Flex Building with
For Sale
$214,900
5240 S US-131, Mancelona, MI 49659
Commercial, Mancelona, MI
Property Size2,800 SF
Lot Size4.29 Acres
Price / SF$76.75
Days on Market98
Property Features for 5240 S US-131
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Exterior features
Steel
Lot features
Freestanding
Directions
5240 US 131 Mancelona Michigan
Subdivision
Antrim
Standard status
Active
Size
2,800 SF
Lot size
4.29 Acres
Taxes and HOA fees
Tax Description
BEG AT A PT ON N-S 1/4 LINE OF SEC 35; BEING S 00 DEG W 1327.39 FT OF THE N 1/4 COR OF SEC; TH S 00 DEG W 340 FT; TH N 89 DEG W 550 FT; TH N 00 DEG E 340 FT; TH S 89 DEG E 550 FT TO THE POB; SUBJECT TO HWY US 131 R/W SEC 35 T30N R6W 4.29 A M/L
Legal Description
BEG AT A PT ON N-S 1/4 LINE OF SEC 35; BEING S 00 DEG W 1327.39 FT OF THE N 1/4 COR OF SEC; TH S 00 DEG W 340 FT; TH N 89 DEG W 550 FT; TH N 00 DEG E 340 FT; TH S 89 DEG E 550 FT TO THE POB; SUBJECT TO HWY US 131 R/W SEC 35 T30N R6W 4.29 A M/L
Utilities
Water source
Private
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
The Difference Real Estate
Listed By:
Rick Matley · License #6502418337
(231) 564-2600
Added: Jun 15
Changed: Aug 31
Last Checked: Sep 20 at 3:06PM
MLS# 1946592
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.
Investment Insights
Based on property information with market context.
This 2,800-square-foot flex property includes a 40-by-60-foot shop with a cement floor, two 14-foot-tall doors that are 13 feet wide, and a 3-ton crane. The building also provides two offices and one bathroom, supporting a combination of workspace and shop operations.
The property encompasses approximately 4.29 acres with about 140 feet of frontage along US 131. Exterior construction is steel with a frame structure, an asphalt roof, and a private water source.
The property encompasses approximately 4.29 acres with about 140 feet of frontage along US 131. Exterior construction is steel with a frame structure, an asphalt roof, and a private water source.
Key Highlights
- 2,800‑square‑foot flex property on approximately 4.29 acres
- 40‑by‑60‑foot shop area with cement floor
- Two 14‑foot‑tall doors, 13 feet wide
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
$18,427
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
8.57%
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%
$368,540
$368.5K
Cap Rate 7%
$263,243
$263.2K
Cap Rate 9%
$204,744
$204.7K
Market Conditions
NOI Build-Up for 2,800 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
$22.5K $8.04/SF
− Vacancy
−$833 −$0.30/SF
EGI
$21.7K $7.74/SF
− OpEx
−$3.3K −$1.16/SF
NOI
$18.4K $6.58/SF
Area
Antrim County, MI
Vacancy
3.70%
Lease Rate
$8.04 /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%
$368,540
Cap Rate 7%
$263,243
Cap Rate 9%
$204,744
Alternative Uses
Best Use
Warehouse
$263.2K
$230.3K – $307.1K
NOI $18,427 @ 7.0% cap · market cap 8.57%
Second Best
Industrial
$216.8K
$189.7K – $252.9K
NOI $15,175 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$498.3K
$436.0K – $581.3K
NOI $34,880 @ 7.0% cap · market cap 16.23%
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
2
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49659, MI
6,670
Population
4,586
Households
1.5
Avg Household Size
44
Median Age
18%
College-Educated
89%
High-School Grad
175.0 sq mi
ZIP Area
38
Density / Sq Mi
$59,092
Median Household Income
$33,269
Median Earnings
$792
Median Rent
$141,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Steel-frame commercial space includes offices, a restroom, and a dedicated shop area.
Where is this flex space located?
The property is located at 5240 S US-131 Mancelona, MI.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: 2,800‑square‑foot flex property on approximately 4.29 acres; 40‑by‑60‑foot shop area with cement floor; Two 14‑foot‑tall doors, 13 feet wide
