Commercial Land with Brick
New
For Sale
$499,900
3413 Corunna Road, Flint, MI 48532
Two-story commercial site beside I-75 with an existing brick building and billboard lease income.
Property Size3,456 SF
Days on Market7
Property Features for 3413 Corunna Road
General Information
Standard status
Active
Size
3,456 SF
Property subtype
Commercial
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$9,200
Building Details
Building Size
3,456 SF
Listing Agency:
RE/MAX Platinum - Grand Blanc
(810) 397-5343
Listed By:
Stephan Brochu · License #6506046546
Source:
Eliterealtymi
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 29 at 3:24PM
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 RE/MAX Platinum - Grand Blanc
Investment Insights
Based on property information with market context.
This commercial land offering includes a 3,400+ Sq. ft. two-story brick building on over 0.70 acre. The site is positioned immediately beside I-75 northbound and southbound near the Corunna Road exit, providing direct access to an interstate corridor. The existing building includes two billboard leases, which generate income while future plans are evaluated.
The sale also includes two adjacent parcels on Westover Drive—Parcel IDs 07-22-501-037 and 07-22-501-038. Together, the properties provide a commercial development site with an existing structure, interstate positioning, and additional land for site planning or expansion.
The sale also includes two adjacent parcels on Westover Drive—Parcel IDs 07-22-501-037 and 07-22-501-038. Together, the properties provide a commercial development site with an existing structure, interstate positioning, and additional land for site planning or expansion.
Key Highlights
- 3,400+ Sq. ft. two‑story brick building
- Site encompasses over 0.70/acre
- Immediately adjacent to I‑75 northbound and southbound
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
$35,876
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
7.18%
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%
$717,520
$717.5K
Cap Rate 7%
$512,514
$512.5K
Cap Rate 9%
$398,622
$398.6K
Market Conditions
NOI Build-Up for 3,456 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
$53.5K $15.48/SF
− Vacancy
−$2.2K −$0.65/SF
EGI
$51.3K $14.83/SF
− OpEx
−$15.4K −$4.45/SF
NOI
$35.9K $10.38/SF
Area
Genesee County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$717,520
Cap Rate 7%
$512,514
Cap Rate 9%
$398,622
Alternative Uses
Best Use
Retail
$512.5K
$448.5K – $597.9K
NOI $35,876 @ 7.0% cap · market cap 7.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$727.2K
$636.3K – $848.4K
NOI $50,906 @ 7.0% cap · market cap 10.18%
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
Explore this area
Business Placement
Demographics for 48532, MI
19,247
Population
9,093
Households
2.1
Avg Household Size
43
Median Age
19%
College-Educated
88%
High-School Grad
16.0 sq mi
ZIP Area
1,203
Density / Sq Mi
$58,118
Median Household Income
$34,361
Median Earnings
$929
Median Rent
$157,300
Median Home Value
Market
Vacancy Rate% for Retail 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?
Commercial land - Two-story commercial site beside I-75 with an existing brick building and billboard lease income.
Where is this commercial land located?
The property is located at 3413 Corunna Road Flint, MI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 3,400+ Sq. ft. two‑story brick building; Site encompasses over 0.70/acre; Immediately adjacent to I‑75 northbound and southbound
