Corner Warehouse Unit With
For Sale
$152,900
Unit 3-C Herrman Rd, Elk Rapids, MI 49629
Year-round storage property with an electric garage door, concrete floors, and a separate adjoining unit.
Property Size1,560 SF
Price / SF$98.01
Days on Market8
Property Features for Unit 3-C Herrman Rd
General Information
Standard status
Active
Size
1,560 SF
Property subtype
Commercial
Warehouse & Industrial
Clear Height
30 ft
Mezzanine
480 SF
Drive-In Doors
1
Building Details
Year Built
2002
Construction
pole barn
Listing Agency:
REO - Elk Rapids-101308
(231) 463-6354
Listed By:
Kimberly Leahy · License #6502411784
(231) 463-6354
Source:
Elliman
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 18 at 7:54AM
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 REO - Elk Rapids-101308
Investment Insights
Based on property information with market context.
This warehouse unit provides a substantial enclosed storage footprint with a 26x60' layout, 30' foot ceilings, and durable concrete flooring. A 22' electric garage door supports access for boats, trailers, campers, recreational vehicles, and equipment. The unit also includes a 20'x24' loft for additional storage and occupies a corner position within the pole-barn structure. One adjoining unit is fully separate, with insulation along the shared wall.
Located two miles from downtown Elk Rapids, the property offers access to a range of seasonal and year-round storage uses, including watercraft, snowmobiles, business equipment, and personal valuables. The building was constructed in 2002 and is described as exceptionally clean.
Located two miles from downtown Elk Rapids, the property offers access to a range of seasonal and year-round storage uses, including watercraft, snowmobiles, business equipment, and personal valuables. The building was constructed in 2002 and is described as exceptionally clean.
Key Highlights
- 26x60' warehouse storage unit
- 30' foot ceilings with durable concrete floors
- 22' electric garage door
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
$10,267
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
6.71%
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%
$205,340
$205.3K
Cap Rate 7%
$146,671
$146.7K
Cap Rate 9%
$114,078
$114.1K
Market Conditions
NOI Build-Up for 1,560 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
$12.5K $8.04/SF
− Vacancy
−$464 −$0.30/SF
EGI
$12.1K $7.74/SF
− OpEx
−$1.8K −$1.16/SF
NOI
$10.3K $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%
$205,340
Cap Rate 7%
$146,671
Cap Rate 9%
$114,078
Alternative Uses
Best Use
Warehouse
$146.7K
$128.3K – $171.1K
NOI $10,267 @ 7.0% cap · market cap 6.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$277.6K
$242.9K – $323.9K
NOI $19,433 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
30 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49629, MI
1,997
Population
1,696
Households
1.2
Avg Household Size
60
Median Age
46%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
526
Density / Sq Mi
$74,318
Median Household Income
$46,250
Median Earnings
$1,032
Median Rent
$347,100
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 - Year-round storage property with an electric garage door, concrete floors, and a separate adjoining unit.
Where is this warehouse located?
The property is located at Unit 3-C Herrman Rd Elk Rapids, MI.
What is the asking price?
The asking price for this property is $152,900.
What are key features of this property?
This property features: 26x60' warehouse storage unit; 30' foot ceilings with durable concrete floors; 22' electric garage door
