Flex Space with Two
For Sale
$2,423,000
951 Jones St, Howell, MI 48843
The facility combines updated offices, heavy power, and fenced exterior storage.
Property Size17,310 SF
Price / SF$139.98
Days on Market208
Property Features for 951 Jones St
General Information
Standard status
Active
Size
17,310 SF
Total Parking Spaces
55
Property subtype
Industrial
Zoning
Light Industrial
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Dock-High Doors
2
Heavy Power
Yes
Amenities
2 docks
heavy power
fenced storage outside
Building Details
Building Size
17,310 SF
Year Built
1980
Listing Agency:
Signature Associates - Southfield
(248) 359-0614
Listed By:
Jim Montgomery · License #6501312404
(248) 359-0614
Source:
Cpix.resimplifi
Added: Feb 4
Changed: Aug 31
Last Checked: Aug 31 at 1:44AM
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 Signature Associates - Southfield
Investment Insights
Based on property information with market context.
This 17,310-square-foot flex space includes updated office areas, two loading docks, heavy power, and fenced outdoor storage. The facility was built in 1980 and has been maintained with office improvements supporting its current configuration.
The property is zoned Light Industrial and is located at 951 Jones St in Howell, Michigan. I-96 is approximately one-quarter mile away, providing a nearby highway connection for the facility.
The property is zoned Light Industrial and is located at 951 Jones St in Howell, Michigan. I-96 is approximately one-quarter mile away, providing a nearby highway connection for the facility.
Key Highlights
- 17,310 SF flex space with updated offices
- Two docks and heavy power
- Fenced outdoor storage
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
$107,919
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
4.45%
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%
$2,158,380
$2.2M
Cap Rate 7%
$1,541,700
$1.5M
Cap Rate 9%
$1,199,100
$1.2M
Market Conditions
NOI Build-Up for 17,310 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
$172.4K $9.96/SF
− Vacancy
−$6.4K −$0.37/SF
EGI
$166.0K $9.59/SF
− OpEx
−$58.1K −$3.36/SF
NOI
$107.9K $6.23/SF
Area
Livingston County, MI
Vacancy
3.70%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$2,158,380
Cap Rate 7%
$1,541,700
Cap Rate 9%
$1,199,100
Alternative Uses
Best Use
Flex RnD
$1.54M
$1.35M – $1.80M
NOI $107,919 @ 7.0% cap · market cap 4.45%
Second Best
Industrial
$1.50M
$1.31M – $1.75M
NOI $105,018 @ 7.0% cap · market cap 4.33%
Theoretical Best
Healthcare Medical
$2.76M
$2.41M – $3.22M
NOI $193,005 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
Yes
Heavy power
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
645
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48843, MI
47,704
Population
19,001
Households
2.5
Avg Household Size
41
Median Age
37%
College-Educated
95%
High-School Grad
89.6 sq mi
ZIP Area
532
Density / Sq Mi
$91,620
Median Household Income
$48,613
Median Earnings
$1,221
Median Rent
$323,100
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 - The facility combines updated offices, heavy power, and fenced exterior storage.
Where is this flex space located?
The property is located at 951 Jones St Howell, MI.
What is the asking price?
The asking price for this property is $2,423,000.
What are key features of this property?
This property features: 17,310 SF flex space with updated offices; Two docks and heavy power; Fenced outdoor storage
