Wedding Venue with Event
For Sale
$1,490,000
58522 Farrand Road, Colon, MI 49040
Commercial Sale, Colon, MI
Property Size6,749 SF
Lot Size11.77 Acres
Price / SF$220.77
Days on Market16
Property Features for 58522 Farrand Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
AG
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Basement, Bathroom 1, Bathroom 3, Bathroom 2
Elementary school
Colon Elementary School
High school
Colon High School
Elementary school district
Colon
Middle school district
Colon
High school district
Colon
Directions
Head toward Phillips St Turn left onto S Blackstone Ave Continue onto W M 86/South St Continue to follow W M 86 Turn left onto Farrand Rd Destination will be on the right
Standard status
Active
APN
002 015 006 02
Size
6,749 SF
Lot size
11.77 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Long Legal. See Attached Document
Tax Annual Amount
4328
Legal Description
Long Legal. See Attached Document
Utilities
Utilities
Natural Gas Available
Sewer type
Septic Tank
Heating system
Radiant
Cooling system
Window Unit(s)
Water source
Well
Water front features
Pond
Amenities
landscaped gardens
walking paths
mature trees
expansive lawns
open green space
distinctive countryside elements
Building Details
Year built
1854
Floors in Building
2
Number of units
3
Building materials
Aluminum Siding, Wood Siding
Roof type
Metal, Composition
Listing Agency:
Five Star Real Estate
(269) 998-4062
Listed By:
Kerry L Keefer Fischer · License #6501367416
(269) 633-9243
Added: Aug 18
Changed: Aug 31
Last Checked: Sep 2 at 7:06PM
MLS# 26046137
Copyright © 2026 Michigan Regional Information Center, LLC. 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 established wedding and event property combines two purpose-built barns, commercial culinary infrastructure, an historic residence, and landscaped grounds. The 1,024-square-foot White Barn provides an intimate gathering setting, while the 1,860-square-foot Black Barn includes an open-air kitchen and dining environment. Both buildings support receptions, private events, dining programs, and related hospitality activities. Furniture, fixtures, equipment, the Farrand Hall brand, and associated business rights are included in the offering.
The property encompasses 11.77 acres with gardens, walking paths, mature trees, lawns, open green space, and a pond. A 4,000-square-foot Greek Revival residence, built in 1854 and listed on the National Register of Historic Places, adds four bedrooms, three baths, 10-foot ceilings, and hardwood floors. Additional property infrastructure includes natural gas availability, a well, septic tank, radiant heat, and window-unit cooling.
The property encompasses 11.77 acres with gardens, walking paths, mature trees, lawns, open green space, and a pond. A 4,000-square-foot Greek Revival residence, built in 1854 and listed on the National Register of Historic Places, adds four bedrooms, three baths, 10-foot ceilings, and hardwood floors. Additional property infrastructure includes natural gas availability, a well, septic tank, radiant heat, and window-unit cooling.
Key Highlights
- 11.77‑acre wedding and event property with landscaped grounds, walking paths, lawns, mature trees, and a pond
- Two event barns constructed in 2021 and 2023
- White Barn measures approximately 1,024 square feet; Black Barn measures approximately 1,860 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
11
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 with two event barns, culinary facilities, and an historic residence.
Where is this wedding venue located?
The property is located at 58522 Farrand Road 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 with landscaped grounds, walking paths, lawns, mature trees, and a pond; Two event barns constructed in 2021 and 2023; White Barn measures approximately 1,024 square feet; Black Barn measures approximately 1,860 square feet
