Brick Office
For Sale
$224,900
56190 M 43, Bangor, MI 49013
Lobby, reception space, and multiple private offices provide a defined interior layout.
Property Size1,650 SF
Price / SF$136.30
Days on Market19
Property Features for 56190 M 43
General Information
Standard status
Active
Size
1,650 SF
Taxes and HOA fees
Annual Taxes
$1,472
Building Details
Buildings
1
Building Size
1,650 SF
Construction
brick
Listing Agency:
Evenboer Walton, REALTORS
(269) 324-4852
Listed By:
Bill Evenboer · License #6502128196
(269) 207-1060
Source:
Exprealty
Added: Sep 14
Changed: Oct 1
Last Checked: Oct 1 at 2:10PM
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 Evenboer Walton, REALTORS
Investment Insights
Based on property information with market context.
This brick office property offers 1,650 square feet of usable area, arranged with an entrance lobby, reception area, and several individual offices. A replacement roof and new windows were completed within the past six months. Installation of a gas forced-air furnace and central air conditioning is underway.
Parking areas are positioned at both the front and rear of the building. The property sits just outside the City of Bangor on M 43.
Parking areas are positioned at both the front and rear of the building. The property sits just outside the City of Bangor on M 43.
Key Highlights
- 1,650 square feet of usable office area
- Lobby, front desk area, and several individual offices
- Roof and windows replaced within the last 6 months
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
$16,912
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
7.52%
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%
$338,240
$338.2K
Cap Rate 7%
$241,600
$241.6K
Cap Rate 9%
$187,911
$187.9K
Market Conditions
NOI Build-Up for 1,650 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
$28.1K $17.04/SF
− Vacancy
−$5.6K −$3.37/SF
EGI
$22.5K $13.67/SF
− OpEx
−$5.6K −$3.42/SF
NOI
$16.9K $10.25/SF
Area
Van Buren County, MI
Vacancy
19.80%
Lease Rate
$17.04 /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%
$338,240
Cap Rate 7%
$241,600
Cap Rate 9%
$187,911
Alternative Uses
Best Use
Office B
$241.6K
$211.4K – $281.9K
NOI $16,912 @ 7.0% cap · market cap 7.52%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$20.40M
$17.85M – $23.80M
NOI $1,428,138 @ 7.0% cap · market cap 635.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
28
Businesses Nearby
Explore this area
Business Placement
Demographics for 49013, MI
5,175
Population
2,045
Households
2.5
Avg Household Size
39
Median Age
16%
College-Educated
80%
High-School Grad
57.0 sq mi
ZIP Area
91
Density / Sq Mi
$58,264
Median Household Income
$33,589
Median Earnings
$757
Median Rent
$140,100
Median Home Value
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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 - Lobby, reception space, and multiple private offices provide a defined interior layout.
Where is this office building located?
The property is located at 56190 M 43 Bangor, MI.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: 1,650 square feet of usable office area; Lobby, front desk area, and several individual offices; Roof and windows replaced within the last 6 months
