Rate 9%

$1,177,844 $1.2M

Market Conditions

NOI Build-Up for 14,900 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

$134.1K $9.00/SF

− Vacancy

−$9.4K −$0.63/SF

EGI

$124.7K $8.37/SF

− OpEx

−$18.7K −$1.26/SF

NOI

$106.0K $7.11/SF

Area

St. Clair County, MI

Vacancy

7.00%

Lease Rate

$9.00 /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%

$2,120,120

Cap Rate 7%

$1,514,371

Cap Rate 9%

$1,177,844

Alternative Uses

Best Use

Warehouse

$1.51M

$1.33M – $1.77M (±1% cap)

NOI $106,006 @ 7.0% cap · market cap 8.15%

Second Best

—

—

no second resolved use

Theoretical Best

Multifamily LT 5

$11.20M

$9.80M – $13.07M (±1% cap)

NOI $784,092 @ 7.0% cap · market cap 60.31%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Warehouses

Suggested Use

Top Pick Restaurant Law Firm Building Supply Spa & Massage Center Hair Salon Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

16 ft

Clear height

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

103

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 48060, MI

39,775

Population

18,066

Households

2.2

Avg Household Size

39

Median Age

17%

College-Educated

89%

High-School Grad

20.7 sq mi

ZIP Area

1,921

Density / Sq Mi

$51,342

Median Household Income

$32,017

Median Earnings

$1,005

Median Rent

$152,000

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties ... What are key features of this property?

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Similar Off Market Nearby

• 32nd Street Storage — 3541 32nd St, Port Huron, MI 48060
• All Temp Warehousing & Cross — 3497 Dove Rd, Port Huron, MI 48060

Frequently Asked Questions

What type of property is this?

Warehouse - Four-building light industrial site with overhead doors, heating, and on-site parking.

Where is this warehouse located?

The property is located at 3319-3331 Dove Rd Port Huron Township, MI.

What is the asking price?

The asking price for this property is $1,300,000.

What are key features of this property?

This property features: Four industrial buildings totaling approximately 14,900 square feet; Three buildings of approximately 3,600 SF and one 4,100 SF building; 16‑foot ceiling heights with large overhead doors and heating