Versatile Industrial
For Sale
$439,000
9167 1st St, Baroda, MI 49101
Well-maintained industrial building with two overhead doors, 3-phase 600-amp power, and offices on both levels.
Property Size6,250 SF
Price / SF$70.24
Days on Market132
Property Features for 9167 1st St
General Information
Standard status
Active
Size
6,250 SF
Property subtype
Commercial
Warehouse & Industrial
Drive-In Doors
2
Heavy Power
Yes
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,412
Building Details
Year Built
1993
Units
1
Listing Agency:
Coldwell Banker Residential Brokerage
Listed By:
Peggy Sayre
(630) 643-2853
Source:
Elliman
Added: Apr 27
Changed: Sep 3
Last Checked: Sep 4 at 9:02AM
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 Coldwell Banker Residential Brokerage
Investment Insights
Based on property information with market context.
Well-maintained industrial building offering approximately 6,250 sq. ft. of versatile space for warehouse, workshop, light manufacturing, or storage use. The facility includes 3-phase, 600-amp electrical service, 6-inch concrete floors, and insulation designed for year-round use. Two 12' x 14' overhead doors provide straightforward access for loading and unloading, supported by automatic exhaust fans and updated HVAC.
Office space is available on both the main and upper levels, with bathrooms on each floor. The upper office area includes a full bathroom with shower, allowing additional flexibility for workspace and operations. The property also features a fully paved lot with convenient access, ample maneuvering space, and parking.
The building is positioned near I-94 and the US-31 Bypass along the Southwest Michigan Wine Trail, supporting practical regional connectivity for business and logistics needs.
Office space is available on both the main and upper levels, with bathrooms on each floor. The upper office area includes a full bathroom with shower, allowing additional flexibility for workspace and operations. The property also features a fully paved lot with convenient access, ample maneuvering space, and parking.
The building is positioned near I-94 and the US-31 Bypass along the Southwest Michigan Wine Trail, supporting practical regional connectivity for business and logistics needs.
Key Highlights
- Approximately 6,250 sq. ft. industrial building built in 1993 with versatile space for warehouse, workshop, or light manufacturing
- 3‑phase, 600‑amp electrical service plus updated HVAC for reliable year‑round operation
- 6‑inch concrete floors and excellent insulation for durable, year‑round 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
$33,906
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
7.72%
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%
$678,120
$678.1K
Cap Rate 7%
$484,371
$484.4K
Cap Rate 9%
$376,733
$376.7K
Market Conditions
NOI Build-Up for 6,250 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
$43.5K $6.96/SF
− Vacancy
−$3.6K −$0.58/SF
EGI
$39.9K $6.38/SF
− OpEx
−$6.0K −$0.96/SF
NOI
$33.9K $5.42/SF
Area
Berrien County, MI
Vacancy
8.30%
Lease Rate
$6.96 /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%
$678,120
Cap Rate 7%
$484,371
Cap Rate 9%
$376,733
Alternative Uses
Best Use
Warehouse
$484.4K
$423.8K – $565.1K
NOI $33,906 @ 7.0% cap · market cap 7.72%
Second Best
Flex RnD
$447.0K
$391.2K – $521.6K
NOI $31,293 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$1.32M
$1.15M – $1.53M
NOI $92,062 @ 7.0% cap · market cap 20.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49101, MI
3,132
Population
1,343
Households
2.3
Avg Household Size
44
Median Age
26%
College-Educated
93%
High-School Grad
20.6 sq mi
ZIP Area
152
Density / Sq Mi
$70,167
Median Household Income
$48,707
Median Earnings
$1,040
Median Rent
$225,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Well-maintained industrial building with two overhead doors, 3-phase 600-amp power, and offices on both levels.
Where is this flex space located?
The property is located at 9167 1st St Baroda, MI.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Approximately 6,250 sq. ft. industrial building built in 1993 with versatile space for warehouse, workshop, or light manufacturing; 3‑phase, 600‑amp electrical service plus updated HVAC for reliable year‑round operation; 6‑inch concrete floors and excellent insulation for durable, year‑round use
