Commercial Land Near
For Sale
Under Contract
$888,000
2070 W Houghton Lake Drive lot #11 & 12, Prudenville, MI 48651
COMMERCIAL - Prudenville, MI
Property Size9,324 SF
Lot Size1.04 Acres
Price / SF$95.24
Days on Market48
Property Features for 2070 W Houghton Lake Drive lot #11 & 12
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
commerical impr
Subdivision
Deerwood Village #3
Directions
M-55 in front of the Wal-Mart parking lot, storage buildings are between Houghton Lake Provisioning Center and McDonalds
Standard status
Active Under Contract
APN
003-249-011 & 012-2000
Size
9,324 SF
Lot size
1.04 Acres
Taxes and HOA fees
Tax Description
LOT 11 EXC COM AT NW COR LOT11 TH E 90.02 FT TH NE COR LOT11 TH S 11.77FT TH W 90.45 FT TH N 11.77FT TO POB DEERWOOD VILLAGE #3 & LOT12 EXC COM AT NW COR LOT12 TH E 90.02 FT TO NE COR LOT11 TH S 11.77FT TO W 90.45 FT TH N 11.77FT TO POB DEERWOOD VILLAGE#3
Legal Description
LOT 11 EXC COM AT NW COR LOT11 TH E 90.02 FT TH NE COR LOT11 TH S 11.77FT TH W 90.45 FT TH N 11.77FT TO POB DEERWOOD VILLAGE #3 & LOT12 EXC COM AT NW COR LOT12 TH E 90.02 FT TO NE COR LOT11 TH S 11.77FT TO W 90.45 FT TH N 11.77FT TO POB DEERWOOD VILLAGE#3
Listing Agency:
Midge & Co-Luxury Lakefront Homes
(989) 202-4343
Listed By:
Midge Rutter · License #MI6502393939
(989) 302-1219
Added: Jun 25
Changed: Aug 4
Last Checked: Aug 11 at 7:06PM
MLS# 201841058
Copyright © 2026 Water Wonderland Board of Realtors®. 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 commercial land offering covers 1.04 acres across two parcels identified as lots #11 and #12. The property size is reported as 9,324 square feet, with existing storage units that may be removed for development. Zoning is identified as commerical impr.
The site is positioned in front of Walmart and has entrances on both sides, providing access from multiple directions. The property information also references additional storage units and a lot on the opposite side of the provisioning center.
The site is positioned in front of Walmart and has entrances on both sides, providing access from multiple directions. The property information also references additional storage units and a lot on the opposite side of the provisioning center.
Key Highlights
- 1.04‑acre commercial land offering
- Two parcels identified as lots #11 and 12
- 9,324 square feet reported property size
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
$72,056
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
8.11%
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%
$1,441,120
$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
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
$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 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%
$1,441,120
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Two lots provide access from both sides and are positioned in front of Walmart.
Where is this commercial land located?
The property is located at 2070 W Houghton Lake Drive lot #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: 1.04‑acre commercial land offering; Two parcels identified as lots #11 and 12; 9,324 square feet reported property size
