New Construction Warehouse
For Sale
$170,000
11724 North Star Drive Unit 20, Charlevoix, MI 49720
Storage space includes oversized-vehicle access, dedicated lighting, and 200-amp electrical service.
Property Size1,800 SF
Price / SF$94.44
Days on Market17
Property Features for 11724 North Star Drive Unit 20
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Commercial
Warehouse & Industrial
Clear Height
14 ft
Drive-In Doors
1
Power
200 amps
Building Details
Construction
pole barn
Listing Agency:
Berkshire Hathaway HomeServices Real Estate
Listed By:
Alex Konopaske
(231) 439-2000
Source:
Harborsir
Added: Aug 16
Changed: Aug 30
Last Checked: Aug 31 at 7:26PM
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 Berkshire Hathaway HomeServices Real Estate
Investment Insights
Based on property information with market context.
Unit 20 is a new-construction warehouse designed for vehicle and equipment storage. The 30-by-60 layout provides room for boats, RVs, trailers, snowmobiles, and seasonal vehicles, while a 14-by-14 insulated overhead door accommodates larger equipment. Fourteen-foot ceilings with scissor trusses create additional vertical clearance. Interior features include LED ceiling fixtures, wall outlets, and a 200-amp electrical panel. An insulated entry door and overhead door add separation from exterior conditions.
The property is located at 11724 North Star Drive in Charlevoix, Michigan, with access to the surrounding area. Its position between Shanty Creek and Boyne Highlands supports convenient access for four-season recreational storage.
The property is located at 11724 North Star Drive in Charlevoix, Michigan, with access to the surrounding area. Its position between Shanty Creek and Boyne Highlands supports convenient access for four-season recreational storage.
Key Highlights
- 30‑by‑60 storage unit at 11724 North Star Drive, Unit 20
- 14‑by‑14 insulated overhead door for boats, RVs, and trailers
- 14‑foot ceilings with scissor trusses
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
$13,715
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
8.07%
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%
$274,300
$274.3K
Cap Rate 7%
$195,929
$195.9K
Cap Rate 9%
$152,389
$152.4K
Market Conditions
NOI Build-Up for 1,800 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
$17.9K $9.96/SF
− Vacancy
−$1.8K −$1.00/SF
EGI
$16.1K $8.96/SF
− OpEx
−$2.4K −$1.34/SF
NOI
$13.7K $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%
$274,300
Cap Rate 7%
$195,929
Cap Rate 9%
$152,389
Alternative Uses
Best Use
Warehouse
$195.9K
$171.4K – $228.6K
NOI $13,715 @ 7.0% cap · market cap 8.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$364.4K
$318.8K – $425.1K
NOI $25,505 @ 7.0% cap · market cap 15.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14 ft
Clear height
1
Drive-in doors
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 - Storage space includes oversized-vehicle access, dedicated lighting, and 200-amp electrical service.
Where is this warehouse located?
The property is located at 11724 North Star Drive Unit 20 Charlevoix, MI.
What is the asking price?
The asking price for this property is $170,000.
What are key features of this property?
This property features: 30‑by‑60 storage unit at 11724 North Star Drive, Unit 20; 14‑by‑14 insulated overhead door for boats, RVs, and trailers; 14‑foot ceilings with scissor trusses
