Flex Property with Industrial
For Sale
$1,700,000
W 15620 W Michigan Avenue Unit SourceFi, Albion, MI 49224
Office and industrial areas provide adaptable space for varied commercial operations.
Property Size10,400 SF
Lot Size22.85 Acres
Price / SF$163.46
Days on Market58
Property Features for W 15620 W Michigan Avenue Unit SourceFi
General Information
Standard status
Active
Size
10,400 SF
Lot size
22.85 Acres
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
3
1030970
Building Details
Year Built
1980
Listing Agency:
ERA Reardon Realty, L.L.C.
(517) 937-0826
Listed By:
Christy Cottingham · License #6501392484
(517) 937-0826
Source:
Xome
Added: Jul 4
Changed: Aug 30
Last Checked: Aug 30 at 5:14PM
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 ERA Reardon Realty, L.L.C.
Investment Insights
Based on property information with market context.
This flex property comprises 22.85 acres with two distinct building components. The front structure is configured for professional office use, while a larger industrial building adds high-ceiling space and overhead doors sized to accommodate trucks and trailers. The buildings provide 10,400 square feet of commercial space in total.
The property has frontage along I-94, providing direct exposure to an interstate corridor. Its combination of office accommodation, industrial functionality, substantial land area, and truck-oriented access supports a range of commercial and industrial applications.
The property has frontage along I-94, providing direct exposure to an interstate corridor. Its combination of office accommodation, industrial functionality, substantial land area, and truck-oriented access supports a range of commercial and industrial applications.
Key Highlights
- 22.85‑acre commercial and industrial property
- 10,400 square feet of building space
- Front building configured for professional office 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
$140,928
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
8.29%
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%
$2,818,560
$2.8M
Cap Rate 7%
$2,013,257
$2.0M
Cap Rate 9%
$1,565,867
$1.6M
Market Conditions
NOI Build-Up for 10,400 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
$222.1K $21.36/SF
− Vacancy
−$5.3K −$0.51/SF
EGI
$216.8K $20.85/SF
− OpEx
−$75.9K −$7.30/SF
NOI
$140.9K $13.55/SF
Area
Calhoun County, MI
Vacancy
2.40%
Lease Rate
$21.36 /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%
$2,818,560
Cap Rate 7%
$2,013,257
Cap Rate 9%
$1,565,867
Alternative Uses
Best Use
Flex RnD
$2.01M
$1.76M – $2.35M
NOI $140,928 @ 7.0% cap · market cap 8.29%
Second Best
Office B
$1.64M
$1.43M – $1.91M
NOI $114,570 @ 7.0% cap · market cap 6.74%
Theoretical Best
Healthcare Medical
$123.37M
$107.95M – $143.93M
NOI $8,635,797 @ 7.0% cap · market cap 507.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49224, MI
13,199
Population
5,277
Households
2.5
Avg Household Size
36
Median Age
19%
College-Educated
88%
High-School Grad
99.9 sq mi
ZIP Area
132
Density / Sq Mi
$52,552
Median Household Income
$28,136
Median Earnings
$846
Median Rent
$119,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office and industrial areas provide adaptable space for varied commercial operations.
Where is this flex space located?
The property is located at W 15620 W Michigan Avenue Unit SourceFi Albion, MI.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 22.85‑acre commercial and industrial property; 10,400 square feet of building space; Front building configured for professional office use
