Office/Retail Condo Near Downtown
For Sale
Contact for pricing
4218 Grand River Avenue, Howell, MI 48843
Newer condo ideal for retail, office, medical, or service.
Property Size6,000 SF
Price / SF$165.83
Days on Market1496
Property Features for 4218 Grand River Avenue
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Retail, Office
Lease Type
NNN
Building Details
Year Built
2003
Tenancy
Multi
Listing Agency:
Gerdom Realty & Investment
(248) 242-6766
Listed By:
Michael Murphy · License #6501389134
Source:
Crexi
Added: Jul 18, 2022
Changed: Aug 8
Last Checked: Aug 19 at 9:29PM
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 Gerdom Realty & Investment
Investment Insights
Based on property information with market context.
This newer office/retail condominium is located near Downtown Howell. Its location in a growing area and easy freeway access make it suitable for retail, office, medical, or service businesses. The property is surrounded by retailers including Meijer, Big Lots, Petsmart, and Tractor Supply Company, which contribute to the area's traffic. The property size is 6000 square feet.
Key Highlights
- Great location in a growing area near Downtown Howell.
- Easy freeway access.
- Suitable for retail, office, medical, or service use.
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
$62,068
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
6.24%
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%
$1,241,360
$1.2M
Cap Rate 7%
$886,686
$886.7K
Cap Rate 9%
$689,644
$689.6K
Market Conditions
NOI Build-Up for 6,000 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
$108.0K $18.00/SF
− Vacancy
−$19.3K −$3.22/SF
EGI
$88.7K $14.78/SF
− OpEx
−$26.6K −$4.43/SF
NOI
$62.1K $10.34/SF
Area
Livingston County, MI
Vacancy
17.90%
Lease Rate
$18.00 /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%
$1,241,360
Cap Rate 7%
$886,686
Cap Rate 9%
$689,644
Alternative Uses
Best Use
Retail
$886.7K
$775.9K – $1.03M
NOI $62,068 @ 7.0% cap · market cap 6.24%
Second Best
Office B
$295.1K
$258.2K – $344.3K
NOI $20,655 @ 7.0% cap · market cap 2.08%
Theoretical Best
Healthcare Medical
$955.7K
$836.3K – $1.12M
NOI $66,900 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
527
Businesses Nearby
Explore this area
Business Placement
Demographics for 48843, MI
47,704
Population
19,001
Households
2.5
Avg Household Size
41
Median Age
37%
College-Educated
95%
High-School Grad
89.6 sq mi
ZIP Area
532
Density / Sq Mi
$91,620
Median Household Income
$48,613
Median Earnings
$1,221
Median Rent
$323,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Newer condo ideal for retail, office, medical, or service.
Where is this retail space located?
The property is located at 4218 Grand River Avenue Howell, MI.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Great location in a growing area near Downtown Howell.; Easy freeway access.; Suitable for retail, office, medical, or service use.
