Assisted Living Facility With Banquet
For Sale
$2,500,000
9334 River Road, Algonac, MI 48001
C2-zoned care facility with commercial kitchen, private rooms, accessible areas, and lodging-oriented common spaces.
Property Size25,000 SF
Lot Size2.70 Acres
Price / SF$100
Days on Market423
Property Features for 9334 River Road
General Information
Standard status
Active
Size
25,000 SF
Lot size
2.70 Acres
Property subtype
Commercial
Zoning
Commercial
Property Condition
Severity
Minor
Evidence
minor updates
Taxes and HOA fees
Annual Taxes
$174
Amenities
commercial kitchen with walk-in cooler and freezer
LED lighting
day room with fireplace
banquet hall with patio
individual HVAC controls
laundry facility
salon/barber room
ADA accessible areas
front desk and lobby
Building Details
Building Size
25,000 SF
Year Built
1971
Stories
2
Units
48
Listing Agency:
Realty Executives Home Towne
(586) 344-8311
Listed By:
Jennifer Stanczak
(586) 344-8311
Source:
Phgrealty
Added: Jun 24, 2025
Changed: Aug 17
Last Checked: Aug 20 at 2:46PM
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 Realty Executives Home Towne
Investment Insights
Based on property information with market context.
This 25,000-square-foot assisted living facility occupies 2.7 acres and includes 24 private bedrooms and 23 baths. The building features a commercial kitchen with walk-in cooler and freezer, a day room with fireplace, a banquet hall with adjoining patio, laundry facilities, salon and barber space, front desk, lobby, and residential-style parking. Individual HVAC controls serve the bedrooms, while ADA-accessible areas, three staircases, solid-core doors, and a concrete second floor support the facility’s operational layout.
Building infrastructure includes two 500,000 BTU Lochinvar high-efficiency boilers, a hot water system with dual 119-gallon reserve tanks, two sump pumps, epoxy-finished floors, 2x6 staggered insulated walls, slate tile, hardwood flooring, and a roof reported as 10–12 years old. An unfinished 1,000-square-foot apartment above the three-car garage is roughed in for two bedrooms, two baths, a kitchen, and lounge.
The property is zoned C2 and located on the Blue Water bus line, with a walking and biking path to Algonac State Park. Downtown Algonac and Marine City are nearby.
Building infrastructure includes two 500,000 BTU Lochinvar high-efficiency boilers, a hot water system with dual 119-gallon reserve tanks, two sump pumps, epoxy-finished floors, 2x6 staggered insulated walls, slate tile, hardwood flooring, and a roof reported as 10–12 years old. An unfinished 1,000-square-foot apartment above the three-car garage is roughed in for two bedrooms, two baths, a kitchen, and lounge.
The property is zoned C2 and located on the Blue Water bus line, with a walking and biking path to Algonac State Park. Downtown Algonac and Marine City are nearby.
Key Highlights
- 25,000 square feet on 2.7 acres with C2 zoning
- 24 private bedrooms and 23 baths
- Commercial kitchen with walk‑in cooler, freezer, and equipment
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
$154,620
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
6.18%
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%
$3,092,400
$3.1M
Cap Rate 7%
$2,208,857
$2.2M
Cap Rate 9%
$1,718,000
$1.7M
Market Conditions
NOI Build-Up for 25,000 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
$300.0K $12.00/SF
− Vacancy
−$42.3K −$1.69/SF
EGI
$257.7K $10.31/SF
− OpEx
−$103.1K −$4.12/SF
NOI
$154.6K $6.18/SF
Area
St. Clair County, MI
Vacancy
14.10%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
40.00%
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%
$3,092,400
Cap Rate 7%
$2,208,857
Cap Rate 9%
$1,718,000
Alternative Uses
Best Use
Apartment 5plus
$17.31M
$15.14M – $20.19M
NOI $1,211,364 @ 7.0% cap · market cap 48.45%
Second Best
Healthcare Medical
$2.21M
$1.93M – $2.58M
NOI $154,620 @ 7.0% cap · market cap 6.18%
Theoretical Best
Multifamily LT 5
$18.79M
$16.44M – $21.93M
NOI $1,315,591 @ 7.0% cap · market cap 52.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48001, MI
11,721
Population
5,787
Households
2
Avg Household Size
50
Median Age
18%
College-Educated
94%
High-School Grad
19.0 sq mi
ZIP Area
617
Density / Sq Mi
$64,538
Median Household Income
$35,987
Median Earnings
$921
Median Rent
$250,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Assisted living facility - C2-zoned care facility with commercial kitchen, private rooms, accessible areas, and lodging-oriented common spaces.
Where is this assisted living facility located?
The property is located at 9334 River Road Algonac, MI.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 25,000 square feet on 2.7 acres with C2 zoning; 24 private bedrooms and 23 baths; Commercial kitchen with walk‑in cooler, freezer, and equipment
