High-Traffic Corner Commercial
For Sale
$650,000
51 Chilson Rd, Howell, MI 48843
Commercial building with warehouse space and tenant-occupied front unit.
Property Size3,744 SF
Lot Size0.63 Acres
Price / SF$361.11
Days on Market153
Property Features for 51 Chilson Rd
General Information
Standard status
Active
Size
3,744 SF
Lot size
0.63 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,971
Building Details
Building Size
3,744 SF
Year Built
2009
Listing Agency:
KW Realty Livingston
(734) 775-0795
Listed By:
Erin Williams
(734) 775-0795
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 4:43AM
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 commercial property is located on a busy, high-traffic corner at the intersection of Chilson and Grand River, offering high visibility and proximity to downtown Howell. The building presents an investment opportunity with two potential business spaces. The unoccupied warehouse space measures almost 1,800 square feet and includes a full, private basement. The front unit is currently tenant-occupied under a month-to-month lease and features a bright reception area, office space, and a bathroom. The log building is in great condition, with updated mechanical systems and a maintenance-free exterior. A newly repaved asphalt parking lot was completed in 2023.
Key Highlights
- High‑traffic corner location on Chilson Grand River with excellent visibility.
- Investment opportunity with two potential business spaces.
- Unoccupied 1,800 sq ft warehouse space with 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
$18,620
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
2.86%
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%
$372,400
$372.4K
Cap Rate 7%
$266,000
$266.0K
Cap Rate 9%
$206,889
$206.9K
Market Conditions
NOI Build-Up for 1,800 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
$32.4K $18.00/SF
− Vacancy
−$5.8K −$3.22/SF
EGI
$26.6K $14.78/SF
− OpEx
−$8.0K −$4.43/SF
NOI
$18.6K $10.34/SF
Area
Livingston County, MI
Vacancy
17.90%
Lease Rate
$18.00 /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%
$372,400
Cap Rate 7%
$266,000
Cap Rate 9%
$206,889
Alternative Uses
Best Use
Retail
$266.0K
$232.8K – $310.3K
NOI $18,620 @ 7.0% cap · market cap 2.86%
Second Best
Mixed Use
$190.9K
$167.1K – $222.8K
NOI $13,365 @ 7.0% cap · market cap 2.06%
Theoretical Best
Healthcare Medical
$286.7K
$250.9K – $334.5K
NOI $20,070 @ 7.0% cap · market cap 3.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial building with warehouse space and tenant-occupied front unit.
Where is this mixed-use property located?
The property is located at 51 Chilson Rd Howell, 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 location on Chilson Grand River with excellent visibility.; Investment opportunity with two potential business spaces.; Unoccupied 1,800 sq ft warehouse space with full private basement.**
