Flex Space with Full
For Sale
$229,000
Pending
4592 W Houghton Lake Drive, Houghton Lake, MI 48629
Commercial Sale, Houghton Lake, MI
Property Size3,417 SF
Lot Size0.17 Acres
Days on Market52
Property Features for 4592 W Houghton Lake Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial- Imp
Parking features
Parking Lot
Basement
Unfinished, Full
Subdivision
T22N R3W
Directions
Direct on M55
Standard status
Pending
APN
003-018-007-0020
Size
3,417 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
L-947 P-932 (L-744 P-175) 223 4592 W HOUGHTON LK DR 48629 COM AT SE COR OF PLAT OF FISHERMAN'S PARADISE TH E 80 FT FOR POB TH E 80 FT TH N 124 FT TH W 80 FT TH S 124 FT TO POB PART OF GOV LOT 4 SEC 18 T22N R3W
Legal Description
L-947 P-932 (L-744 P-175) 223 4592 W HOUGHTON LK DR 48629 COM AT SE COR OF PLAT OF FISHERMAN'S PARADISE TH E 80 FT FOR POB TH E 80 FT TH N 124 FT TH W 80 FT TH S 124 FT TO POB PART OF GOV LOT 4 SEC 18 T22N R3W
Utilities
Water source
Well
Listing Agency:
Midge & Co-Luxury Lakefront Homes
(989) 202-4343
Listed By:
Jennifer Flick · License #6501452591
(989) 329-2336
Added: Jul 1
Changed: Aug 20
Last Checked: Aug 21 at 12:06AM
MLS# 201841249
Copyright © 2026 Water Wonderland Board of Realtors®. 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 3,417-square-foot flex property includes a main level configured for commercial activity, an upper floor offering additional usable area, and a full basement for storage, inventory, or equipment. The layout provides separate areas that can support a range of business functions, subject to applicable zoning and approvals.
The property is located at 4592 W Houghton Lake Drive in Houghton Lake, Michigan, with a dedicated parking lot and well water service. Its prior use as a gift shop, along with occupancy by other businesses, documents a history of commercial use. The property carries Commercial- Imp zoning.
The property is located at 4592 W Houghton Lake Drive in Houghton Lake, Michigan, with a dedicated parking lot and well water service. Its prior use as a gift shop, along with occupancy by other businesses, documents a history of commercial use. The property carries Commercial- Imp zoning.
Key Highlights
- 3,417‑square‑foot flex property
- Main level, upper level, and full basement provide varied usable space
- Commercial- Imp zoning
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
$20,811
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
9.09%
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%
$416,220
$416.2K
Cap Rate 7%
$297,300
$297.3K
Cap Rate 9%
$231,233
$231.2K
Market Conditions
NOI Build-Up for 3,417 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
$44.3K $12.96/SF
− Vacancy
−$12.3K −$3.59/SF
EGI
$32.0K $9.37/SF
− OpEx
−$11.2K −$3.28/SF
NOI
$20.8K $6.09/SF
Area
Roscommon County, MI
Vacancy
27.70%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
35.00%
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%
$416,220
Cap Rate 7%
$297,300
Cap Rate 9%
$231,233
Alternative Uses
Best Use
Retail
$353.5K
$309.3K – $412.4K
NOI $24,742 @ 7.0% cap · market cap 10.80%
Second Best
Flex RnD
$297.3K
$260.1K – $346.9K
NOI $20,811 @ 7.0% cap · market cap 9.09%
Theoretical Best
Office A
$562.3K
$492.1K – $656.1K
NOI $39,364 @ 7.0% cap · market cap 17.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
77
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48629, MI
7,420
Population
7,248
Households
1
Avg Household Size
56
Median Age
18%
College-Educated
90%
High-School Grad
77.5 sq mi
ZIP Area
96
Density / Sq Mi
$54,622
Median Household Income
$33,544
Median Earnings
$784
Median Rent
$142,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Commercially zoned building with multiple levels, on-site parking, and adaptable space for business operations.
Where is this flex space located?
The property is located at 4592 W Houghton Lake Drive Houghton Lake, MI.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: 3,417‑square‑foot flex property; Main level, upper level, and full basement provide varied usable space; Commercial- Imp zoning
