Commercial Pole Building & Barn
For Sale
Contact for pricing
12924 Mclachlan Road, Kewadin, MI 49648
Includes a steel-framed pole building with concrete flooring and electricity plus historic barn and schoolhouse structures on a commercially accessible site.
Property Size3,500 SF
Lot Size2.29 Acres
Price / SF$92.83
Days on Market48
Property Features for 12924 Mclachlan Road
General Information
Standard status
Active
Size
3,500 SF
Lot size
2.29 Acres
Property subtype
Mixed Use
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Schmidt Realtors
Listed By:
Sandra Ehlers · License #MI 6501396385
Source:
Crexi
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 9 at 10:13AM
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 Realtors
Investment Insights
Based on property information with market context.
This commercial property includes a well-maintained 40' x 60' steel framed pole building with a concrete floor, electricity, and a 220-volt outlet. Additional improvements include a historic barn with stone walls and exposed beams and an electrical service, along with a historic one-room schoolhouse and a separate hay storage building.
The site offers approximately 40 feet of frontage on US-31 North, with additional access from McLachlan Road. The property is located in Torch Lake Township and borders a golf course.
Offered for sale, the combination of an operating-ready pole building and multiple historic structures provides a flexible setting for commercial or storage-related uses, subject to applicable requirements.
The site offers approximately 40 feet of frontage on US-31 North, with additional access from McLachlan Road. The property is located in Torch Lake Township and borders a golf course.
Offered for sale, the combination of an operating-ready pole building and multiple historic structures provides a flexible setting for commercial or storage-related uses, subject to applicable requirements.
Key Highlights
- 2.29‑acre commercial property in Torch Lake Township with frontage on US‑31 North and additional access from McLachlan Rd
- 40' x 60' steel‑framed pole building with concrete floor, electricity, and a 220‑volt outlet
- Historic barn with stone walls and exposed beams, plus electrical service
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
$23,034
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
7.09%
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%
$460,680
$460.7K
Cap Rate 7%
$329,057
$329.1K
Cap Rate 9%
$255,933
$255.9K
Market Conditions
NOI Build-Up for 3,500 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
$28.1K $8.04/SF
− Vacancy
−$1.0K −$0.30/SF
EGI
$27.1K $7.74/SF
− OpEx
−$4.1K −$1.16/SF
NOI
$23.0K $6.58/SF
Area
Antrim County, MI
Vacancy
3.70%
Lease Rate
$8.04 /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%
$460,680
Cap Rate 7%
$329,057
Cap Rate 9%
$255,933
Alternative Uses
Best Use
Warehouse
$329.1K
$287.9K – $383.9K
NOI $23,034 @ 7.0% cap · market cap 7.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$622.9K
$545.0K – $726.7K
NOI $43,600 @ 7.0% cap · market cap 13.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 49648, MI
2,362
Population
1,985
Households
1.2
Avg Household Size
57
Median Age
54%
College-Educated
96%
High-School Grad
27.3 sq mi
ZIP Area
87
Density / Sq Mi
$90,952
Median Household Income
$38,622
Median Earnings
$1,257
Median Rent
$506,400
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?
Commercial land - Includes a steel-framed pole building with concrete flooring and electricity plus historic barn and schoolhouse structures on a commercially accessible site.
Where is this commercial land located?
The property is located at 12924 Mclachlan Road Kewadin, MI.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 2.29‑acre commercial property in Torch Lake Township with frontage on US‑31 North and additional access from McLachlan Rd; 40' x 60' steel‑framed pole building with concrete floor, electricity, and a 220‑volt outlet; Historic barn with stone walls and exposed beams, plus electrical service
