Flex Office Industrial
For Sale
$453,840
103 Harbor Drive Unit SourceFi, Charlevoix, MI 49720
Versatile flex space with an open floor plan, high ceilings, dedicated loading entrance, and off-street parking.
Property Size4,200 SF
Price / SF$108.06
Days on Market133
Property Features for 103 Harbor Drive Unit SourceFi
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Industrial
Amenities
A/C - Other
3
Other
73123
Building Details
Year Built
1971
Listing Agency:
Coldwell Banker Schmidt-Charlx
(231) 838-2024
Listed By:
Lynn Robinson
(231) 838-2024
Source:
Xome
Added: Apr 14
Changed: Aug 23
Last Checked: Aug 24 at 5:20AM
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.
Well-positioned commercial building in the City of Charlevoix near the entrance to the Charlevoix Airport. The space is configured with an open floor plan and high ceilings, offering flexible layout options for a range of commercial uses.
The property includes a dedicated loading and unloading entrance, city water and sewer, and natural gas radiant heat. Off-street parking is available for occupants and visitors.
With its versatile interior configuration and practical site features for move-in operations, this building supports both establishing and expanding a business within a high-visibility, accessible setting.
The property includes a dedicated loading and unloading entrance, city water and sewer, and natural gas radiant heat. Off-street parking is available for occupants and visitors.
With its versatile interior configuration and practical site features for move-in operations, this building supports both establishing and expanding a business within a high-visibility, accessible setting.
Key Highlights
- Well‑positioned commercial building in the City of Charlevoix near the entrance to Charlevoix Airport
- Open floor plan with high ceilings and versatile space for a wide range of commercial uses
- Dedicated loading/unloading entrance for easier deliveries and access
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
$41,278
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
9.10%
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%
$825,560
$825.6K
Cap Rate 7%
$589,686
$589.7K
Cap Rate 9%
$458,644
$458.6K
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
$70.6K $16.80/SF
− Vacancy
−$15.5K −$3.70/SF
EGI
$55.0K $13.10/SF
− OpEx
−$13.8K −$3.28/SF
NOI
$41.3K $9.83/SF
Area
Charlevoix County, MI
Vacancy
22.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
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%
$825,560
Cap Rate 7%
$589,686
Cap Rate 9%
$458,644
Alternative Uses
Best Use
Office B
$589.7K
$516.0K – $688.0K
NOI $41,278 @ 7.0% cap · market cap 9.10%
Second Best
Flex RnD
$573.9K
$502.2K – $669.5K
NOI $40,172 @ 7.0% cap · market cap 8.85%
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
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile flex space with an open floor plan, high ceilings, dedicated loading entrance, and off-street parking.
Where is this flex space located?
The property is located at 103 Harbor Drive Unit SourceFi 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: Well‑positioned commercial building in the City of Charlevoix near the entrance to Charlevoix Airport; Open floor plan with high ceilings and versatile space for a wide range of commercial uses; Dedicated loading/unloading entrance for easier deliveries and access
