Flex Space with Major Highway
For Sale
$1,499,000
1893 Pine Tree Drive, Grawn, MI 49637
COMMERCIAL - Grawn, MI
Property Size14,929 SF
Lot Size18.10 Acres
Price / SF$100.41
Days on Market228
Property Features for 1893 Pine Tree Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial, Commercial
Parking features
Parking Lot
Exterior features
Vinyl, Aluminum
Lot features
Corner Lot, Inside Lot, Freestanding
Directions
Located on Pine Tree Rd
Subdivision
Grand Traverse
Standard status
Active
Size
14,929 SF
Lot size
18.10 Acres
Taxes and HOA fees
Tax Description
07-011-033-00 GL 138 A-2 N 264' OF S 643.5' OF W 660' OF SW 1/4 OF SE 1/4 ALSO THE S. 23 RDS OF W. 34 RDS OF THE FOLLOWING - THAT PART OF THE SW 1/4 OF THE SE 1/4 LYING S OF R.R. SECT 11 T26N R12W
Legal Description
07-011-033-00 GL 138 A-2 N 264' OF S 643.5' OF W 660' OF SW 1/4 OF SE 1/4 ALSO THE S. 23 RDS OF W. 34 RDS OF THE FOLLOWING - THAT PART OF THE SW 1/4 OF THE SE 1/4 LYING S OF R.R. SECT 11 T26N R12W
Utilities
Water source
Private
Building Details
Building materials
Steel, Frame
Roof type
Asphalt, Metal
Listing Agency:
Manitou Commercial Real Estate, LLC
(231) 632-9596
Listed By:
Kevin Query · License #6502433236
(231) 632-9596
Added: Jan 5
Changed: Aug 5
Last Checked: Aug 21 at 4:06AM
MLS# 1941460
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.
Flex space on an 18.1-acre property comprising three contiguous parcels. The site provides more than 2,700 linear feet of frontage on US-31 and includes multiple buildings, residential structures, and laydown space, supporting both immediate use and future expansion.
Exterior improvements include steel-frame construction with asphalt and metal roofing, along with vinyl and aluminum exterior features. Parking is available via a parking lot, and the property uses private water service.
With industrial, mixed-use, and residential zoning in place, the property supports a broad range of commercial, operational, or redevelopment uses, including users that value visibility and straightforward site access.
Exterior improvements include steel-frame construction with asphalt and metal roofing, along with vinyl and aluminum exterior features. Parking is available via a parking lot, and the property uses private water service.
With industrial, mixed-use, and residential zoning in place, the property supports a broad range of commercial, operational, or redevelopment uses, including users that value visibility and straightforward site access.
Key Highlights
- 18.1‑acre flex space site with three contiguous parcels
- More than 2,700 linear feet of frontage on US‑31
- Industrial, mixed‑use, and residential zoning
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
$86,999
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
5.80%
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%
$1,739,980
$1.7M
Cap Rate 7%
$1,242,843
$1.2M
Cap Rate 9%
$966,656
$966.7K
Market Conditions
NOI Build-Up for 14,929 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
$134.4K $9.00/SF
− Vacancy
−$10.1K −$0.68/SF
EGI
$124.3K $8.33/SF
− OpEx
−$37.3K −$2.50/SF
NOI
$87.0K $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%
$1,739,980
Cap Rate 7%
$1,242,843
Cap Rate 9%
$966,656
Alternative Uses
Best Use
Flex RnD
$2.20M
$1.92M – $2.56M
NOI $153,779 @ 7.0% cap · market cap 10.26%
Second Best
Industrial
$1.24M
$1.09M – $1.45M
NOI $86,999 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$3.24M
$2.84M – $3.78M
NOI $227,016 @ 7.0% cap · market cap 15.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
34
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
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 - Multiple buildings on a 18.1-acre site with industrial, mixed-use, and residential zoning and extensive access for easy ingress and egress.
Where is this flex space located?
The property is located at 1893 Pine Tree Drive Grawn, MI.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 18.1‑acre flex space site with three contiguous parcels; More than 2,700 linear feet of frontage on US‑31; Industrial, mixed‑use, and residential zoning
