Versatile 40-Acre Multi-Building
For Sale
$549,000
230 S Abbe Rd, Fairview, MI 48621
40 acres with multiple buildings suitable for diverse uses.
Property Size4,486 SF
Lot Size40.00 Acres
Price / SF$122.38
Days on Market153
Property Features for 230 S Abbe Rd
General Information
Standard status
Active
Size
4,486 SF
Lot size
40.00 Acres
Property subtype
Commercial
Building Details
Year Built
1960
Listing Agency:
Coldwell Banker Commercial Schmidt, Realtors Prudenville
(989) 429-3100
Listed By:
RUTH CLEMENS · License #6506043271
(989) 429-3100
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 5:57AM
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 Coldwell Banker Commercial Schmidt, Realtors Prudenville
Investment Insights
Based on property information with market context.
This 40-acre property adjoins over 150,000 acres of state and federal land, offering a range of possibilities. The property features five buildings in excellent condition, with the exception of one garage that requires new shingles. Originally a railroad exhibit with tracks throughout the acreage, the paths remain in place, creating trails. The property includes a 750 sq. ft. house with a full walkout basement overlooking the Comins Creek Valley. Additionally, there is a 4486 sq. ft. warehouse equipped with a kitchen, bath, full insulation, heating, and partial air conditioning, along with a four-car garage. A 576 sq. ft. bunk house is also present, along with a 24x40 garage needing shingles, and an 18x72 building suitable for various purposes such as a shooting range or horse barn. Currently used as a mail order distribution center, the business, inventory, and personal property will be removed, but all shelving and furniture can remain. The property is located in Mentor Township, near Oscoda, MI.
Key Highlights
- Adjoins over 150,000 acres of state and federal land.
- Features 5 buildings suitable for various purposes (retreat, ranch, lodge, club, business).
- Includes a 4486 sq. ft. warehouse with kitchen, bath, insulation, heat, and partial air conditioning, plus a 4‑car garage.
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
$36,199
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
6.59%
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%
$723,980
$724.0K
Cap Rate 7%
$517,129
$517.1K
Cap Rate 9%
$402,211
$402.2K
Market Conditions
NOI Build-Up for 4,486 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
$47.4K $10.56/SF
− Vacancy
−$4.8K −$1.07/SF
EGI
$42.6K $9.49/SF
− OpEx
−$6.4K −$1.42/SF
NOI
$36.2K $8.07/SF
Area
Lansing, MI
Vacancy
10.10%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
15.00%
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%
$723,980
Cap Rate 7%
$517,129
Cap Rate 9%
$402,211
Alternative Uses
Best Use
Warehouse
$517.1K
$452.5K – $603.3K
NOI $36,199 @ 7.0% cap · market cap 6.59%
Second Best
Industrial
$416.4K
$364.3K – $485.8K
NOI $29,147 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$923.4K
$808.0K – $1.08M
NOI $64,638 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 48621, MI
1,282
Population
696
Households
1.8
Avg Household Size
54
Median Age
21%
College-Educated
88%
High-School Grad
51.1 sq mi
ZIP Area
25
Density / Sq Mi
$52,353
Median Household Income
$34,375
Median Earnings
$731
Median Rent
$135,900
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?
Horse & equestrian property - 40 acres with multiple buildings suitable for diverse uses.
Where is this horse & equestrian property located?
The property is located at 230 S Abbe Rd Fairview, MI.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Adjoins over 150,000 acres of state and federal land.; Features **5 buildings suitable for various purposes** (retreat, ranch, lodge, club, business).; Includes a **4486 sq. ft. warehouse** with kitchen, bath, insulation, heat, and partial air conditioning, plus a 4‑car garage.
