Waterfront Manufacturing
For Sale
$1,250,000
222 Industrial Park Drive, Elk Rapids, MI 49629
Commercially zoned facility with heavy power and space for production, storage, and offices.
Property Size18,483 SF
Price / SF$67.63
Days on Market318
Property Features for 222 Industrial Park Drive
General Information
Standard status
Active
Size
18,483 SF
Property subtype
Commercial
Zoning
Commercial
Lease Term
Cash, Conventional, Other
Additional Details
Heavy Power
Yes
Building Details
Building Size
18,483 SF
Year Built
2000
Listing Agency:
Three West, LLC
(231) 929-2955
Listed By:
Kevin L Endres · License #6505352968
(231) 534-5225
Source:
Sabudarealty
Added: Nov 5, 2025
Changed: Sep 18
Last Checked: Sep 18 at 3:05PM
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.
Built in 2000, this 18,483-square-foot manufacturing building provides a clean industrial setting with dedicated areas for production, storage, and office functions. Heavy power supports manufacturing operations, while the existing layout offers flexibility for industrial users with varied space requirements.
The property is located at 222 Industrial Park Drive in Elk Rapids Township, Michigan, and includes direct waterfrontage on Bass Lake. Commercial zoning supports the property's established industrial and manufacturing use. The combination of modern construction, operational power, and waterfront access creates a distinct setting for an industrial facility.
The property is located at 222 Industrial Park Drive in Elk Rapids Township, Michigan, and includes direct waterfrontage on Bass Lake. Commercial zoning supports the property's established industrial and manufacturing use. The combination of modern construction, operational power, and waterfront access creates a distinct setting for an industrial facility.
Key Highlights
- 18,483 SF manufacturing building constructed in 2000
- Heavy power for manufacturing operations
- Space for production, storage, and office functions
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
8.01%
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
Warehouse
$1.74M
$1.52M – $2.03M
NOI $121,639 @ 7.0% cap · market cap 9.73%
Second Best
Industrial
$1.43M
$1.25M – $1.67M
NOI $100,173 @ 7.0% cap · market cap 8.01%
Theoretical Best
Office A
$3.29M
$2.88M – $3.84M
NOI $230,246 @ 7.0% cap · market cap 18.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Heavy power
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Commercially zoned facility with heavy power and space for production, storage, and offices.
Where is this manufacturing property located?
The property is located at 222 Industrial Park Drive Elk Rapids, MI.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 18,483 SF manufacturing building constructed in 2000; Heavy power for manufacturing operations; Space for production, storage, and office functions
