Commercial Real Estate Market in Shepherd, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
19 active listings and 222 off-market properties in Shepherd, MI.
Market Trends
Shepherd, MI spans 114.9 square miles in Isabella County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office space in Shepherd, MI asks $70/SF to buy. Vacancy runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Retail
Retail space in Shepherd, MI asks $75/SF to buy. Vacancy runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Shepherd, MI runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily space in Shepherd, MI asks $85/SF to buy. Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 78.3%
- Commercial 15.8%
- Industrial 6%
Largest Zones share of zoned land by district
Multiple Family Residential
Single And Two Family Residential
Single Family Residential
Agricultural District
Industrial
Shepherd, MI zones 618 acres across 7 districts. Commercial zoning covers 15.8% of zoned land, residential 78.3% and industrial 6%. The largest single district is Multiple Family Residential at 36.6%. For commercial buyers the practical constraint is that only 21.7% of land carries a commercial or industrial designation.
Multiple Family Residential (R-3)
R - 3 Multiple - Family Residential District 154.038 R - 4 Manufactured Home Park District 154.039 C - 1 Central Business District 154.040 C - 2 General Commercial District 154.041 IND Industrial District 154.042 AG Agricultural District Special Provisions 154.055 Scope 154.056 Adult entertainment businesses 154.057 Automobile wash establishments 154.058 Bed…
Market overview
Demographics & Economy
Shepherd, MI has 6,842 residents in 2,912 households. Density runs 60 people per square mile. Median household income here is $66,364 and median gross rent $841 a month.
6,842
Population
2,912
Households
2.3
Avg Household Size
42
Median Age
22%
College-Educated
94%
High-School Grad
114.9 sq mi
ZIP Area
60
Density / Sq Mi
$66,364
Median Household Income
$37,830
Median Earnings
$841
Median Rent
$154,600
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Mount Pleasant | — | $23.27 |
| Elwell | — | — |
| Saint Louis | — | $6.57 |
| Alma | — | $20.53 |
Commercial property in Shepherd, MI asks $3/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Shepherd?
Commercial property in Shepherd, MI asks an average of $3 per square foot. Multifamily carries the highest asking price at $85/SF.
What zoning applies to commercial property in Shepherd?
Shepherd, MI zones 618 acres across 7 districts, of which 15.8% is commercial and 6% industrial. The largest single district is Multiple Family Residential at 36.6% of zoned land. R - 3 Multiple - Family Residential District 154.038 R - 4 Manufactured Home Park District 154.039 C - 1 Central Business District 154.040 C - 2 General Commercial District 154.041 IND Industrial District 154.042 AG Agricultural District Special Provisions 154.055 Scope 154.056 Adult entertainment businesses 154.057 Automobile wash establishments 154.058 Bed… Residential zoning covers 78.3% and open space 0%.
Where does Realmo's Shepherd market data come from?
Realmo compiles Shepherd, MI figures from 19 active sale listings, 222 tracked off-market properties, the current Shepherd zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 19 active for-sale and 0 active for-lease listings in Shepherd, MI. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 618 zoned acres across 7 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
