Renovation-Ready Flex
For Sale
$375,000
5742 Peck Road, Croswell, MI 48422
COM/IND/BUS OPP, Croswell, MI
Property Size3,700 SF
Lot Size3.16 Acres
Price / SF$100.21
Days on Market150
Property Features for 5742 Peck Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Lot features
Corner Lot, Main Street
Subdivision
Lexington Twp (76015)
Standard status
Active
APN
150-033-100-010-00
Size
3,742 SF
Lot size
3.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2640
Utilities
Water source
Private
Listing Agency:
Epique Inc.
(248) 218-2604
Listed By:
Michael Rickerman · License #6506045489
(810) 712-1568
Added: Apr 28
Changed: Sep 7
Last Checked: Sep 24 at 10:06PM
MLS# 50205644
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex-space property includes a 3.16-acre parcel and a 3,742-square-foot building arranged in front and rear sections. The front section measures 40 by 40 feet and contains 1,582 square feet with upper-level storage. The rear section measures 40 by 54 feet, provides 2,160 square feet, and also includes upper-level storage. The building requires complete renovation, and debris and miscellaneous items are present inside and outside.
A fenced portion occupies the rear of the property. Two garage doors support building access: a 12-foot-high by 12-foot-wide front door and a 10-foot-high by 8-foot-wide side door. The property is positioned at the intersection of Peck Road, identified as M-90, and Wildcat Road, with a private water source serving the site.
A fenced portion occupies the rear of the property. Two garage doors support building access: a 12-foot-high by 12-foot-wide front door and a 10-foot-high by 8-foot-wide side door. The property is positioned at the intersection of Peck Road, identified as M-90, and Wildcat Road, with a private water source serving the site.
Key Highlights
- 3.16‑acre flex‑space property with a 3,742‑square‑foot building
- Building includes 1,582 SF front section and 2,160 SF rear section
- Fenced rear portion of the property
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
$20,007
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
5.34%
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%
$400,140
$400.1K
Cap Rate 7%
$285,814
$285.8K
Cap Rate 9%
$222,300
$222.3K
Market Conditions
NOI Build-Up for 3,742 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
$30.1K $8.04/SF
− Vacancy
−$1.5K −$0.40/SF
EGI
$28.6K $7.64/SF
− OpEx
−$8.6K −$2.29/SF
NOI
$20.0K $5.35/SF
Area
Sanilac County, MI
Vacancy
5.00%
Lease Rate
$8.04 /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%
$400,140
Cap Rate 7%
$285,814
Cap Rate 9%
$222,300
Alternative Uses
Best Use
Flex RnD
$575.4K
$503.5K – $671.3K
NOI $40,279 @ 7.0% cap · market cap 10.74%
Second Best
Industrial
$285.8K
$250.1K – $333.5K
NOI $20,007 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$794.7K
$695.4K – $927.2K
NOI $55,631 @ 7.0% cap · market cap 14.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48422, MI
6,130
Population
2,875
Households
2.1
Avg Household Size
43
Median Age
14%
College-Educated
89%
High-School Grad
95.2 sq mi
ZIP Area
64
Density / Sq Mi
$57,078
Median Household Income
$33,312
Median Earnings
$807
Median Rent
$162,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Flex property with enclosed rear yard, overhead doors, storage areas, and access from two intersecting roads.
Where is this flex space located?
The property is located at 5742 Peck Road Croswell, MI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 3.16‑acre flex‑space property with a 3,742‑square‑foot building; Building includes 1,582 SF front section and 2,160 SF rear section; Fenced rear portion of the property
