Licensed Cannabis Cultivation
For Sale
$1,500,000
4345 & 4375 Waterman Road, Vassar, MI 48768
Operational cultivation property with warehouse, residential, agricultural, and water features across a substantial acreage tract.
Property Size6,000 SF
Days on Market193
Property Features for 4345 & 4375 Waterman Road
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Factory
Building Details
Building Size
6,000 SF
Year Built
2020
Listing Agency:
Farbman Group
(248) 351-4357
Listed By:
Harry Barash
(248) 351-4357
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 4:00PM
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 Farbman Group
Investment Insights
Based on property information with market context.
This operational cannabis cultivation property combines licensed growing capacity with multiple on-site improvements. The facility includes a 6,000 SF warehouse built in 2020, a 1,456 SF house with a 1,276 SF walkout lower level, an attached two-car garage, a 1,200 SF barn, and an additional two-car garage. The warehouse has 14-foot ceilings and one overhead door.
The property encompasses 21.45 acres and includes a pond stocked with multiple fish species. Its licenses include Class C AU and Class C Medical classifications, with capacity for 3,500 plants. Utilities include well water, a septic tank, and a single-phase 800-amp panel, with 3-phase power available. Zoning consists of 2 acres designated I-Industrial and 18.45 acres designated AFR. The property is identified by two parcel numbers and carries a City of Vassar address.
The property encompasses 21.45 acres and includes a pond stocked with multiple fish species. Its licenses include Class C AU and Class C Medical classifications, with capacity for 3,500 plants. Utilities include well water, a septic tank, and a single-phase 800-amp panel, with 3-phase power available. Zoning consists of 2 acres designated I-Industrial and 18.45 acres designated AFR. The property is identified by two parcel numbers and carries a City of Vassar address.
Key Highlights
- Class C AU and Class C Medical licenses allow for 3,500 plants
- 21.45‑acre property with a pond containing multiple fish species
- 6,000 SF warehouse built in 2020 with 14‑foot ceilings
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
$106,322
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
7.09%
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%
$2,126,440
$2.1M
Cap Rate 7%
$1,518,886
$1.5M
Cap Rate 9%
$1,181,356
$1.2M
Market Conditions
NOI Build-Up for 6,000 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
$128.2K $21.36/SF
− Vacancy
−$3.1K −$0.51/SF
EGI
$125.1K $20.85/SF
− OpEx
−$18.8K −$3.13/SF
NOI
$106.3K $17.72/SF
Area
Tuscola County, MI
Vacancy
2.40%
Lease Rate
$21.36 /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%
$2,126,440
Cap Rate 7%
$1,518,886
Cap Rate 9%
$1,181,356
Alternative Uses
Best Use
Warehouse
$1.52M
$1.33M – $1.77M
NOI $106,322 @ 7.0% cap · market cap 7.09%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$4.35M
$3.81M – $5.08M
NOI $304,578 @ 7.0% cap · market cap 20.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 48768, MI
9,648
Population
4,146
Households
2.3
Avg Household Size
43
Median Age
17%
College-Educated
92%
High-School Grad
105.9 sq mi
ZIP Area
91
Density / Sq Mi
$63,363
Median Household Income
$36,460
Median Earnings
$719
Median Rent
$137,900
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Cannabis property - Operational cultivation property with warehouse, residential, agricultural, and water features across a substantial acreage tract.
Where is this cannabis property located?
The property is located at 4345 & 4375 Waterman Road Vassar, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Class C AU and Class C Medical licenses allow for 3,500 plants; 21.45‑acre property with a pond containing multiple fish species; 6,000 SF warehouse built in 2020 with 14‑foot ceilings
