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    Grawn Warehouse/Manufacturing Opportunity Title is generated by Realmo AI

    1893 Pine Tree Drive, Grawn, MI 49637

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    Claim this Listing
    For Sale
    $1,499,000

    Manufacture/Warehouse,Wholesale - Grawn, MI

    Property size:
    14,929 SF
    Lot size:
    18.10 Acres
    Price / SF:
    $100/SF
    Added:
    Jan 5, 2026
    Days on Market:
    132
    Last Refresh:
    May 17 at 1:06 am

    Property Features for 1893 Pine Tree Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Industrial,Commercial
    Rooms
    Basement
    Basement Y/N
    1
    Standard status
    Active
    Size
    14,929 SF
    Lot size
    18.10 Acres

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1973
    Roof type
    Asphalt, Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Kevin Query

    Listing agent Kevin Query

    Listing office Manitou Commercial Real Estate, LLC 4020 Copper Ridge, Ste.129, Traverse City, MI

    Listing date Jan 5, 2026

    MLS# 1941460 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 18‑acre property consisting of three contiguous parcels.
    • High‑traffic location on US‑31 with 2,700+ feet of frontage.
    • Excellent visibility and easy access for customers and operations.
    • Flexible industrial, mixed‑use, and residential zoning.
    • Multiple buildings, residential structures, and laydown space already on site.
    • Existing improvements allow for immediate use and future expansion.

    Overview

    Located on a high-traffic corridor in Northern Michigan, this 18.1-acre property comprises three contiguous parcels with over 2,700 linear feet of frontage on US-31. The site benefits from high visibility and accessibility, making it suitable for users that value exposure and ease of access. The property's industrial, mixed-use, and residential zoning supports a range of commercial, operational, or redevelopment uses. Existing improvements include multiple buildings, residential structures, and laydown space, providing flexible opportunities for immediate use and future expansion. The property is located in Grawn, MI, and features 14,929 square feet of space. It is zoned for both industrial and commercial use.

    Financial Insights

    Value Estimation Calculated for Warehouse

    Conservative
    $1.32M
    NOI $118,806 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.70M
    NOI $118,806 @ 7.00% cap · market / base-case scenario
    Aggressive
    $2.38M
    NOI $118,806 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Warehouse

    Component $ $/SF
    Gross rent $148.7k $9.96
    − Vacancy −$8.9k −$0.60
    EGI $139.8k $9.36
    − OpEx −$21.0k −$1.40
    NOI $118.8k $7.96
    14,929 SF · lease $9.96/SF/yr · vacancy 6.00% · expense 15.00%

    Alternative Use Scenarios

    Best Use
    Warehouse
    $1.70M
    $1.49M – $1.98M (±1% cap)
    NOI $118,806 @ 7.0% cap · market cap 7.93%
    Second Best
    Industrial
    $1.24M
    $1.09M – $1.45M (±1% cap)
    NOI $86,999 @ 7.0% cap · market cap 5.80%
    Theoretical Best
    Office A
    $3.24M
    $2.84M – $3.78M (±1% cap)
    NOI $227,016 @ 7.0% cap · market cap 15.14%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Manufacturing properties

    Map

    City
    Grawn
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.726948
    Latitude
    44.65888

    Nearby Similar for Sale

    • $619,000
      6,720 SF

      Grawn Retail Store on US-31

      6,720 SF commercial building on high-traffic US-31.
      8722 US-31, Grawn, MI 49637-9539
      View Details
    • $425,000
      1,276 SF

      Highway Frontage Investment Opportunity

      Mixed-use property with highway frontage near Interlochen Corners.
      8921 US-31, Grawn, MI 49637
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    • $169,900
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      New Storage Barns For Sale

      Newly constructed storage barns, convenient location near Interlochen and Traverse City.
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    FAQs

    What type of property is this?
    Warehouse - 18-acre property on high-traffic corridor with redevelopment potential.
    Where is this warehouse located?
    The property is located at 1893 Pine Tree Drive Grawn, MI.
    What is the asking price?
    The asking price for this property is $1,499,000.
    What are key features of this property?
    This property features: 18‑acre property consisting of three contiguous parcels.; High‑traffic location on US‑31 with 2,700+ feet of frontage.; Excellent visibility and easy access for customers and operations.
    (231) 632-9596
    We can help!
    Listing Contact
    Kevin Query
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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