Multi-Building Industrial
For Sale
$3,199,000
5720 Bates Rd, Williamsburg, MI 49690
Three industrial buildings with multiple overhead doors and active utilities offer flexible space for warehouse and service uses.
Property Size48,700 SF
Lot Size20.00 Acres
Price / SF$65.69
Days on Market83
Property Features for 5720 Bates Rd
General Information
Standard status
Active
Size
48,700 SF
Lot size
20.00 Acres
Property subtype
Commercial
Additional Details
Clear Height
26 ft
Building Details
Year Built
2017
Listing Agency:
Exit Realty of Elk Rapids
(231) 835-1650
Listed By:
Audra Jackson · License #6501402998
(231) 835-1650
Source:
Elliman
Added: Jun 1
Changed: Aug 13
Last Checked: Aug 21 at 12:53PM
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 Exit Realty of Elk Rapids
Investment Insights
Based on property information with market context.
This 20-acre industrial property totals 48,700 sq ft across three buildings, served by two wells and two septic systems. Building A is a 28,800 sq ft steel structure with two overhead doors and clear span wall heights ranging from 20 to 26 feet; it does not include heat or restroom facilities. Building B offers 14,400 sq ft in a steel shell with insulated 16-foot side walls, plus an 80 x 80 cooler area, a truck dock, private offices, two restrooms, and heating and air conditioning. Building C is a 5,500 sq ft pole-frame structure with a steel roof, 13-foot side walls, and four 12 x 12 overhead doors. Fixtures and business equipment in Building C are scheduled for removal prior to closing.
The property is located on Bates Rd in Acme Township, Michigan. The overall site is car-dependent per its Walk Score and bike score, supporting vehicle-oriented operations.
The mix of clear-span warehouse space, office and restroom amenities in Building B, and service-oriented configuration in Building C (currently used as an auto repair garage) can support a range of industrial and automotive-related tenants, as well as buyers seeking multiple functional environments within one site.
The property is located on Bates Rd in Acme Township, Michigan. The overall site is car-dependent per its Walk Score and bike score, supporting vehicle-oriented operations.
The mix of clear-span warehouse space, office and restroom amenities in Building B, and service-oriented configuration in Building C (currently used as an auto repair garage) can support a range of industrial and automotive-related tenants, as well as buyers seeking multiple functional environments within one site.
Key Highlights
- 20‑acre industrial property with 48,700 sq ft across three buildings (built in 2017)
- Building A offers 28,800 sq ft steel structure with two overhead doors and clear span wall heights of 20'–26'
- Building B provides 14,400 sq ft with insulated 16 ft side walls, an 80' x 80' cooler area, truck dock, private offices, and heat/AC
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
$283,799
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
8.87%
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%
$5,675,980
$5.7M
Cap Rate 7%
$4,054,271
$4.1M
Cap Rate 9%
$3,153,322
$3.2M
Market Conditions
NOI Build-Up for 48,700 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
$438.3K $9.00/SF
− Vacancy
−$32.9K −$0.68/SF
EGI
$405.4K $8.33/SF
− OpEx
−$121.6K −$2.50/SF
NOI
$283.8K $5.83/SF
Area
Grand Traverse County, MI
Vacancy
7.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$5,675,980
Cap Rate 7%
$4,054,271
Cap Rate 9%
$3,153,322
Alternative Uses
Best Use
Retail
$8.60M
$7.53M – $10.04M
NOI $602,166 @ 7.0% cap · market cap 18.82%
Second Best
Warehouse
$5.54M
$4.84M – $6.46M
NOI $387,557 @ 7.0% cap · market cap 12.11%
Theoretical Best
Office A
$10.58M
$9.26M – $12.34M
NOI $740,552 @ 7.0% cap · market cap 23.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
26 ft
Clear height
Location Intelligence
Trade Area within ½ mile
59
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49690, MI
6,494
Population
3,476
Households
1.9
Avg Household Size
50
Median Age
45%
College-Educated
97%
High-School Grad
82.7 sq mi
ZIP Area
79
Density / Sq Mi
$105,701
Median Household Income
$47,114
Median Earnings
$1,279
Median Rent
$329,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Acme Mini Storage — 6985 M-72, Williamsburg, MI 49690
- AAA Self Storage — 6631 M-72, Williamsburg, MI 49690
Frequently Asked Questions
What type of property is this?
Warehouse - Three industrial buildings with multiple overhead doors and active utilities offer flexible space for warehouse and service uses.
Where is this warehouse located?
The property is located at 5720 Bates Rd Williamsburg, MI.
What is the asking price?
The asking price for this property is $3,199,000.
What are key features of this property?
This property features: 20‑acre industrial property with 48,700 sq ft across three buildings (built in 2017); Building A offers 28,800 sq ft steel structure with two overhead doors and clear span wall heights of 20'–26'; Building B provides 14,400 sq ft with insulated 16 ft side walls, an 80' x 80' cooler area, truck dock, private offices, and heat/AC
