Building Details

Building Size 3,744 SF

Year Built 2009

Stories 1

Listing Agency: KW Realty Livingston b***@mirootsgroup.com Show Phone

Listed By: William Maniaci Show Phone

Source: Sabudarealty

Added: Aug 1, 2025 Changed: Aug 23 Last Checked: Aug 23 at 2:45AM

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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 KW Realty Livingston

Investment Insights

Based on property information with market context.

This flex/warehouse property is configured to support two potential business spaces within a log-style building. The unoccupied warehouse space includes a full private basement. The front unit is tenant occupied on a month-to-month lease and features a bright reception area, office space, and a bathroom.

Set on a busy, high-traffic corner, the building benefits from visibility at a main intersection. It is positioned minutes from downtown Howell, with a newly repaved asphalt parking lot completed in 2023.

For tenants and buyers seeking practical flexibility, the combination of warehouse area, dedicated basement space, and an office-ready front unit can accommodate a range of light industrial or service-oriented uses. With updated mechanicals and a maintenance-free exterior, the property is designed for straightforward ongoing operations while retaining the option to occupy or lease the additional space.

Key Highlights

• High‑traffic corner on Chilson/Grand River with main intersection visibility and minutes to downtown Howell
• Building built in 2009, offering two possible business spaces—warehouse plus a tenant‑ready front office/reception setup
• Unoccupied warehouse space is almost 1,800 sq ft and includes a full private basement

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

$27,381

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

4.21%

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%

$547,620 $547.6K

Cap Rate 7%

$391,157 $391.2K

Cap Rate 9%

$304,233 $304.2K

Market Conditions

NOI Build-Up for 3,744 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

$33.7K $9.00/SF

− Vacancy

−$1.5K −$0.40/SF

EGI

$32.2K $8.60/SF

− OpEx

−$4.8K −$1.29/SF

NOI

$27.4K $7.31/SF

Area

Livingston County, MI

Vacancy

4.40%

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%

$547,620

Cap Rate 7%

$391,157

Cap Rate 9%

$304,233

Alternative Uses

Best Use

Warehouse

$391.2K

$342.3K – $456.4K (±1% cap)

NOI $27,381 @ 7.0% cap · market cap 4.21%

Second Best

Flex RnD

$333.5K

$291.8K – $389.0K (±1% cap)

NOI $23,342 @ 7.0% cap · market cap 3.59%

Theoretical Best

Healthcare Medical

$596.4K

$521.8K – $695.8K (±1% cap)

NOI $41,745 @ 7.0% cap · market cap 6.42%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Law Firm HVAC Service Hair Salon (Bike/Boat/Book/etc) Store Restaurant

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

Location Intelligence

Trade Area within ½ mile

25

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 48843, MI

47,704

Population

19,001

Households

2.5

Avg Household Size

41

Median Age

37%

College-Educated

95%

High-School Grad

89.6 sq mi

ZIP Area

532

Density / Sq Mi

$91,620

Median Household Income

$48,613

Median Earnings

$1,221

Median Rent

$323,100

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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

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Frequently Asked Questions

What type of property is this?

Flex space - Corner visibility and two possible business spaces combine warehouse utility with a tenant-ready office reception layout.

Where is this flex space located?

The property is located at 51 Chilson Road Genoa Township, MI.

What is the asking price?

The asking price for this property is $650,000.

What are key features of this property?

This property features: High‑traffic corner on Chilson/Grand River with main intersection visibility and minutes to downtown Howell; Building built in 2009, offering two possible business spaces—warehouse plus a tenant‑ready front office/reception setup; Unoccupied warehouse space is almost 1,800 sq ft and includes a full private basement