Building Details

Year built 1989

Roof type Metal, Shingle

Additional Structures Workshop

Listing Agency: STATE WIDE OF HOUGHTON Show Phone

Listed By: KEVIN LIIMATTA · License #UPAR Show Phone

Added: May 19 Changed: Oct 3 Last Checked: Oct 6 at 9:06AM

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MLS# 50208133

Copyright © 2026 Upper Peninsula Association 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 flex property on 3.56 acres includes a main building with office and woodshop areas, a pole-building warehouse, a lean-to shed, a storage shed, and an older semi trailer used for additional storage. The main woodshop measures 36x60, with a 16x32 office addition and a 10x34 wood shed. The 32x44 clear-span pole building has large sliding barn doors and electric service, while the 24x70 lean-to provides open-front storage with a high roof.

The property is zoned Commercial and located at 21220 Creamery Road in Chassell, Michigan. Built in 1989, the improvements include updated LED lighting in the main building, a security system, shingle and metal roofing, forced-air heating, and a well water source. Heating for the office and woodshop includes wood heat with propane backup. Some miscellaneous equipment is included, while tools are being sold separately.

Key Highlights

• 3.56 acres of commercially zoned property in Chassell, MI
• Main woodshop measures 36x60 with a 16x32 office addition
• 32x44 clear‑span pole‑building warehouse with large sliding barn doors

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$32,976

Cap Rate

6.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$659,520 $659.5K

Cap Rate 7%

$471,086 $471.1K

Cap Rate 9%

$366,400 $366.4K

Market Conditions

NOI Build-Up for 2,672 SF

Gross rent

$56.4K $21.12/SF

− Vacancy

−$5.7K −$2.13/SF

EGI

$50.7K $18.99/SF

− OpEx

−$17.8K −$6.65/SF

NOI

$33.0K $12.34/SF

Area

Houghton County, MI

Vacancy

10.10%

Lease Rate

$21.12 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$659,520

Cap Rate 7%

$471,086

Cap Rate 9%

$366,400

Alternative Uses

Best Use

Flex RnD

$471.1K

$412.2K – $549.6K (±1% cap)

NOI $32,976 @ 7.0% cap · market cap 6.00%

Second Best

Warehouse

$262.5K

$229.7K – $306.3K (±1% cap)

NOI $18,376 @ 7.0% cap · market cap 3.34%

Theoretical Best

Multifamily LT 5

$33.04M

$28.91M – $38.55M (±1% cap)

NOI $2,312,718 @ 7.0% cap · market cap 420.49%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Chassell Carpentry & Woodwork Construction Company

Suggested Use

Top Pick Food Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

100%

Occupancy

Single-tenant

Tenancy

Turnkey business

Opportunity

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

3

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 49916, MI

2,855

Population

1,788

Households

1.6

Avg Household Size

43

Median Age

39%

College-Educated

99%

High-School Grad

109.7 sq mi

ZIP Area

26

Density / Sq Mi

$77,000

Median Household Income

$39,591

Median Earnings

$770

Median Rent

$190,500

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Commercially zoned property combines office space, workshop areas, storage buildings, and outdoor storage improvements in a rural setting.

Where is this flex space located?

The property is located at 21220 Creamery Road Chassell, MI.

What is the asking price?

The asking price for this property is $550,000.

What are key features of this property?

This property features: 3.56 acres of commercially zoned property in Chassell, MI; Main woodshop measures 36x60 with a 16x32 office addition; 32x44 clear‑span pole‑building warehouse with large sliding barn doors