Fully Leased Multi-Unit Office
For Sale
$1,550,000
3390 N State Road, Davison, MI 48423
Fully leased four-unit mixed-use building with a 2025 roof, community business zoning, and State Road frontage.
Property Size12,000 SF
Price / SF$129.17
Days on Market245
Property Features for 3390 N State Road
General Information
Standard status
Active
Size
12,000 SF
Property subtype
Industrial
Zoning
Community Business
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
3
Asphalt
37611683761173
Building Details
Year Built
20
Tenancy
Multi
Listing Agency:
(810) 441-0906
Listed By:
The Brokerage Real Estate Enthusiasts
(810) 441-0906
Source:
Xome
Added: Dec 7, 2025
Changed: Aug 8
Last Checked: Aug 9 at 4:44AM
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 Brokerage Real Estate Enthusiasts
Investment Insights
Based on property information with market context.
This fully leased mixed-use commercial building contains four occupied units supporting office, medical, and service-based tenants. The property is described as in pristine condition, with consistent professional maintenance inside and out and a new roof installed in 2025. The site layout includes ample paved parking and features substantial land for future expansion or development, and approved plans for a potential buildout are available.
The building is located on more than 10 acres with State Road frontage, offering visibility and straightforward access for community-serving businesses. The property is positioned for continued tenant stability and provides an opportunity to evaluate additional income potential through approved improvements.
Current community business zoning supports a range of community-serving uses, and the existing configuration is designed for flexible commercial operations based on the current multi-unit layout.
The building is located on more than 10 acres with State Road frontage, offering visibility and straightforward access for community-serving businesses. The property is positioned for continued tenant stability and provides an opportunity to evaluate additional income potential through approved improvements.
Current community business zoning supports a range of community-serving uses, and the existing configuration is designed for flexible commercial operations based on the current multi-unit layout.
Key Highlights
- Fully leased 12,000 SF mixed‑use commercial building in Davison
- 4 fully occupied units with tenant uses including office, medical, and service‑based businesses
- Located on over 10 acres with State Road frontage
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
$136,080
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
8.78%
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%
$2,721,600
$2.7M
Cap Rate 7%
$1,944,000
$1.9M
Cap Rate 9%
$1,512,000
$1.5M
Market Conditions
NOI Build-Up for 12,000 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
$259.2K $21.60/SF
− Vacancy
−$32.4K −$2.70/SF
EGI
$226.8K $18.90/SF
− OpEx
−$90.7K −$7.56/SF
NOI
$136.1K $11.34/SF
Area
Genesee County, MI
Vacancy
12.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$2,721,600
Cap Rate 7%
$1,944,000
Cap Rate 9%
$1,512,000
Alternative Uses
Best Use
Healthcare Medical
$1.94M
$1.70M – $2.27M
NOI $136,080 @ 7.0% cap · market cap 8.78%
Second Best
Office B
$1.89M
$1.65M – $2.20M
NOI $132,196 @ 7.0% cap · market cap 8.53%
Theoretical Best
Office A
$2.53M
$2.21M – $2.95M
NOI $176,758 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
517
Businesses Nearby
Explore this area
Business Placement
Demographics for 48423, MI
33,801
Population
15,248
Households
2.2
Avg Household Size
41
Median Age
25%
College-Educated
93%
High-School Grad
64.5 sq mi
ZIP Area
524
Density / Sq Mi
$64,096
Median Household Income
$40,463
Median Earnings
$953
Median Rent
$209,400
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?
Office units - Fully leased four-unit mixed-use building with a 2025 roof, community business zoning, and State Road frontage.
Where is this office units located?
The property is located at 3390 N State Road Davison, MI.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Fully leased 12,000 SF mixed‑use commercial building in Davison; 4 fully occupied units with tenant uses including office, medical, and service‑based businesses; Located on over 10 acres with State Road frontage
