Industrial Zoned Warehouse
For Sale
$1,200,000
05321 Block Road, Charlevoix, MI 49720
Five-acre industrial-zoned property with prime US-31 South road frontage and a commercial building.
Property Size9,600 SF
Lot Size5.00 Acres
Price / SF$125
Days on Market111
Property Features for 05321 Block Road
General Information
Standard status
Active
Size
9,600 SF
Lot size
5.00 Acres
Property subtype
Commercial
Zoning
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2019
Listing Agency:
Real Estate One - Charlevoix
Listed By:
Dennis Mitchell
(231) 439-2000
Source:
Harborsir
Added: May 16
Changed: Sep 2
Last Checked: Sep 1 at 8:56PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Real Estate One - Charlevoix
Investment Insights
Based on property information with market context.
This for-sale industrial property includes approximately five acres zoned Industrial and a commercial building of about 9,600 square feet. The site is positioned for businesses that need space within an industrial zoning framework.
The property has prime road frontage on US-31 South and is located just two miles south of Charlevoix “the Beautiful,” a Lake Michigan destination.
With its industrial zoning and highway frontage, the property offers a straightforward setup for prospective owners evaluating an industrial site for their business needs.
The property has prime road frontage on US-31 South and is located just two miles south of Charlevoix “the Beautiful,” a Lake Michigan destination.
With its industrial zoning and highway frontage, the property offers a straightforward setup for prospective owners evaluating an industrial site for their business needs.
Key Highlights
- 5‑acre property zoned Industrial
- Prime road frontage on US‑31 South
- Located two miles south of Charlevoix
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
$73,146
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
6.10%
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%
$1,462,920
$1.5M
Cap Rate 7%
$1,044,943
$1.0M
Cap Rate 9%
$812,733
$812.7K
Market Conditions
NOI Build-Up for 9,600 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
$95.6K $9.96/SF
− Vacancy
−$9.6K −$1.00/SF
EGI
$86.1K $8.96/SF
− OpEx
−$12.9K −$1.34/SF
NOI
$73.1K $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%
$1,462,920
Cap Rate 7%
$1,044,943
Cap Rate 9%
$812,733
Alternative Uses
Best Use
Warehouse
$1.04M
$914.3K – $1.22M
NOI $73,146 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.94M
$1.70M – $2.27M
NOI $136,028 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
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 - Five-acre industrial-zoned property with prime US-31 South road frontage and a commercial building.
Where is this warehouse located?
The property is located at 05321 Block Road Charlevoix, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 5‑acre property zoned Industrial; Prime road frontage on US‑31 South; Located two miles south of Charlevoix
