Flex Building with Overhead
For Sale
$619,000
8722 Us-31, Grawn, MI 49637
Commercial-zoned space combines open work areas with retail and office space across two floors.
Property Size6,720 SF
Price / SF$92.11
Days on Market622
Property Features for 8722 Us-31
General Information
Standard status
Active
Size
6,720 SF
Property subtype
Commercial
Zoning
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
6,720 SF
Year Built
1994
Buildings
1
Listed By:
Monique Carter · License #6506045427
(248) 688-6465
Source:
Carterassociatesrealty
Added: Feb 9, 2025
Changed: Oct 23
Last Checked: Oct 23 at 3:58PM
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 Monique Carter
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Investment Insights
Based on property information with market context.
Built in 1994, this 6,720-square-foot flex building has commercial zoning and a combination of open interior space, retail and office areas, and a separate room with high ceilings. The rear has 12-foot overhead doors, with another garage door entrance on the side. A commercial foyer and full kitchen are located on the main floor, along with two bathrooms. The second floor has plumbing for a kitchen and bathroom and a separate entrance; it also includes a deck overlooking the wooded rear lot.
The property is on US-31. A cement approach with curbing serves the building, and cable wiring and optic cable are installed throughout. The site also has parking and room for expansion at the front.
The property is on US-31. A cement approach with curbing serves the building, and cable wiring and optic cable are installed throughout. The site also has parking and room for expansion at the front.
Key Highlights
- 6,720‑square‑foot commercial building, constructed in 1994
- 12‑foot overhead garage doors at the rear, plus a side garage entrance
- Commercial zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,161
Cap Rate
6.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$783,220
$783.2K
Cap Rate 7%
$559,443
$559.4K
Cap Rate 9%
$435,122
$435.1K
Market Conditions
NOI Build-Up for 6,720 SF
Gross rent
$60.5K $9.00/SF
− Vacancy
−$4.5K −$0.68/SF
EGI
$55.9K $8.33/SF
− OpEx
−$16.8K −$2.50/SF
NOI
$39.2K $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 Rate 5%
$783,220
Cap Rate 7%
$559,443
Cap Rate 9%
$435,122
Alternative Uses
Best Use
Retail
$1.19M
$1.04M – $1.38M
NOI $83,091 @ 7.0% cap · market cap 13.42%
Second Best
Flex RnD
$988.9K
$865.3K – $1.15M
NOI $69,221 @ 7.0% cap · market cap 11.18%
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,187 @ 7.0% cap · market cap 16.51%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
28
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49637, MI
3,466
Population
1,562
Households
2.2
Avg Household Size
44
Median Age
22%
College-Educated
91%
High-School Grad
22.2 sq mi
ZIP Area
156
Density / Sq Mi
$74,871
Median Household Income
$29,035
Median Earnings
$1,309
Median Rent
$228,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - Commercial-zoned space combines open work areas with retail and office space across two floors.
Where is this flex space located?
The property is located at 8722 Us-31 Grawn, MI.
What is the asking price?
The asking price for this property is $619,000.
What are key features of this property?
This property features: 6,720‑square‑foot commercial building, constructed in 1994; 12‑foot overhead garage doors at the rear, plus a side garage entrance; Commercial zoning
