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    Expansive Commercial Building on 24 Acres Title is generated by Realmo AI

    3765 3765 S US 31 Highway, Brutus, MI 49716

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    Claim this Listing
    New
    For Sale
    $2,100,000

    Commercial/Industrial - Brutus, MI

    Property size:
    10,800 SF
    Lot size:
    24.00 Acres
    Price / SF:
    $194/SF
    Added:
    May 26, 2026
    Days on Market:
    2
    Last Refresh:
    May 27 at 10:06 pm

    Property Features for 3765 3765 S US 31 Highway

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    FF-!
    Rooms
    Basement
    Interior features
    Refrigerator, Off-Street Parking, Air-Conditioning
    Basement Y/N
    1
    Appliances
    Refrigerator
    Standard status
    Active
    APN
    09-14-22-400-011 ans 022
    Size
    10,800 SF
    Lot size
    24.00 Acres

    Utilities

    Heating system
    Electric (Heating)

    Building Details

    Year built
    2022
    Floors in Building
    1
    Number of units
    1
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Kevin Olson
    Kevin Olson

    Listing agent Kevin Olson

    Listing office Graham Real Estate 198 E MAIN ST., Harbor Springs, MI

    Listing date May 26, 2026

    MLS# 479501 Listing URL

    Copyright © 2026 Northern Michigan MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Expansive 10,000+ sq ft building on approximately 24 acres.
    • Two separately zoned parcels (15 acres B‑1, 9 acres FF‑1) offering exceptional flexibility.
    • 480volt 3 phase electrical service already in place.
    • Artesian well with updated pumps and mechanical components.
    • Two offices and a restroom.
    • Additional 1,200 sq ft of covered storage.

    Overview

    This expansive building offers over 10,000 square feet of space, including two offices and a restroom, situated on approximately 24 acres. The property provides ample room for expansion and features two separately zoned parcels, enhancing its flexibility for various uses. The front 15 acres are zoned B-1, while the rear 9 acres are zoned FF-1, creating additional development and business opportunities. A 480volt 3 phase electrical service is already in place, making the property suitable for many commercial applications. The artesian well provides water, and the system has recently been updated with new pumps and mechanical components. Additionally, there are 1,200 square feet of covered storage on the backside of the building. The property is located in Brutus, MI.

    Financial Insights

    Value Estimation Calculated for Warehouse

    Conservative
    $1.90M
    NOI $171,089 @ 9.00% cap · cautious / downside scenario
    Moderate
    $2.44M
    NOI $171,089 @ 7.00% cap · market / base-case scenario
    Aggressive
    $3.42M
    NOI $171,089 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Warehouse

    Component $ $/SF
    Gross rent $216.4k $20.04
    − Vacancy −$15.2k −$1.40
    EGI $201.3k $18.64
    − OpEx −$30.2k −$2.80
    NOI $171.1k $15.84
    10,800 SF · lease $20.04/SF/yr · vacancy 7.00% · expense 15.00%

    Alternative Use Scenarios

    Best Use
    Warehouse
    $2.44M
    $2.14M – $2.85M (±1% cap)
    NOI $171,089 @ 7.0% cap · market cap 8.15%
    Second Best
    Industrial
    $2.01M
    $1.76M – $2.35M (±1% cap)
    NOI $140,897 @ 7.0% cap · market cap 6.71%
    Theoretical Best
    —
    —
    same as Best Use
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Map

    City
    Brutus
    County
    Emmet
    State
    Michigan
    Longitude
    -84.7417
    Latitude
    45.5115

    Nearby Similar for Sale

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    • $2,800,000
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    • $2,800,000
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      Thriving Marina on US-31

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    FAQs

    What type of property is this?
    Flex space - 10,000+ sq ft building on 24 acres with expansion potential.
    Where is this flex space located?
    The property is located at 3765 3765 S US 31 Highway Brutus, MI.
    What is the asking price?
    The asking price for this property is $2,100,000.
    What are key features of this property?
    This property features: Expansive 10,000+ sq ft building on approximately 24 acres.; Two separately zoned parcels (15 acres B‑1, 9 acres FF‑1) offering exceptional flexibility.; 480volt 3 phase electrical service already in place.
    (231) 526-6251
    We can help!
    Listing Contact
    Kevin Olson
    Kevin Olson
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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