Flex Space with Open Floor
For Sale
$453,840
103 Harbor Drive, Charlevoix, MI 49720
Commercial flex property with loading access, high ceilings, and city utilities.
Property Size4,200 SF
Price / SF$108.06
Days on Market128
Property Features for 103 Harbor Drive
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Commercial
Zoning
Commercial
Lease Term
Cash, Conventional
Additional Details
Utilities to Site
Yes
Building Details
Building Size
4,200 SF
Year Built
1971
Buildings
1
Listing Agency:
Coldwell Banker Schmidt-Charlx
(231) 838-2024
Listed By:
Lynn Robinson
(231) 838-2024
Source:
Sabudarealty
Added: Apr 17
Changed: Aug 21
Last Checked: Aug 21 at 5:35AM
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 Coldwell Banker Schmidt-Charlx
Investment Insights
Based on property information with market context.
This 4,200-square-foot flex property, constructed in 1971, provides an open interior with high ceilings and adaptable commercial space. A dedicated entrance supports loading and unloading, while natural gas radiant heat serves the building. The property also includes off-street parking and access to city water and sewer.
Zoned Commercial, the building is positioned near the entrance to Charlevoix Airport and offers convenient access for business operations. Its combination of open floor area, loading capability, utility service, and parking supports a range of commercial configurations without relying on a highly divided layout.
Zoned Commercial, the building is positioned near the entrance to Charlevoix Airport and offers convenient access for business operations. Its combination of open floor area, loading capability, utility service, and parking supports a range of commercial configurations without relying on a highly divided layout.
Key Highlights
- 4,200 SF flex property constructed in 1971
- Commercial zoning
- Open floor plan with high ceilings
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
$40,172
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
8.85%
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%
$803,440
$803.4K
Cap Rate 7%
$573,886
$573.9K
Cap Rate 9%
$446,356
$446.4K
Market Conditions
NOI Build-Up for 4,200 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
$67.0K $15.96/SF
− Vacancy
−$5.2K −$1.24/SF
EGI
$61.8K $14.72/SF
− OpEx
−$21.6K −$5.15/SF
NOI
$40.2K $9.56/SF
Area
Charlevoix County, MI
Vacancy
7.80%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
35.00%
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%
$803,440
Cap Rate 7%
$573,886
Cap Rate 9%
$446,356
Alternative Uses
Best Use
Flex RnD
$573.9K
$502.2K – $669.5K
NOI $40,172 @ 7.0% cap · market cap 8.85%
Second Best
Industrial
$332.6K
$291.1K – $388.1K
NOI $23,285 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$850.2K
$743.9K – $991.9K
NOI $59,512 @ 7.0% cap · market cap 13.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
Under-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
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial flex property with loading access, high ceilings, and city utilities.
Where is this flex space located?
The property is located at 103 Harbor Drive Charlevoix, MI.
What is the asking price?
The asking price for this property is $453,840.
What are key features of this property?
This property features: 4,200 SF flex property constructed in 1971; Commercial zoning; Open floor plan with high ceilings
