Vacant Lot with Pole
For Sale
$77,500
1055 South Carter Road, Midland, MI 48642
1.51-acre lot includes a 30x40 pole barn with electricity and two 12ft insulated overhead garage doors.
Property Size1,200 SF
Lot Size1.51 Acres
Price / SF$64.58
Days on Market42
Property Features for 1055 South Carter Road
General Information
Standard status
Active
Size
1,200 SF
Lot size
1.51 Acres
Property subtype
Land
Additional Details
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$1,080
Listing Agency:
Ayre/Rhinehart Bay REALTORS
(989) 525-9474
Listed By:
Breann L Wass · License #6501447079
(989) 525-9474
Source:
Compass
Added: Jul 11
Changed: Aug 8
Last Checked: Jul 20 at 7:31PM
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 Ayre/Rhinehart Bay REALTORS
Investment Insights
Based on property information with market context.
This 1.51-acre vacant lot includes a 30’x40’ pole barn that is already equipped with electricity. The barn has two 12-foot tall, factory-insulated overhead garage doors, providing drive-in access for storage and workspace uses. The open land offers room to build and customize plans on-site.
The property is located at 1055 South Carter Road in Midland, Michigan. It’s offered for sale and is being presented as a foundation for additional development, storage, or recreational space.
The current improvements consist of the pole barn and its electrical service, with the remainder of the acreage available as open space.
The property is located at 1055 South Carter Road in Midland, Michigan. It’s offered for sale and is being presented as a foundation for additional development, storage, or recreational space.
The current improvements consist of the pole barn and its electrical service, with the remainder of the acreage available as open space.
Key Highlights
- 1.51‑acre vacant lot with a 30’ x 40’ pole barn already equipped with electricity
- Pole barn includes two 12‑ft tall factory‑insulated overhead garage doors
- Open land provides space for building plans and additional storage or recreation
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
$6,830
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
8.81%
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%
$136,600
$136.6K
Cap Rate 7%
$97,571
$97.6K
Cap Rate 9%
$75,889
$75.9K
Market Conditions
NOI Build-Up for 1,200 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
$8.6K $7.20/SF
− Vacancy
−$605 −$0.50/SF
EGI
$8.0K $6.70/SF
− OpEx
−$1.2K −$1.00/SF
NOI
$6.8K $5.69/SF
Area
Midland County, MI
Vacancy
7.00%
Lease Rate
$7.20 /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%
$136,600
Cap Rate 7%
$97,571
Cap Rate 9%
$75,889
Alternative Uses
Best Use
Warehouse
$97.6K
$85.4K – $113.8K
NOI $6,830 @ 7.0% cap · market cap 8.81%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$216.6K
$189.5K – $252.7K
NOI $15,161 @ 7.0% cap · market cap 19.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48642, MI
33,457
Population
14,663
Households
2.3
Avg Household Size
40
Median Age
42%
College-Educated
96%
High-School Grad
104.7 sq mi
ZIP Area
320
Density / Sq Mi
$77,690
Median Household Income
$48,407
Median Earnings
$1,100
Median Rent
$194,100
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 - 1.51-acre lot includes a 30x40 pole barn with electricity and two 12ft insulated overhead garage doors.
Where is this warehouse located?
The property is located at 1055 South Carter Road Midland, MI.
What is the asking price?
The asking price for this property is $77,500.
What are key features of this property?
This property features: 1.51‑acre vacant lot with a 30’ x 40’ pole barn already equipped with electricity; Pole barn includes two 12‑ft tall factory‑insulated overhead garage doors; Open land provides space for building plans and additional storage or recreation
