Steel Warehouse
For Sale
$79,900
2160 Tonawanda Road, Grawn, MI 49637
Commercial, Grawn, MI
Property Size1,250 SF
Price / SF$63.92
Days on Market56
Property Features for 2160 Tonawanda Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Exterior features
Steel
Directions
East of light at Interlochen on US-31 then south on Tonawanda Road and right to 2160 Tonawanda Road.
Subdivision
Grand Traverse
Standard status
Active
Size
1,250 SF
Taxes and HOA fees
Tax Description
Unit K2, Ancient Mariner Dry Docks of Interlochen Phase II
HOA Fee
$557 Annually
Legal Description
Unit K2, Ancient Mariner Dry Docks of Interlochen Phase II
Building Details
Building materials
Frame, Under Construction
Roof type
Metal
Listing Agency:
@properties Christie's Int'l
(231) 642-2363
Listed By:
Tia Rieck · License #6502337541
(231) 620-5389
Added: Jul 31
Changed: Sep 16
Last Checked: Sep 24 at 6:06PM
MLS# 1948720
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.
Phase II offers warehouse units at 2160 Tonawanda Road in Grawn, Michigan. Each unit measures 1,250 square feet, with an approximately 25' x 50' footprint and a 25' x 49' interior dimension. The buildings are under construction and use steel exterior materials over a post-frame structure, with metal roofing and 16-foot sidewalls.
Each space includes a 4-inch reinforced concrete floor, six two-gang outlets, 50 AMP and 30 AMP outlets, six LED UFO fixtures, and one 14' x 14' insulated overhead door with a jackshaft opener, remote, and keypad. A 36-inch exterior entry door is also provided. Electrical service is metered by building, shared among the units, and included in the HOA fee.
The development is planned as 50' x 208' post-frame buildings containing eight units each. An optional finished-unit package adds R25 wall insulation, R49 ceiling insulation, white liner steel, a propane forced-air ceiling heater rated at 45,000 BTU, and an approximately 15' finished ceiling height.
Each space includes a 4-inch reinforced concrete floor, six two-gang outlets, 50 AMP and 30 AMP outlets, six LED UFO fixtures, and one 14' x 14' insulated overhead door with a jackshaft opener, remote, and keypad. A 36-inch exterior entry door is also provided. Electrical service is metered by building, shared among the units, and included in the HOA fee.
The development is planned as 50' x 208' post-frame buildings containing eight units each. An optional finished-unit package adds R25 wall insulation, R49 ceiling insulation, white liner steel, a propane forced-air ceiling heater rated at 45,000 BTU, and an approximately 15' finished ceiling height.
Key Highlights
- 1,250‑square‑foot warehouse unit with a 25' x 49' inside dimension
- 4‑inch reinforced concrete floor with 16‑foot sidewalls
- 14' x 14' insulated overhead door with opener, remote, and keypad
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
$7,284
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
9.12%
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%
$145,680
$145.7K
Cap Rate 7%
$104,057
$104.1K
Cap Rate 9%
$80,933
$80.9K
Market Conditions
NOI Build-Up for 1,250 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
$11.3K $9.00/SF
− Vacancy
−$844 −$0.68/SF
EGI
$10.4K $8.33/SF
− OpEx
−$3.1K −$2.50/SF
NOI
$7.3K $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%
$145,680
Cap Rate 7%
$104,057
Cap Rate 9%
$80,933
Alternative Uses
Best Use
Flex RnD
$183.9K
$161.0K – $214.6K
NOI $12,876 @ 7.0% cap · market cap 16.12%
Second Best
Warehouse
$142.1K
$124.4K – $165.8K
NOI $9,948 @ 7.0% cap · market cap 12.45%
Theoretical Best
Office A
$271.5K
$237.6K – $316.8K
NOI $19,008 @ 7.0% cap · market cap 23.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15 ft
Clear height
Location Intelligence
Trade Area within ½ mile
83
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.
Similar Off Market Nearby
- Interlochen Self Storage — 8868 US-31, Interlochen, MI 49643
Frequently Asked Questions
What type of property is this?
Warehouse - Newly constructed unit with reinforced flooring, dedicated electrical service, and a large insulated overhead door.
Where is this warehouse located?
The property is located at 2160 Tonawanda Road Grawn, MI.
What is the asking price?
The asking price for this property is $79,900.
What are key features of this property?
This property features: 1,250‑square‑foot warehouse unit with a 25' x 49' inside dimension; 4‑inch reinforced concrete floor with 16‑foot sidewalls; 14' x 14' insulated overhead door with opener, remote, and keypad
