Industrial Flex
For Sale
$1,200,000
05321 Block Road, Charlevoix, MI 49720
Commercial/Industrial, Charlevoix, MI
Property Size9,600 SF
Lot Size5.00 Acres
Price / SF$125
Days on Market76
Property Features for 05321 Block Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Industrial
Elementary school district
Charlevoix
Middle school district
Charlevoix
High school district
Charlevoix
Directions
FROM THE NORTH: Head south on Bridge St (US-31) Turn left onto Block Rd 0.1 miles FROM THE SOUTH: Head north on US-31 turn right onto Block Rd 0.1 miles
Subdivision
Norwood
Standard status
Active
APN
011-005-015-65
Size
9,600 SF
Lot size
5.00 Acres
Taxes and HOA fees
Tax Description
COM S 1/4 COR SEC 5 T33N/R8W TH AL N&S1/4 LI SD SEC N00DEG34"08"E 1073.78 FT TO PT IN C/L BLOCK RD
Legal Description
COM S 1/4 COR SEC 5 T33N/R8W TH AL N&S1/4 LI SD SEC N00DEG34"08"E 1073.78 FT TO PT IN C/L BLOCK RD
Utilities
Heating system
Natural Gas
Water source
Well
Building Details
Year built
2019
Building materials
Steel Frame, Concrete
Roof type
Metal
Listing Agency:
Real Estate One - Charlevoix
(231) 547-5100
Listed By:
Dennis Mitchell
(231) 675-7651
Added: Jul 2
Changed: Aug 19
Last Checked: Sep 15 at 12:06AM
MLS# 479662
Copyright © 2026 Northern Michigan MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 9,600-square-foot flex property sits on 5 acres and carries Industrial zoning. Completed in 2019, the building combines a steel frame with concrete construction, a metal roof, and natural gas heating. Water is supplied by a well.
The property fronts US-31 South and is located 2 miles south of Charlevoix, placing the facility along a regional route near Lake Michigan. Its combination of building area, acreage, industrial zoning, and road exposure supports a range of flex-oriented commercial applications.
The property fronts US-31 South and is located 2 miles south of Charlevoix, placing the facility along a regional route near Lake Michigan. Its combination of building area, acreage, industrial zoning, and road exposure supports a range of flex-oriented commercial applications.
Key Highlights
- 9,600 square feet on 5 acres
- Industrial zoning
- Frontage on US‑31 South
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
$94,349
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
7.86%
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%
$1,886,980
$1.9M
Cap Rate 7%
$1,347,843
$1.3M
Cap Rate 9%
$1,048,322
$1.0M
Market Conditions
NOI Build-Up for 9,600 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
$161.3K $16.80/SF
− Vacancy
−$35.5K −$3.70/SF
EGI
$125.8K $13.10/SF
− OpEx
−$31.4K −$3.28/SF
NOI
$94.3K $9.83/SF
Area
Charlevoix County, MI
Vacancy
22.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
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%
$1,886,980
Cap Rate 7%
$1,347,843
Cap Rate 9%
$1,048,322
Alternative Uses
Best Use
Office B
$1.35M
$1.18M – $1.57M
NOI $94,349 @ 7.0% cap · market cap 7.86%
Second Best
Flex RnD
$1.31M
$1.15M – $1.53M
NOI $91,822 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$1.94M
$1.70M – $2.27M
NOI $136,028 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49720, MI
9,127
Population
6,236
Households
1.5
Avg Household Size
52
Median Age
38%
College-Educated
97%
High-School Grad
95.5 sq mi
ZIP Area
96
Density / Sq Mi
$76,127
Median Household Income
$41,563
Median Earnings
$985
Median Rent
$265,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - 2019 flex facility with industrial zoning, durable construction, and direct US-31 South access.
Where is this flex space located?
The property is located at 05321 Block Road Charlevoix, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 9,600 square feet on 5 acres; Industrial zoning; Frontage on US‑31 South
