Private Aircraft Hangar at
New
For Sale
$284,000
3366-A Derenzy Road, Bellaire, MI 49615
LAND - Bellaire, MI
Property Size3,072 SF
Lot Size0.13 Acres
Price / SF$92.45
Days on Market5
Property Features for 3366-A Derenzy Road
General Information
Property type
Land
Property subtype
Other
Zoning
Metes and Bounds
Zoning description
Metes and Bounds
Exterior features
Seasonal View
Lot features
Cleared, Cleared
Elementary school district
Bellaire Public Schools
Middle school district
Bellaire Public Schools
High school district
Bellaire Public Schools
Directions
From Dt Bellaire, turn left on E Cayuga St for 1 mile then turn left onto S Derenzy rd. Travel for .6 miles and turn left into airport parking lot
Subdivision
Antrim
Standard status
Active
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
See attached Certificate of Survey, Simmer Parcel 2013, dated December 2, 2013, attached hereto and incorporated herein by reference
Legal Description
See attached Certificate of Survey, Simmer Parcel 2013, dated December 2, 2013, attached hereto and incorporated herein by reference
Listing Agency:
Paradise Properties USA
(231) 331-4423
Listed By:
Jamie Snook
(231) 735-1143
Added: Aug 15
Changed: Aug 18
Last Checked: Aug 19 at 1:06AM
MLS# 1949382
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.
Privately owned aircraft hangar at Antrim County Airport, with approximately 3,072 sq. ft. of main-floor area within a 64' x 48' structure. The building was completed in 2014 and features 16' ceilings, a large aircraft door measuring approximately 50' wide x 14.5' high, and spray-foam insulation. In-floor radiant heating tubing and manifolds are installed for a future boiler or heat source. Attic trusses and an interior stairway create additional overhead storage capacity.
Airport facilities include a 5,003' x 100' paved runway, 100LL and Jet A+ fuel, weather reporting, runway lighting, aircraft parking and tie-downs, and terminal facilities. The property is located minutes from downtown Bellaire and provides access to Northern Michigan lakes, golf, recreation, and year-round destinations. The hangar structure is privately owned, while the underlying airport property is subject to a ground lease. Buyer review of applicable airport lease terms and requirements is required.
Airport facilities include a 5,003' x 100' paved runway, 100LL and Jet A+ fuel, weather reporting, runway lighting, aircraft parking and tie-downs, and terminal facilities. The property is located minutes from downtown Bellaire and provides access to Northern Michigan lakes, golf, recreation, and year-round destinations. The hangar structure is privately owned, while the underlying airport property is subject to a ground lease. Buyer review of applicable airport lease terms and requirements is required.
Key Highlights
- Approximately 3,072 sq. ft. of main‑floor hangar space
- 64' x 48' structure completed in 2014
- 16' ceilings with an aircraft door approximately 50' wide x 14.5' high
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
$20,217
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
7.12%
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%
$404,340
$404.3K
Cap Rate 7%
$288,814
$288.8K
Cap Rate 9%
$224,633
$224.6K
Market Conditions
NOI Build-Up for 3,072 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
$24.7K $8.04/SF
− Vacancy
−$914 −$0.30/SF
EGI
$23.8K $7.74/SF
− OpEx
−$3.6K −$1.16/SF
NOI
$20.2K $6.58/SF
Area
Antrim County, MI
Vacancy
3.70%
Lease Rate
$8.04 /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%
$404,340
Cap Rate 7%
$288,814
Cap Rate 9%
$224,633
Alternative Uses
Best Use
Warehouse
$288.8K
$252.7K – $337.0K
NOI $20,217 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$546.7K
$478.4K – $637.8K
NOI $38,268 @ 7.0% cap · market cap 13.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 49615, MI
4,161
Population
3,575
Households
1.2
Avg Household Size
57
Median Age
44%
College-Educated
97%
High-School Grad
68.4 sq mi
ZIP Area
61
Density / Sq Mi
$78,750
Median Household Income
$38,635
Median Earnings
$775
Median Rent
$257,000
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?
Aviation real estate - Airport-based hangar with insulated walls, radiant heat infrastructure, and overhead storage.
Where is this aviation real estate located?
The property is located at 3366-A Derenzy Road Bellaire, MI.
What is the asking price?
The asking price for this property is $284,000.
What are key features of this property?
This property features: Approximately 3,072 sq. ft. of main‑floor hangar space; 64' x 48' structure completed in 2014; 16' ceilings with an aircraft door approximately 50' wide x 14.5' high
