Open Space on Dort
For Sale
$260,000
7435 N Dort Hwy, Mount Morris, MI 48458
Large open space with potential for growth and outdoor storage.
Property Size3,087 SF
Days on Market116
Property Features for 7435 N Dort Hwy
General Information
Standard status
Active
Size
3,087 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,951
Building Details
Building Size
3,087 SF
Year Built
2000
Listing Agency:
Brookstone, Realtors LLC
(810) 730-9339
Listed By:
Aaron C Adkins · License #6501381452
(810) 730-9339
Source:
Elliman
Added: Apr 28
Changed: Aug 10
Last Checked: Aug 20 at 7:44AM
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 Brookstone, Realtors LLC
Investment Insights
Based on property information with market context.
The property features a large, open space within the main building, which includes an office and restroom located in the northeast corner. There is potential for outdoor storage and room for expansion. The property's Walk Score is 23, indicating car-dependence, while its Bike Score is 33, suggesting it is somewhat bikeable.
Key Highlights
- Large, open interior space suitable for various uses.
- Potential for outdoor storage.
- Opportunity for expansion and growth.
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
$21,230
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
8.17%
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%
$424,600
$424.6K
Cap Rate 7%
$303,286
$303.3K
Cap Rate 9%
$235,889
$235.9K
Market Conditions
NOI Build-Up for 3,087 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
$27.8K $9.00/SF
− Vacancy
−$2.8K −$0.91/SF
EGI
$25.0K $8.09/SF
− OpEx
−$3.7K −$1.21/SF
NOI
$21.2K $6.88/SF
Area
Genesee County, MI
Vacancy
10.10%
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%
$424,600
Cap Rate 7%
$303,286
Cap Rate 9%
$235,889
Alternative Uses
Best Use
Warehouse
$303.3K
$265.4K – $353.8K
NOI $21,230 @ 7.0% cap · market cap 8.17%
Second Best
Industrial
$249.8K
$218.6K – $291.4K
NOI $17,484 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$649.6K
$568.4K – $757.9K
NOI $45,471 @ 7.0% cap · market cap 17.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48458, MI
19,699
Population
9,136
Households
2.2
Avg Household Size
39
Median Age
8%
College-Educated
87%
High-School Grad
35.7 sq mi
ZIP Area
552
Density / Sq Mi
$43,496
Median Household Income
$32,122
Median Earnings
$896
Median Rent
$87,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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- Kemm Lock RV & Mini Storage — 2096 E Mt Morris Rd, Mt Morris, MI 48458
Frequently Asked Questions
What type of property is this?
Warehouse - Large open space with potential for growth and outdoor storage.
Where is this warehouse located?
The property is located at 7435 N Dort Hwy Mount Morris, MI.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Large, open interior space suitable for various uses.; Potential for outdoor storage.; Opportunity for expansion and growth.
