Corner Lot with
For Sale
Contact for pricing
1401 Corunna Ave, Owosso, MI 48867
0.72 acres with utilities and development potential.
Property Size1,200 SF
Lot Size0.72 Acres
Price / SF$79.17
Days on Market799
Property Features for 1401 Corunna Ave
General Information
Standard status
Active
Size
1,200 SF
Lot size
0.72 Acres
Property subtype
Industrial, Mixed Use, Land
Zoning
B-1/R-1
Listing Agency:
Woodworth Commercial
(989) 723-3711
Listed By:
Randy Woodworth · License #MI 6502377740
Source:
Crexi
Added: Jun 13, 2024
Changed: Aug 13
Last Checked: Aug 19 at 8:31AM
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 Woodworth Commercial
Investment Insights
Based on property information with market context.
This property consists of four parcels totaling 0.72 acres, situated on the corner of M-71/Corunna Ave and Abrey St in Owosso. It offers significant visibility with over 100 feet of frontage. The site includes a 1,000-square-foot barn equipped with electric, gas, water, and sewer connections. The location is convenient to surrounding neighborhoods and businesses. This property presents a development opportunity for uses such as a small office or a location for contractors or lawn maintenance services. Land contract options are available.
Key Highlights
- 0.72 acre corner lot with over 100' frontage offers high visibility.**
- Barn (1,000 SF) equipped with electric, gas, water, and sewer.
- Development opportunity for small office or contractor/lawn maintenance business.
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
$8,100
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
8.53%
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%
$162,000
$162.0K
Cap Rate 7%
$115,714
$115.7K
Cap Rate 9%
$90,000
$90.0K
Market Conditions
NOI Build-Up for 1,200 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
$14.4K $12.00/SF
− Vacancy
−$1.4K −$1.20/SF
EGI
$13.0K $10.80/SF
− OpEx
−$4.9K −$4.05/SF
NOI
$8.1K $6.75/SF
Area
Shiawassee County, MI
Vacancy
10.00%
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%
$162,000
Cap Rate 7%
$115,714
Cap Rate 9%
$90,000
Alternative Uses
Best Use
Mixed Use
$115.7K
$101.3K – $135.0K
NOI $8,100 @ 7.0% cap · market cap 8.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$228.8K
$200.2K – $266.9K
NOI $16,015 @ 7.0% cap · market cap 16.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
257
Businesses Nearby
Explore this area
Business Placement
Demographics for 48867, MI
27,596
Population
12,660
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
136.0 sq mi
ZIP Area
203
Density / Sq Mi
$58,718
Median Household Income
$37,908
Median Earnings
$834
Median Rent
$145,600
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - 0.72 acres with utilities and development potential.
Where is this commercial land located?
The property is located at 1401 Corunna Ave Owosso, MI.
What is the asking price?
The asking price for this property is $95,000.
What are key features of this property?
This property features: 0.72 acre corner lot with over 100' frontage offers high visibility.**; Barn (1,000 SF) equipped with electric, gas, water, and sewer.; Development opportunity for small office or contractor/lawn maintenance business.
