Flex Space with Historic
For Sale
$324,900
12924 McLachlan Road, Kewadin, MI 49648
Commercial, Kewadin, MI
Property Size3,500 SF
Lot Size2.29 Acres
Price / SF$92.83
Days on Market76
Property Features for 12924 McLachlan Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Directions
From Elk Rapids US 31 North to McLachlan Rd east. Second property on left.
Subdivision
Antrim
Standard status
Active
Size
3,500 SF
Lot size
2.29 Acres
Taxes and HOA fees
Tax Description
PARCEL 3..COM AT THE SW COR OF SEC 1; TH S 79 DEG 45'48" E 220.47 FT ALG S SEC LINE AND C/L OF RD TO THE POB; TH CONT S 79 DEG 45'48" E 209.40 FT; TH N 07 DEG 56'19" E 409.96 FT; TH N 79 DEG 47'21" W 429.80 FT TO W SEC LINE; TH S 07 DEG 56'54" W 37.96 FT
Legal Description
PARCEL 3..COM AT THE SW COR OF SEC 1; TH S 79 DEG 45'48" E 220.47 FT ALG S SEC LINE AND C/L OF RD TO THE POB; TH CONT S 79 DEG 45'48" E 209.40 FT; TH N 07 DEG 56'19" E 409.96 FT; TH N 79 DEG 47'21" W 429.80 FT TO W SEC LINE; TH S 07 DEG 56'54" W 37.96 FT
Amenities
steel framed pole building
historic barn
historic one-room schoolhouse
hay storage building
Building Details
Roof type
Metal
Listing Agency:
Coldwell Banker Schmidt-Elk Ra · Coldwell Banker Real Estate
(231) 264-1000
Listed By:
Sandy Ehlers · License #6501396385
(231) 995-8150
Added: Jun 23
Changed: Aug 24
Last Checked: Sep 6 at 7:06AM
MLS# 1947032
Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2.29-acre flex property includes a 40' x 60' steel-framed pole building with a concrete floor, electricity, and a 220-volt outlet. The site also contains a historic barn with stone walls, exposed beams, and electrical service, along with a separate hay storage building and one-room schoolhouse. Combined improvements total 3,500 square feet.
Access is provided from McLachlan Road, with approximately 40 feet of frontage along US-31 North. The property borders A Ga Ming golf course, adding an established recreational use to the surrounding setting. Its combination of functional utility space and multiple historic structures supports commercial, storage, workshop, event, agricultural, and specialty uses identified in the property information.
Access is provided from McLachlan Road, with approximately 40 feet of frontage along US-31 North. The property borders A Ga Ming golf course, adding an established recreational use to the surrounding setting. Its combination of functional utility space and multiple historic structures supports commercial, storage, workshop, event, agricultural, and specialty uses identified in the property information.
Key Highlights
- 2.29‑acre flex property with multiple commercial improvements
- 40' x 60' steel‑framed pole building with concrete floor and electricity
- 220‑volt outlet supports equipment‑oriented workshop use
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
$18,969
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
5.84%
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%
$379,380
$379.4K
Cap Rate 7%
$270,986
$271.0K
Cap Rate 9%
$210,767
$210.8K
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
−$8.1K −$2.32/SF
NOI
$19.0K $5.42/SF
Area
Antrim County, MI
Vacancy
3.70%
Lease Rate
$8.04 /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%
$379,380
Cap Rate 7%
$270,986
Cap Rate 9%
$210,767
Alternative Uses
Best Use
Industrial
$271.0K
$237.1K – $316.2K
NOI $18,969 @ 7.0% cap · market cap 5.84%
Second Best
Flex RnD
$213.9K
$187.1K – $249.5K
NOI $14,971 @ 7.0% cap · market cap 4.61%
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
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Well-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Includes utility-equipped workshop space, a historic barn, and a one-room schoolhouse.
Where is this flex space 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 flex property with multiple commercial improvements; 40' x 60' steel‑framed pole building with concrete floor and electricity; 220‑volt outlet supports equipment‑oriented workshop use
