Heated Auto Shop with Vehicle
For Sale
$199,000
9449 Genesee Street, New Lothrop, MI 48460
Heated commercial facility with office, restroom, vehicle lifts, and overhead access for automotive or service operations.
Property Size2,464 SF
Price / SF$82.92
Days on Market35
Property Features for 9449 Genesee Street
General Information
Standard status
Active
Size
2,464 SF
Property subtype
Commercial
Zoning
Commercial
Additional Details
Drive-In Doors
3
Service Bays
2
Amenities
fully heated
updated lighting
first-floor office
restroom
unfinished second-floor space
three overhead doors
Building Details
Building Size
2,464 SF
Year Built
2013
Buildings
1
Stories
2
Listing Agency:
Century 21 Signature Realty
(989) 239-5581
Listed By:
Ken Kujawa · License #6502333762
Source:
Erareardonrealty
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 25 at 9:15AM
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 Century 21 Signature Realty
Investment Insights
Based on property information with market context.
This 2,464-square-foot auto shop, built in 2013, combines heated garage space with functional office and support areas. The first floor includes an office and restroom, while the unfinished second floor provides additional space for future office buildout or storage. Updated interior and exterior lighting serves the building, and two hydraulic vehicle lifts are installed for automotive work.
Vehicle and equipment access is provided through three overhead doors, including one 14-foot door and two 10-foot doors. Located at 9449 Genesee St in New Lothrop Village, Michigan, the property is configured for automotive repair, fabrication, or other service-oriented commercial use.
Vehicle and equipment access is provided through three overhead doors, including one 14-foot door and two 10-foot doors. Located at 9449 Genesee St in New Lothrop Village, Michigan, the property is configured for automotive repair, fabrication, or other service-oriented commercial use.
Key Highlights
- 2,464 SF auto shop with heated garage and office space
- Three overhead doors: one 14‑foot door and two 10‑foot doors
- Two hydraulic vehicle lifts installed
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
$14,561
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
7.32%
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%
$291,220
$291.2K
Cap Rate 7%
$208,014
$208.0K
Cap Rate 9%
$161,789
$161.8K
Market Conditions
NOI Build-Up for 2,400 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
$21.6K $9.00/SF
− Vacancy
−$799 −$0.33/SF
EGI
$20.8K $8.67/SF
− OpEx
−$6.2K −$2.60/SF
NOI
$14.6K $6.07/SF
Area
Shiawassee County, MI
Vacancy
3.70%
Lease Rate
$9.00 /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%
$291,220
Cap Rate 7%
$208,014
Cap Rate 9%
$161,789
Alternative Uses
Best Use
Retail
$355.9K
$311.4K – $415.2K
NOI $24,914 @ 7.0% cap · market cap 12.52%
Second Best
Industrial
$208.0K
$182.0K – $242.7K
NOI $14,561 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$457.6K
$400.4K – $533.8K
NOI $32,030 @ 7.0% cap · market cap 16.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
2
Service bays
Location Intelligence
Trade Area within ½ mile
79
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48460, MI
2,341
Population
1,107
Households
2.1
Avg Household Size
44
Median Age
24%
College-Educated
94%
High-School Grad
34.5 sq mi
ZIP Area
68
Density / Sq Mi
$81,146
Median Household Income
$51,842
Median Earnings
$713
Median Rent
$200,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Heated commercial facility with office, restroom, vehicle lifts, and overhead access for automotive or service operations.
Where is this auto shop located?
The property is located at 9449 Genesee Street New Lothrop, MI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 2,464 SF auto shop with heated garage and office space; Three overhead doors: one 14‑foot door and two 10‑foot doors; Two hydraulic vehicle lifts installed
