Building Details

Year Renovated 2022

Listing Agency: Transwestern Detroit

Listed By: Charles Howard · License #MI 6506044836 Show Phone

Source: Crexi

Added: Aug 30, 2022 Changed: Oct 19 Last Checked: Oct 24 at 4:17PM

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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 Transwestern Detroit

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Investment Insights

Based on property information with market context.

This property is a former retail building with 2,400 square feet of space. It features 12-foot ceilings throughout. The existing structure is studded and prepared for final design, making it suitable for conversion to residential use. Located in Port Austin, Michigan, this property presents an opportunity for redevelopment.

Key Highlights

• 12’ Ceilings Throughout
• Convertible from Retail to Residential
• Studded Walls Ready for Design

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$19,862

Cap Rate

7.20%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$397,240 $397.2K

Cap Rate 7%

$283,743 $283.7K

Cap Rate 9%

$220,689 $220.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,400 SF

Gross rent

$34.6K $14.40/SF

− Vacancy

−$6.2K −$2.58/SF

EGI

$28.4K $11.82/SF

− OpEx

−$8.5K −$3.55/SF

NOI

$19.9K $8.28/SF

Area

Huron County, MI

Vacancy

17.90%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$397,240

Cap Rate 7%

$283,743

Cap Rate 9%

$220,689

Alternative Uses

Best Use

Retail

$283.7K

$248.3K – $331.0K (±1% cap)

NOI $19,862 @ 7.0% cap · market cap 7.20%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$558.3K

$488.5K – $651.4K (±1% cap)

NOI $39,083 @ 7.0% cap · market cap 14.16%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Retail space

Suggested Use

Top Pick Building Supply Furniture & Home Goods Grocery & Convenience Store Garden Center Kitchen & Bath Showroom Auto Repair Shop

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

Location Intelligence

Trade Area within ½ mile

Explore this area Business Placement

Demographics for 48467, MI

2,228

Population

2,913

Households

0.8

Avg Household Size

59

Median Age

27%

College-Educated

94%

High-School Grad

63.0 sq mi

ZIP Area

35

Density / Sq Mi

$50,707

Median Household Income

$35,583

Median Earnings

$682

Median Rent

$156,700

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Frequently Asked Questions

What type of property is this?

Retail space - Former retail space suitable for residential conversion with 12' ceilings.

Where is this retail space located?

The property is located at 390 Starboard Dr Port Austin, MI.

What is the asking price?

The asking price for this property is $276,000.

What are key features of this property?

This property features: 12’ Ceilings Throughout; Convertible from Retail to Residential; Studded Walls Ready for Design