Wedding Venue With Event
For Sale
$1,490,000
58522 FARRAND RD, Colon, MI 49040
Established hospitality property includes two event barns, commercial culinary facilities, and an historic residence.
Property Size6,749 SF
Lot Size11.77 Acres
Price / SF$220.77
Days on Market18
Property Features for 58522 FARRAND RD
General Information
Standard status
Active
Size
6,749 SF
Lot size
11.77 Acres
Property subtype
Business Opportunities
Additional Details
Furnished
Yes
Business Included
Yes
Equipment Included
Yes
Amenities
Metal, Composition
Building Details
Year Built
1854
Listed By:
Five Star Real Estate
(269) 998-4062
Source:
Xome
Added: Aug 16
Changed: Sep 1
Last Checked: Sep 1 at 9:56PM
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 Five Star Real Estate
Investment Insights
Based on property information with market context.
Farrand Hall is an established wedding and event property spanning 11.77 acres in Colon, Michigan. The offering includes two event barns built in 2021 and 2023, along with an historic residence and approximately 1,024 square feet in the White Barn. The grounds and improvements are configured for weddings, private gatherings, dining experiences, retreats, celebrations, and related hospitality uses.
The sale includes the Farrand Hall brand, associated business rights, furniture, fixtures, and equipment. Commercial culinary capabilities support food-service operations and chef-led programming. The property is located at 58522 Farrand Road and includes metal and composition exterior materials.
The sale includes the Farrand Hall brand, associated business rights, furniture, fixtures, and equipment. Commercial culinary capabilities support food-service operations and chef-led programming. The property is located at 58522 Farrand Road and includes metal and composition exterior materials.
Key Highlights
- 11.77‑acre wedding and event property in Colon, Michigan
- Two event barns constructed in 2021 and 2023
- White Barn measures approximately 1,024 square feet
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
$100,944
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
6.77%
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%
$2,018,880
$2.0M
Cap Rate 7%
$1,442,057
$1.4M
Cap Rate 9%
$1,121,600
$1.1M
Market Conditions
NOI Build-Up for 6,749 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
$148.2K $21.96/SF
− Vacancy
−$4.0K −$0.59/SF
EGI
$144.2K $21.37/SF
− OpEx
−$43.3K −$6.41/SF
NOI
$100.9K $14.96/SF
Area
St. Joseph County, MI
Vacancy
2.70%
Lease Rate
$21.96 /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%
$2,018,880
Cap Rate 7%
$1,442,057
Cap Rate 9%
$1,121,600
Alternative Uses
Best Use
Industrial
$1.44M
$1.26M – $1.68M
NOI $100,944 @ 7.0% cap · market cap 6.77%
Second Best
Specialty Retail
$1.07M
$940.3K – $1.25M
NOI $75,222 @ 7.0% cap · market cap 5.05%
Theoretical Best
Multifamily LT 5
$84.09M
$73.58M – $98.11M
NOI $5,886,604 @ 7.0% cap · market cap 395.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 49040, MI
3,404
Population
1,956
Households
1.7
Avg Household Size
43
Median Age
14%
College-Educated
74%
High-School Grad
41.2 sq mi
ZIP Area
83
Density / Sq Mi
$58,693
Median Household Income
$36,304
Median Earnings
$793
Median Rent
$123,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Established hospitality property includes two event barns, commercial culinary facilities, and an historic residence.
Where is this wedding venue located?
The property is located at 58522 FARRAND RD Colon, MI.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: 11.77‑acre wedding and event property in Colon, Michigan; Two event barns constructed in 2021 and 2023; White Barn measures approximately 1,024 square feet
