Approved Cannabis
For Sale
$1,600,000
5848 Hubbard St, Garden City, MI 48135
Freestanding M-1 Light Industrial property with an included license, approved plans, and room for future expansion.
Property Size16,800 SF
Price / SF$95.24
Days on Market259
Property Features for 5848 Hubbard St
General Information
Standard status
Active
Size
16,800 SF
Property subtype
Commercial
Building Details
Year Built
1976
Listing Agency:
C3 CRE, LLC
(248) 220-1110
Listed By:
Corbin Yaldoo · License #6502431997
Source:
Vmrealestatemichigan
Added: Dec 14, 2025
Changed: Aug 29
Last Checked: Aug 25 at 8:09AM
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 C3 CRE, LLC
Investment Insights
Based on property information with market context.
This freestanding cannabis property includes the real estate and license, with municipal approval supporting the existing opportunity. The 16,800-square-foot building carries M-1 Light Industrial zoning, offers ceiling clearances ranging from 18 feet 9 inches to 19 feet 9 inches, and includes 39 parking spaces. Approved construction drawings are part of the sale. An additional one-acre undeveloped portion provides space for parking, storage, or expansion.
The property sits in Garden City within a dense residential setting and near national tenants. Its location is two blocks north of Ford Road, where traffic volume is reported at more than 39,000 vehicles per day. The industrial zoning also supports consideration of uses beyond the cannabis operation, subject to applicable approvals.
The property sits in Garden City within a dense residential setting and near national tenants. Its location is two blocks north of Ford Road, where traffic volume is reported at more than 39,000 vehicles per day. The industrial zoning also supports consideration of uses beyond the cannabis operation, subject to applicable approvals.
Key Highlights
- Municipally approved cannabis opportunity with license and real estate included
- 16,800‑square‑foot freestanding building zoned M‑1 Light Industrial
- Ceiling heights range from 18'9" to 19'9"
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
$86,975
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
5.44%
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%
$1,739,500
$1.7M
Cap Rate 7%
$1,242,500
$1.2M
Cap Rate 9%
$966,389
$966.4K
Market Conditions
NOI Build-Up for 16,800 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
$129.0K $7.68/SF
− Vacancy
−$4.8K −$0.28/SF
EGI
$124.3K $7.40/SF
− OpEx
−$37.3K −$2.22/SF
NOI
$87.0K $5.18/SF
Area
Wayne County, MI
Vacancy
3.70%
Lease Rate
$7.68 /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%
$1,739,500
Cap Rate 7%
$1,242,500
Cap Rate 9%
$966,389
Alternative Uses
Best Use
Industrial
$1.24M
$1.09M – $1.45M
NOI $86,975 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.11M
$2.72M – $3.63M
NOI $217,728 @ 7.0% cap · market cap 13.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Explore this area
Business Placement
Demographics for 48135, MI
27,380
Population
11,395
Households
2.4
Avg Household Size
41
Median Age
15%
College-Educated
91%
High-School Grad
5.9 sq mi
ZIP Area
4,641
Density / Sq Mi
$64,396
Median Household Income
$39,987
Median Earnings
$991
Median Rent
$162,400
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Cannabis property - Freestanding M-1 Light Industrial property with an included license, approved plans, and room for future expansion.
Where is this cannabis property located?
The property is located at 5848 Hubbard St Garden City, MI.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Municipally approved cannabis opportunity with license and real estate included; 16,800‑square‑foot freestanding building zoned M‑1 Light Industrial; Ceiling heights range from 18'9" to 19'9"
