Commercial
For Sale
$888,000
2070 W Houghton Lake Drive # Lots 11 & 12, Prudenville, MI 48651
Two lots sit in front of Walmart, with entrances on both sides.
Property Size9,324 SF
Price / SF$95.24
Days on Market11
Property Features for 2070 W Houghton Lake Drive # Lots 11 & 12
General Information
Standard status
Active
Size
9,324 SF
Zoning
commerical impr
Amenities
No
1.04
180x253
Paved
9324.0
Building Details
Building Size
9,324 SF
Listing Agency:
Midge & Co-Luxury Lakefront Homes
(989) 273-3883
Listed By:
Chet Wheeler
Source:
Graylingrealestate
Added: Oct 19
Changed: Oct 28
Last Checked: Oct 28 at 2:52PM
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 Midge & Co-Luxury Lakefront Homes
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This commercial land offering comprises two lots totaling 1.04 acres, with listed dimensions of 180 by 253 feet. Existing storage units occupy the site and are described as removable, allowing the land to be considered for redevelopment. The property also has paved surfacing.
The lots are positioned in front of Walmart in Houghton, with access from both sides. The listing describes traffic in the area as high.
The lots are positioned in front of Walmart in Houghton, with access from both sides. The listing describes traffic in the area as high.
Key Highlights
- Two lots totaling 1.04 acres
- Listed dimensions of 180x253
- Paved surface
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,056
Cap Rate
8.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,441,120
$1.4M
Cap Rate 7%
$1,029,371
$1.0M
Cap Rate 9%
$800,622
$800.6K
Market Conditions
NOI Build-Up for 9,324 SF
Gross rent
$111.9K $12.00/SF
− Vacancy
−$9.0K −$0.96/SF
EGI
$102.9K $11.04/SF
− OpEx
−$30.9K −$3.31/SF
NOI
$72.1K $7.73/SF
Area
Roscommon County, MI
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,441,120
Cap Rate 7%
$1,029,371
Cap Rate 9%
$800,622
Alternative Uses
Best Use
Self Storage
$1.03M
$900.7K – $1.20M
NOI $72,056 @ 7.0% cap · market cap 8.11%
Second Best
Warehouse
$916.1K
$801.6K – $1.07M
NOI $64,124 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,412 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
194
Businesses Nearby
Explore this area
Business Placement
Demographics for 48651, MI
4,396
Population
3,825
Households
1.1
Avg Household Size
56
Median Age
19%
College-Educated
92%
High-School Grad
71.0 sq mi
ZIP Area
62
Density / Sq Mi
$42,938
Median Household Income
$32,917
Median Earnings
$797
Median Rent
$156,000
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?
Commercial land - Two lots sit in front of Walmart, with entrances on both sides.
Where is this commercial land located?
The property is located at 2070 W Houghton Lake Drive # Lots 11 & 12 Prudenville, MI.
What is the asking price?
The asking price for this property is $888,000.
What are key features of this property?
This property features: Two lots totaling 1.04 acres; Listed dimensions of 180x253; Paved surface
