Flex Warehouse with Office
For Sale
$650,000
51 Chilson Rd, Howell, MI 48843
Corner flex building offers a bright front office setup and an unoccupied warehouse with private basement.
Property Size3,744 SF
Price / SF$173.61
Days on Market374
Property Features for 51 Chilson Rd
General Information
Standard status
Active
Size
3,744 SF
Listing Agency:
KW Realty Livingston
(517) 672-6612
Listed By:
William Maniaci
(517) 672-6612
Source:
Exprealty
Added: Aug 1, 2025
Changed: Jul 10
Last Checked: Aug 8 at 7:26AM
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 includes two distinct business spaces within a log-style building. The unoccupied warehouse area is approximately 1,800 square feet and features a full private basement. The front unit is tenant occupied on a month-to-month lease and has a bright reception area, office space, and a bathroom. The exterior is described as maintenance-free, and the building has updated mechanicals and ongoing maintenance.
The property is positioned on a busy high-traffic corner with main intersection visibility, with minutes to downtown Howell. Exterior improvements include a newly repaved asphalt parking lot completed in 2023.
For prospective buyers or operators seeking flexible use, the layout supports combining office and warehouse activity under one roof, while also allowing for independent operation of the separate front and rear spaces. The current tenant in the front unit provides in-place occupancy, while the rear warehouse area is available as unoccupied space for a new tenant or for owner use. Overall condition and recent site work may reduce near-term capital planning for day-to-day operations.
The property is positioned on a busy high-traffic corner with main intersection visibility, with minutes to downtown Howell. Exterior improvements include a newly repaved asphalt parking lot completed in 2023.
For prospective buyers or operators seeking flexible use, the layout supports combining office and warehouse activity under one roof, while also allowing for independent operation of the separate front and rear spaces. The current tenant in the front unit provides in-place occupancy, while the rear warehouse area is available as unoccupied space for a new tenant or for owner use. Overall condition and recent site work may reduce near-term capital planning for day-to-day operations.
Key Highlights
- Corner commercial building on a busy high‑traffic intersection with main intersection visibility
- Includes two potential business spaces: unoccupied warehouse (~1,800 SF) with a full private basement
- Front unit is tenant occupied on a month‑to‑month lease with bright reception, office space, and bathroom
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
NOI $27,381 @ 7.0% cap · market cap 4.21%
Second Best
Flex RnD
$333.5K
$291.8K – $389.0K
NOI $23,342 @ 7.0% cap · market cap 3.59%
Theoretical Best
Healthcare Medical
$596.4K
$521.8K – $695.8K
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
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
Under-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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Corner flex building offers a bright front office setup and an unoccupied warehouse with private basement.
Where is this flex space 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: Corner commercial building on a busy high‑traffic intersection with main intersection visibility; Includes two potential business spaces: unoccupied warehouse (~1,800 SF) with a full private basement; Front unit is tenant occupied on a month‑to‑month lease with bright reception, office space, and bathroom
