Corner Cannabis Retail with
For Sale
Contact for pricing
7957 East State Street, Central Lake, MI 49622
Turnkey cannabis retail space with an integrated upper loft/office area for streamlined day-to-day operations.
Property Size2,640 SF
Price / SF$359.85
Days on Market102
Property Features for 7957 East State Street
General Information
Standard status
Active
Size
2,640 SF
Class
B
Total Parking Spaces
10
Property subtype
Retail, Mixed Use, Business for Sale
Zoning
Mixed Use
Investment Type
Owner/User
Additional Details
Business Included
Yes
Building Details
Year Built
1900
Year Renovated
2021
Buildings
1
Listing Agency:
Hudson Real Estate
Listed By:
Anne Schultz · License #6501414395
(810) 632-5050
Source:
Crexi
Added: May 28
Changed: Aug 14
Last Checked: Sep 2 at 5:21AM
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 Hudson Real Estate
Investment Insights
Based on property information with market context.
This offering is a turnkey cannabis retail opportunity totaling 2,640 SF, configured as a storefront retail space with an upper loft/office component. The property is presented for immediate occupancy, combining the primary retail footprint with an additional interior office area above the sales floor.
Located at 7957 East State Street in Central Lake, Michigan, the property’s corner position can support customer-facing visibility and straightforward public access for shoppers approaching from multiple directions.
For a cannabis retailer or related operator, this layout supports separation of front-of-house activity and back-of-house work by incorporating an upper loft/office within the same building envelope. The turnkey presentation reduces the amount of upfront setup required compared with starting from raw space, while the mixed retail-and-office configuration can help streamline staff workflows for daily operations. The property is available for sale.
Located at 7957 East State Street in Central Lake, Michigan, the property’s corner position can support customer-facing visibility and straightforward public access for shoppers approaching from multiple directions.
For a cannabis retailer or related operator, this layout supports separation of front-of-house activity and back-of-house work by incorporating an upper loft/office within the same building envelope. The turnkey presentation reduces the amount of upfront setup required compared with starting from raw space, while the mixed retail-and-office configuration can help streamline staff workflows for daily operations. The property is available for sale.
Key Highlights
- Turnkey cannabis retail opportunity totaling 2,640 SF
- Corner location
- Includes upper loft/office space for day‑to‑day 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
$27,406
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
2.88%
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%
$548,120
$548.1K
Cap Rate 7%
$391,514
$391.5K
Cap Rate 9%
$304,511
$304.5K
Market Conditions
NOI Build-Up for 2,640 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
$40.9K $15.48/SF
− Vacancy
−$1.7K −$0.65/SF
EGI
$39.2K $14.83/SF
− OpEx
−$11.7K −$4.45/SF
NOI
$27.4K $10.38/SF
Area
Antrim County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$548,120
Cap Rate 7%
$391,514
Cap Rate 9%
$304,511
Alternative Uses
Best Use
Retail
$391.5K
$342.6K – $456.8K
NOI $27,406 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$469.8K
$411.1K – $548.1K
NOI $32,887 @ 7.0% cap · market cap 3.46%
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
110
Businesses Nearby
843
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 100%
Central Lake Hardware & Lumber
Home Improvements & Furnishings
843 visits/mo
0.1 miles
Demographics for 49622, MI
2,473
Population
1,945
Households
1.3
Avg Household Size
54
Median Age
30%
College-Educated
97%
High-School Grad
45.2 sq mi
ZIP Area
55
Density / Sq Mi
$66,618
Median Household Income
$32,682
Median Earnings
$1,020
Median Rent
$209,900
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?
Storefront property - Turnkey cannabis retail space with an integrated upper loft/office area for streamlined day-to-day operations.
Where is this storefront property located?
The property is located at 7957 East State Street Central Lake, MI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Turnkey cannabis retail opportunity totaling 2,640 SF; Corner location; Includes upper loft/office space for day‑to‑day operations
