Live-Work Space with Heated
For Sale
$235,000
6163 N Meridian Road, Hope, MI 48628
COMMERCIAL - Hope, MI
Property Size2,956 SF
Lot Size0.72 Acres
Price / SF$79.50
Days on Market166
Property Features for 6163 N Meridian Road
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bathroom 1
Elementary school district
Meridian
Middle school district
Meridian
High school district
Meridian
Standard status
Active
APN
010-012-400-211-00
Size
2,956 SF
Lot size
0.72 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SEC 12 T16N R1W COM 758 FT S OF E 1/4 COR, TH S 175 FT, W 180 FT, N 175 FT, E 180 FT.
Tax Annual Amount
1403
Legal Description
SEC 12 T16N R1W COM 758 FT S OF E 1/4 COR, TH S 175 FT, W 180 FT, N 175 FT, E 180 FT.
Utilities
Utilities
Natural Gas Available
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Water source
Well
Building Details
Floors in Building
1
Number of units
1
Building materials
Vinyl Siding
Listing Agency:
Keller Williams Professionals · Keller Williams Realty
(734) 459-4700
Listed By:
Jeffrey Glover · License #6502408794
(734) 259-1100
Added: Feb 27
Changed: Aug 12
Last Checked: Aug 12 at 10:06PM
MLS# 26007176
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 live-work space combines an expansive heated shop with attached residential living, creating a practical setup for day-to-day work and comfortable time at home. The property includes a basement, two bathrooms, and a layout designed to support both workspace needs and residential convenience.
Work operations benefit from front and rear access points, providing flexibility for equipment and vehicles. Heating is provided by forced air, and central air is included for cooling.
Set on 0.72 acres, the property totals 2,956 square feet. Construction materials include vinyl siding, with natural gas available, water from a well, and wastewater served by a septic tank.
Work operations benefit from front and rear access points, providing flexibility for equipment and vehicles. Heating is provided by forced air, and central air is included for cooling.
Set on 0.72 acres, the property totals 2,956 square feet. Construction materials include vinyl siding, with natural gas available, water from a well, and wastewater served by a septic tank.
Key Highlights
- Heated shop paired with attached residential living space
- Front and rear access points for equipment and vehicles
- Forced air heating and central air cooling
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
$20,175
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
8.59%
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%
$403,500
$403.5K
Cap Rate 7%
$288,214
$288.2K
Cap Rate 9%
$224,167
$224.2K
Market Conditions
NOI Build-Up for 2,956 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
$35.5K $12.00/SF
− Vacancy
−$3.2K −$1.08/SF
EGI
$32.3K $10.92/SF
− OpEx
−$12.1K −$4.10/SF
NOI
$20.2K $6.83/SF
Area
Midland County, MI
Vacancy
9.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
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%
$403,500
Cap Rate 7%
$288,214
Cap Rate 9%
$224,167
Alternative Uses
Best Use
Office B
$396.8K
$347.2K – $462.9K
NOI $27,775 @ 7.0% cap · market cap 11.82%
Second Best
Mixed Use
$288.2K
$252.2K – $336.3K
NOI $20,175 @ 7.0% cap · market cap 8.59%
Theoretical Best
Flex RnD
$533.5K
$466.8K – $622.5K
NOI $37,347 @ 7.0% cap · market cap 15.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 48628, MI
1,864
Population
1,061
Households
1.8
Avg Household Size
51
Median Age
26%
College-Educated
94%
High-School Grad
34.1 sq mi
ZIP Area
55
Density / Sq Mi
$89,183
Median Household Income
$43,292
Median Earnings
$1,125
Median Rent
$188,200
Median Home Value
Market
Vacancy Rate% for Office 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?
Live-work space - Heated shop with front and rear access plus attached residential living space and central air for year-round use.
Where is this live-work space located?
The property is located at 6163 N Meridian Road Hope, MI.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Heated shop paired with attached residential living space; Front and rear access points for equipment and vehicles; Forced air heating and central air cooling
