High-Traffic Corner Commercial
51 Chilson Rd, Howell, MI 48843
For Sale
$650,000
Commercial building with warehouse space and tenant-occupied front unit.
Property Size3,744 SF
Lot Size0.63 Acres
Price / SF$361.11
Days on Market245
Property Features for 51 Chilson Rd
General Information
Standard status
Size
Lot size
Property subtype
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listed By:
Erin Williams
(734) 775-0795
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 25 at 4:57AM
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 Erin Williams
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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 / Yr
$18,620
Cap Rate
2.86%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Midwest region
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.**
