Commercial Development Land with Walmart
For Sale
$438,888
Prudenville, MI 48651, Prudenville, MI 48651
COMMERCIAL - Prudenville, MI
Property Size4,800 SF
Price / SF$91.44
Days on Market49
Property Features
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
commercial-impr
Parking features
Parking Lot
Subdivision
DEERWOOD VILLAGE #3
Directions
M-55 in front of the Wal-Mart parking lot, storage unit between Lake House Meat & Deli and Houghton Lake Provisioning Center.
Standard status
Active
APN
003-249-014-0000
Size
4,800 SF
Taxes and HOA fees
Tax Description
L-1006 P-713 (L-896P-249&L-646 P-408) 223 LOT 14 DEERWOOD VILLAGE #3
Legal Description
L-1006 P-713 (L-896P-249&L-646 P-408) 223 LOT 14 DEERWOOD VILLAGE #3
Building Details
Floors in Building
1
Listing Agency:
Midge & Co-Luxury Lakefront Homes
(989) 202-4343
Listed By:
Midge Rutter · License #MI6502393939
(989) 302-1219
Added: Jun 25
Changed: Aug 4
Last Checked: Aug 12 at 12:06AM
MLS# 201841057
Copyright © 2026 Water Wonderland Board of Realtors®. 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.
The property consists of commercial-impr land in a retail-oriented setting, with existing storage present on the site. The lot dimensions are 88 feet by 264 feet, providing a sizable footprint for an operator who may want to maintain the current use or consider redevelopment. The configuration supports flexible planning depending on how a buyer intends to use the land.
The site is positioned directly in front of Walmart in the Houghton Lake area of Michigan. The property is also described as being between a provisioning center and a meat market that are currently listed, reinforcing the area’s day-to-day retail mix and visibility.
For buyers looking for a commercial land opportunity, this offering can be evaluated as either a storage-focused site or a redevelopment candidate given the stated presence of storage and the stated interest in building a new business on the premises. Prospective tenants, operators, and investors can review the commercial-impr zoning and the site’s retail frontage to determine how the parcel fits their intended concept and site plan.
The site is positioned directly in front of Walmart in the Houghton Lake area of Michigan. The property is also described as being between a provisioning center and a meat market that are currently listed, reinforcing the area’s day-to-day retail mix and visibility.
For buyers looking for a commercial land opportunity, this offering can be evaluated as either a storage-focused site or a redevelopment candidate given the stated presence of storage and the stated interest in building a new business on the premises. Prospective tenants, operators, and investors can review the commercial-impr zoning and the site’s retail frontage to determine how the parcel fits their intended concept and site plan.
Key Highlights
- 88 x 264 lot located in front of Walmart in the Houghton Lake area
- Parking lot included
- Property positioned between a provisioning center and a meat market (both referenced as nearby)
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
$37,094
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
8.45%
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%
$741,880
$741.9K
Cap Rate 7%
$529,914
$529.9K
Cap Rate 9%
$412,156
$412.2K
Market Conditions
NOI Build-Up for 4,800 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
$57.6K $12.00/SF
− Vacancy
−$4.6K −$0.96/SF
EGI
$53.0K $11.04/SF
− OpEx
−$15.9K −$3.31/SF
NOI
$37.1K $7.73/SF
Area
Roscommon County, MI
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$741,880
Cap Rate 7%
$529,914
Cap Rate 9%
$412,156
Alternative Uses
Best Use
Self Storage
$529.9K
$463.7K – $618.2K
NOI $37,094 @ 7.0% cap · market cap 8.45%
Second Best
Warehouse
$471.6K
$412.6K – $550.2K
NOI $33,011 @ 7.0% cap · market cap 7.52%
Theoretical Best
Office A
$789.9K
$691.2K – $921.6K
NOI $55,296 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
140
Businesses Nearby
Explore this area
Business Placement
Demographics for 48651, MI
4,396
Population
3,825
Households
1.1
Avg Household Size
56
Median Age
19%
College-Educated
92%
High-School Grad
71.0 sq mi
ZIP Area
62
Density / Sq Mi
$42,938
Median Household Income
$32,917
Median Earnings
$797
Median Rent
$156,000
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?
Commercial land - Commercial-impr lot with existing storage on-site and retail adjacency in front of Walmart, suited for redevelopment planning.
Where is this commercial land located?
The property is located at Prudenville, MI.
What is the asking price?
The asking price for this property is $438,888.
What are key features of this property?
This property features: 88 x 264 lot located in front of Walmart in the Houghton Lake area; Parking lot included; Property positioned between a provisioning center and a meat market (both referenced as nearby)
