Single-Tenant Distribution
For Sale
Contact for pricing
600 East Morley Drive, Saginaw, MI 48601
Last-mile fulfillment facility occupied by Apria, Inc. for home healthcare equipment and related service operations.
Property Size8,400 SF
Price / SF$108.93
Days on Market144
Property Features for 600 East Morley Drive
General Information
Standard status
Active
Size
8,400 SF
Property subtype
Industrial
Zoning
light industrial
Net Operating Income
$59,500
Building Details
Year Built
1996
Year Renovated
2022
Stories
1
Units
1
Tenancy
Single
Listing Agency:
CRS, Commercial Real Estate Services
Listed By:
Leo Gonzalez · License #MI 6502126741
Source:
Crexi
Added: Apr 11
Changed: Aug 30
Last Checked: Aug 31 at 9:59PM
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 CRS, Commercial Real Estate Services
Investment Insights
Based on property information with market context.
The offering comprises the fee simple interest in a single-tenant distribution center at 600 E Morley Drive in Saginaw, Michigan. The facility supports last-mile fulfillment activity and is leased to Apria, Inc., doing business as Apria.
Apria provides home healthcare equipment and related services, serving patients with chronic and non-chronic conditions across the country. Apria became part of Owens & Minor in 2022, connecting the tenancy with Owens & Minor’s Byram Healthcare business. The property is presented as an occupied industrial asset with an established healthcare-oriented operating use.
Apria provides home healthcare equipment and related services, serving patients with chronic and non-chronic conditions across the country. Apria became part of Owens & Minor in 2022, connecting the tenancy with Owens & Minor’s Byram Healthcare business. The property is presented as an occupied industrial asset with an established healthcare-oriented operating use.
Key Highlights
- Fee simple interest in 600 E Morley Dr, Saginaw, MI 48601
- Single‑tenant industrial distribution facility
- Configured for last‑mile fulfillment operations
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
$57,577
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
6.29%
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%
$1,151,540
$1.2M
Cap Rate 7%
$822,529
$822.5K
Cap Rate 9%
$639,744
$639.7K
Market Conditions
NOI Build-Up for 8,400 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
$70.6K $8.40/SF
− Vacancy
−$2.8K −$0.34/SF
EGI
$67.7K $8.06/SF
− OpEx
−$10.2K −$1.21/SF
NOI
$57.6K $6.85/SF
Area
Saginaw County, MI
Vacancy
4.00%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$1,151,540
Cap Rate 7%
$822,529
Cap Rate 9%
$639,744
Alternative Uses
Best Use
Warehouse
$822.5K
$719.7K – $959.6K
NOI $57,577 @ 7.0% cap · market cap 6.29%
Second Best
Industrial
$625.7K
$547.5K – $730.0K
NOI $43,800 @ 7.0% cap · market cap 4.79%
Theoretical Best
Specialty Retail
$1.55M
$1.36M – $1.81M
NOI $108,637 @ 7.0% cap · market cap 11.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
78
Businesses Nearby
Explore this area
Business Placement
Demographics for 48601, MI
32,165
Population
16,220
Households
2
Avg Household Size
39
Median Age
8%
College-Educated
86%
High-School Grad
104.3 sq mi
ZIP Area
308
Density / Sq Mi
$37,830
Median Household Income
$27,218
Median Earnings
$836
Median Rent
$54,900
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?
Distribution center - Last-mile fulfillment facility occupied by Apria, Inc. for home healthcare equipment and related service operations.
Where is this distribution center located?
The property is located at 600 East Morley Drive Saginaw, MI.
What is the asking price?
The asking price for this property is $915,000.
What are key features of this property?
This property features: Fee simple interest in 600 E Morley Dr, Saginaw, MI 48601; Single‑tenant industrial distribution facility; Configured for last‑mile fulfillment operations
