Waterfront Manufacturing
For Sale
$1,250,000
222 Industrial Park Drive, Elk Rapids, MI 49629
COMMERCIAL - Elk Rapids, MI
Property Size18,483 SF
Lot Size1.71 Acres
Price / SF$67.63
Days on Market278
Property Features for 222 Industrial Park Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
Parking Lot
Exterior features
Block
Lot features
Corner Lot
Directions
Turn east off of US 31 on to Industrial Park Dr. Property sits on the north east corner of the intersection of Industrial Park Dr and Swan Pointe Rd.
Subdivision
Antrim
Standard status
Active
Size
18,483 SF
Lot size
1.71 Acres
Taxes and HOA fees
Tax Description
Lengthy see documents.
Legal Description
Lengthy see documents.
Utilities
Water front
1
Building Details
Building materials
Block
Roof type
Membrane
Listing Agency:
Three West, LLC
(231) 929-2955
Listed By:
Kevin Endres · License #6502377374
(231) 534-5225
Added: Nov 5, 2025
Changed: Aug 4
Last Checked: Aug 10 at 7:06AM
MLS# 1940250
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.
This manufacturing property includes an 18,483-square-foot building constructed in 2000 on a 1.71-acre site. The facility is configured with areas for production, storage, and office functions, along with heavy power for industrial operations. Block construction, a membrane roof, and a paved parking lot are among the existing improvements.
The property is located at 222 Industrial Park Drive in Elk Rapids, Michigan, and includes waterfrontage on Bass Lake. Its current use as a clean manufacturing facility provides a clear starting point for industrial occupancy, with building space suited to a range of production and operational requirements.
The property is located at 222 Industrial Park Drive in Elk Rapids, Michigan, and includes waterfrontage on Bass Lake. Its current use as a clean manufacturing facility provides a clear starting point for industrial occupancy, with building space suited to a range of production and operational requirements.
Key Highlights
- 18,483‑square‑foot manufacturing building constructed in 2000
- 1.71‑acre site with waterfrontage on Bass Lake
- Heavy power supports industrial manufacturing operations
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
Industrial
$1.43M
$1.25M – $1.67M
NOI $100,173 @ 7.0% cap · market cap 8.01%
Second Best
—
—
no second resolved use
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
Property Profile
Current Use
Lease Details
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
338
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
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Block construction, heavy power, and dedicated areas for production, storage, and office functions support manufacturing operations.
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‑square‑foot manufacturing building constructed in 2000; 1.71‑acre site with waterfrontage on Bass Lake; Heavy power supports industrial manufacturing operations
