Listing Agency: Keller Williams Realty Lakeside s***@kwlakeside.com Show Phone

Listed By: Joseph Rabban · License #6501423017 Show Phone

Added: May 8 Changed: Jul 1 Last Checked: Aug 9 at 10:06PM

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MLS# 50206858

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Investment Insights

Based on property information with market context.

This for-sale property offers 44.57 acres with multiple existing improvements. The site includes three barns plus an approximately 800-square-foot house. Barn 1 measures 40 by 26 feet and includes power, water, and two 5-ton A/C units. Barn 2 measures 40 by 24 feet and provides additional storage space. Barn 3 measures 15 by 13 feet and includes power, water, and portable A/C. The house is served by one 5-ton and one 2-ton A/C unit.

Utilities and services are in place. The property is equipped with city water, city sewer, natural gas, and 400-amp electrical service. Public remarks also indicate that permits were pulled through the city, and one structure is currently connected to a septic system but can be converted to city sewer.

The mix of barn space, utilities, and an onsite residence supports a range of practical uses, including agricultural operations, equipment or material storage, and business-related setups requiring multiple outbuildings. With existing power and water available across the barns, the property may fit operators looking to leverage current improvements rather than starting from scratch.

Key Highlights

• 44.57 acres with public water and city sewer, plus natural gas and 400‑amp electrical service
• 3 barns on‑site: Barn 1 (40x26) with power, water, and two 5‑ton A/C units
• Barn 2 (40x24) provides additional storage space

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

$21,308

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

3.87%

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%

$426,160 $426.2K

Cap Rate 7%

$304,400 $304.4K

Cap Rate 9%

$236,756 $236.8K

Market Conditions

NOI Build-Up for 2,995 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

$27.0K $9.00/SF

− Vacancy

−$1.9K −$0.63/SF

EGI

$25.1K $8.37/SF

− OpEx

−$3.8K −$1.26/SF

NOI

$21.3K $7.11/SF

Area

St. Clair County, MI

Vacancy

7.00%

Lease Rate

$9.00 /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%

$426,160

Cap Rate 7%

$304,400

Cap Rate 9%

$236,756

Alternative Uses

Best Use

Apartment 5plus

$2.07M

$1.81M – $2.42M (±1% cap)

NOI $145,121 @ 7.0% cap · market cap 26.39%

Second Best

Warehouse

$304.4K

$266.4K – $355.1K (±1% cap)

NOI $21,308 @ 7.0% cap · market cap 3.87%

Theoretical Best

Multifamily LT 5

$2.25M

$1.97M – $2.63M (±1% cap)

NOI $157,608 @ 7.0% cap · market cap 28.66%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Single family properties

Suggested Use

Top Pick Building Supply Electrical Service Auto Parts Store Garden Center Furniture & Home Goods (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

35

Businesses Nearby

Explore this area Business Placement

Demographics for 48023, MI

4,967

Population

2,375

Households

2.1

Avg Household Size

45

Median Age

22%

College-Educated

93%

High-School Grad

17.0 sq mi

ZIP Area

292

Density / Sq Mi

$79,345

Median Household Income

$35,449

Median Earnings

$1,277

Median Rent

$236,600

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Farm - A 44.57-acre farm-style site with three barns and an approximately 800-square-foot house for flexible agricultural, storage, or business use.

Where is this farm located?

The property is located at 6166 Church Road Ira, MI.

What is the asking price?

The asking price for this property is $549,900.

What are key features of this property?

This property features: 44.57 acres with public water and city sewer, plus natural gas and 400‑amp electrical service; 3 barns on‑site: Barn 1 (40x26) with power, water, and two 5‑ton A/C units; Barn 2 (40x24) provides additional storage space