Lofted Flex Space with RV
For Sale
$649,000
8932 Moeller Drive, Harbor Springs, MI 49740
Commercial/Industrial, Harbor Springs, MI
Property Size2,970 SF
Price / SF$218.52
Days on Market45
Property Features for 8932 Moeller Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LTT-I-1
Elementary school district
Harbor Springs
Middle school district
Harbor Springs
High school district
Harbor Springs
Directions
From W Conway Rd. turn South on Moeller Dr., then in .04 miles turn right, on your right in approx. 100 ft. will be 8932 Moeller Dr. #8.
Subdivision
Little Traverse
Standard status
Active
APN
08-16-14-388-108
Size
2,970 SF
Taxes and HOA fees
Tax Description
MOELLER DRIVE SOUTH CONDOMINIUM, PLAN #362, UNIT #8. SECTION 14, T35N, R5W.
HOA Fee
$3,267 Annually
Legal Description
MOELLER DRIVE SOUTH CONDOMINIUM, PLAN #362, UNIT #8. SECTION 14, T35N, R5W.
Utilities
Heating system
Natural Gas, Electric (Heating)
Amenities
kitchen/lounge
cedar closet
oversized bathroom
landscaped grounds
shared rv dump stations
Building Details
Building materials
Steel Frame
Roof type
Metal
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate - HS
(231) 526-9800
Listed By:
Tom Mooradian · License #6501314498
(616) 334-6672
Added: Aug 7
Changed: Sep 12
Last Checked: Sep 20 at 3:06PM
MLS# 480407
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 2,970-square-foot flex property at 8932 Moeller Drive includes a 13' x 21' kitchen/lounge with cabinetry, sink, refrigerator, dishwasher, and microwave. Additional interior features include a 13' x 16' cedar closet, an oversized bathroom, lofted space, epoxy flooring, and solid two-panel doors. The building uses steel-frame Morton post-and-frame construction with 10-inch insulated walls, blown-in ceiling insulation, and 6-inch polished concrete floors reinforced with wire and chairs.
Vehicle access is supported by two 14' x 14' insulated overhead doors with heavy-duty side openers, a 50-amp RV hookup, and shared access to three RV dump stations. The landscaped grounds include extra-wide 66-foot approaches designed for maneuvering 45-foot-plus RVs and boat trailers. The property is zoned LTT-I-1 and heated by natural gas and electric systems, with a metal roof.
Vehicle access is supported by two 14' x 14' insulated overhead doors with heavy-duty side openers, a 50-amp RV hookup, and shared access to three RV dump stations. The landscaped grounds include extra-wide 66-foot approaches designed for maneuvering 45-foot-plus RVs and boat trailers. The property is zoned LTT-I-1 and heated by natural gas and electric systems, with a metal roof.
Key Highlights
- 2,970‑square‑foot lofted flex property in Harbor Springs, MI
- Two 14' x 14' insulated overhead doors with heavy‑duty side openers
- 13' x 21' kitchen/lounge with cabinetry and appliances
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
$47,050
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
7.25%
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%
$941,000
$941.0K
Cap Rate 7%
$672,143
$672.1K
Cap Rate 9%
$522,778
$522.8K
Market Conditions
NOI Build-Up for 2,970 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
$59.5K $20.04/SF
− Vacancy
−$4.2K −$1.40/SF
EGI
$55.4K $18.64/SF
− OpEx
−$8.3K −$2.80/SF
NOI
$47.0K $15.84/SF
Area
Emmet County, MI
Vacancy
7.00%
Lease Rate
$20.04 /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%
$941,000
Cap Rate 7%
$672,143
Cap Rate 9%
$522,778
Alternative Uses
Best Use
Warehouse
$672.1K
$588.1K – $784.2K
NOI $47,050 @ 7.0% cap · market cap 7.25%
Second Best
Industrial
$553.5K
$484.3K – $645.8K
NOI $38,747 @ 7.0% cap · market cap 5.97%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49740, MI
7,511
Population
6,057
Households
1.2
Avg Household Size
55
Median Age
46%
College-Educated
97%
High-School Grad
124.9 sq mi
ZIP Area
60
Density / Sq Mi
$85,230
Median Household Income
$38,820
Median Earnings
$997
Median Rent
$332,600
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
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Similar Off Market Nearby
- Depot Catering — 1053 W Conway Rd, Petoskey, MI 49770, United States
Frequently Asked Questions
What type of property is this?
Flex space - Lofted commercial space includes a kitchen/lounge, cedar storage, oversized bathroom, and vehicle-oriented storage features.
Where is this flex space located?
The property is located at 8932 Moeller Drive Harbor Springs, MI.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 2,970‑square‑foot lofted flex property in Harbor Springs, MI; Two 14' x 14' insulated overhead doors with heavy‑duty side openers; 13' x 21' kitchen/lounge with cabinetry and appliances
