Retail/Office Building with Flexible
For Sale
$309,000
5303 S Old US Highway 23, Brighton, MI 48114
Open interior offers flexibility for a range of retail or office buildouts off Old US 23.
Property Size2,568 SF
Price / SF$120.33
Days on Market693
Property Features for 5303 S Old US Highway 23
General Information
Standard status
Active
Size
2,568 SF
Class
C
Total Parking Spaces
3
Property subtype
Office
Zoning
B-3
Additional Details
Highway Access
Yes
Building Details
Building Size
2,568 SF
Year Built
1992
Buildings
1
Stories
1
Listing Agency:
Thomas A. Duke Company
Listed By:
John K. Porth · License #6501336460
(810) 623-3755
Source:
Cpix.resimplifi
Added: Oct 24, 2024
Changed: Aug 15
Last Checked: Sep 15 at 4:07AM
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 Thomas A. Duke Company
Investment Insights
Based on property information with market context.
This retail/office building is available for sale and presents an open interior layout that can support a variety of buildouts. The property is described as ready for final touches, offering a straightforward foundation for customization based on the next tenant or owner’s plans.
Located on the east side of Old US 23 between Grand River and Spencer Road, the property benefits from a well-traveled corridor setting. The site also provides easy access to both US 23 and I-96, supporting convenient connections for customers and staff.
With its flexible floorplan and location along a major roadway, the building is suited to users seeking a space that can be finished to match their operational needs, whether retail-facing or office-oriented.
Located on the east side of Old US 23 between Grand River and Spencer Road, the property benefits from a well-traveled corridor setting. The site also provides easy access to both US 23 and I-96, supporting convenient connections for customers and staff.
With its flexible floorplan and location along a major roadway, the building is suited to users seeking a space that can be finished to match their operational needs, whether retail-facing or office-oriented.
Key Highlights
- Retail/office building built in 1992
- Located on the east side of Old US 23 between Grand River and Spencer Road
- Well located on the busy Old US 23 corridor
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
$8,840
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%
$176,800
$176.8K
Cap Rate 7%
$126,286
$126.3K
Cap Rate 9%
$98,222
$98.2K
Market Conditions
NOI Build-Up for 2,568 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
$15.4K $6.00/SF
− Vacancy
−$3.6K −$1.41/SF
EGI
$11.8K $4.59/SF
− OpEx
−$2.9K −$1.15/SF
NOI
$8.8K $3.44/SF
Area
Livingston County, MI
Vacancy
23.50%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
25.00%
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%
$176,800
Cap Rate 7%
$126,286
Cap Rate 9%
$98,222
Alternative Uses
Best Use
Office B
$126.3K
$110.5K – $147.3K
NOI $8,840 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$409.0K
$357.9K – $477.2K
NOI $28,633 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
Explore this area
Business Placement
Demographics for 48114, MI
21,222
Population
8,223
Households
2.6
Avg Household Size
45
Median Age
47%
College-Educated
97%
High-School Grad
29.0 sq mi
ZIP Area
732
Density / Sq Mi
$118,581
Median Household Income
$55,946
Median Earnings
$1,333
Median Rent
$384,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Open interior offers flexibility for a range of retail or office buildouts off Old US 23.
Where is this office building located?
The property is located at 5303 S Old US Highway 23 Brighton, MI.
What is the asking price?
The asking price for this property is $309,000.
What are key features of this property?
This property features: Retail/office building built in 1992; Located on the east side of Old US 23 between Grand River and Spencer Road; Well located on the busy Old US 23 corridor
