New Construction Warehouse
New
For Sale
$170,000
11724 N Star Drive, Charlevoix, MI 49720
Commercial/Industrial, Charlevoix, MI
Property Size1,800 SF
Price / SF$94.44
Days on Market4
Property Features for 11724 N Star Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMM
Elementary school district
Charlevoix
Middle school district
Charlevoix
High school district
Charlevoix
Directions
US 31 HWY NORTH TO NORTH STAR STORAGE ON THE RIGHT.
Subdivision
Hayes
Standard status
Active
APN
007-465-020-00
Size
1,800 SF
Taxes and HOA fees
Tax Description
UNIT 20 NORTH STAR STORAGE CONDO RECD L1179 P950 - 986 L1314 P983 FIRST AMEND TO MASTER DEED 3.3%
HOA Fee
$87 Quarterly
Legal Description
UNIT 20 NORTH STAR STORAGE CONDO RECD L1179 P950 - 986 L1314 P983 FIRST AMEND TO MASTER DEED 3.3%
Building Details
Building materials
Wood Frame
Roof type
Metal
Listing Agency:
Berkshire Hathaway HomeServices Real Estate
(231) 547-9905
Listed By:
Alex Konopaske · License #6501446317
(269) 223-2635
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 21 at 7:06PM
MLS# 480506
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 new-construction warehouse unit provides 1,800 square feet within a 30x60 pole-building layout. The interior has 14-foot ceilings with scissor trusses, creating clearance for oversized recreational vehicles and equipment. A 14x14 insulated overhead door accommodates boats, RVs, and trailers, while an insulated entry door adds a second secured access point.
Interior improvements include LED ceiling lighting, multiple wall outlets, and a 200-amp electrical panel. Wood-frame construction and a metal roof complete the building. The property is zoned COMM and is located at 11724 N Star Drive in Charlevoix, Michigan, with stated proximity to both Shanty Creek and Boyne Highlands. The unit is suited to storing boats, snowmobiles, seasonal vehicles, and similar equipment.
Interior improvements include LED ceiling lighting, multiple wall outlets, and a 200-amp electrical panel. Wood-frame construction and a metal roof complete the building. The property is zoned COMM and is located at 11724 N Star Drive in Charlevoix, Michigan, with stated proximity to both Shanty Creek and Boyne Highlands. The unit is suited to storing boats, snowmobiles, seasonal vehicles, and similar equipment.
Key Highlights
- 1800 square feet in a 30x60 new‑construction pole building
- 14x14 insulated overhead door for boats, RVs, trailers, and oversized equipment
- 14‑foot ceilings with scissor trusses
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
$13,715
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
8.07%
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%
$274,300
$274.3K
Cap Rate 7%
$195,929
$195.9K
Cap Rate 9%
$152,389
$152.4K
Market Conditions
NOI Build-Up for 1,800 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
$17.9K $9.96/SF
− Vacancy
−$1.8K −$1.00/SF
EGI
$16.1K $8.96/SF
− OpEx
−$2.4K −$1.34/SF
NOI
$13.7K $7.62/SF
Area
Charlevoix County, MI
Vacancy
10.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$274,300
Cap Rate 7%
$195,929
Cap Rate 9%
$152,389
Alternative Uses
Best Use
Warehouse
$195.9K
$171.4K – $228.6K
NOI $13,715 @ 7.0% cap · market cap 8.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$364.4K
$318.8K – $425.1K
NOI $25,505 @ 7.0% cap · market cap 15.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
1
Drive-in doors
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - The enclosed space supports storage of boats, RVs, trailers, snowmobiles, and other seasonal vehicles.
Where is this warehouse located?
The property is located at 11724 N Star Drive Charlevoix, MI.
What is the asking price?
The asking price for this property is $170,000.
What are key features of this property?
This property features: 1800 square feet in a 30x60 new‑construction pole building; 14x14 insulated overhead door for boats, RVs, trailers, and oversized equipment; 14‑foot ceilings with scissor trusses
