Industrial Building with
For Sale
$1,500,000
222 Industrial Park Dr, Elk Rapids, MI 49629
18,483 SF industrial building in Elk Rapids, Michigan.
Property Size18,483 SF
Lot Size1.71 Acres
Price / SF$81.16
Days on Market165
Property Features for 222 Industrial Park Dr
General Information
Standard status
Active
Size
18,483 SF
Lot size
1.71 Acres
Property subtype
Commercial
Building Details
Year Built
2000
Listing Agency:
Three West, LLC
(231) 534-5225
Listed By:
Kevin L Endres · License #6502377374
(231) 534-5225
Source:
Elliman
Added: Mar 10
Changed: Jul 6
Last Checked: Aug 20 at 10:56AM
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 Three West, LLC
Investment Insights
Based on property information with market context.
Located in Elk Rapids, Michigan, 222 Industrial Park is an 18,483 square foot industrial building constructed in 2000. The property offers direct waterfrontage on Bass Lake. Currently configured as a clean manufacturing space, the building is equipped with heavy power and provides ample space for production, storage, and office functions. The property's zoning is favorable for industrial and manufacturing uses. This facility is suitable for diverse industrial and manufacturing operations, presenting a potential turnkey solution.
Key Highlights
- Prime industrial location in Elk Rapids, MI with direct waterfrontage on Bass Lake.
- Immaculately maintained 18,483 SF building constructed in 2000.
- Ideal for manufacturing and industrial operations with ample space for production, storage, and office needs.
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
$100,173
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
6.68%
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%
$2,003,460
$2.0M
Cap Rate 7%
$1,431,043
$1.4M
Cap Rate 9%
$1,113,033
$1.1M
Market Conditions
NOI Build-Up for 18,483 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
$148.6K $8.04/SF
− Vacancy
−$5.5K −$0.30/SF
EGI
$143.1K $7.74/SF
− OpEx
−$42.9K −$2.32/SF
NOI
$100.2K $5.42/SF
Area
Antrim County, MI
Vacancy
3.70%
Lease Rate
$8.04 /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%
$2,003,460
Cap Rate 7%
$1,431,043
Cap Rate 9%
$1,113,033
Alternative Uses
Best Use
Industrial
$1.43M
$1.25M – $1.67M
NOI $100,173 @ 7.0% cap · market cap 6.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.29M
$2.88M – $3.84M
NOI $230,246 @ 7.0% cap · market cap 15.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
32
Businesses Nearby
Explore this area
Business Placement
Demographics for 49629, MI
1,997
Population
1,696
Households
1.2
Avg Household Size
60
Median Age
46%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
526
Density / Sq Mi
$74,318
Median Household Income
$46,250
Median Earnings
$1,032
Median Rent
$347,100
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?
Manufacturing property - 18,483 SF industrial building in Elk Rapids, Michigan.
Where is this manufacturing property located?
The property is located at 222 Industrial Park Dr Elk Rapids, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Prime industrial location in Elk Rapids, MI with direct waterfrontage on Bass Lake.; Immaculately maintained 18,483 SF building constructed in 2000.; Ideal for manufacturing and industrial operations with ample space for production, storage, and office needs.
