Flex Building with
5240 S US-131, Mancelona, MI 49659
For Sale
$214,900
Commercial, Mancelona, MI
Property Size2,800 SF
Lot Size4.29 Acres
Price / SF$76.75
Days on Market145
Property Features for 5240 S US-131
General Information
Property type
Property subtype
Zoning description
Exterior features
Lot features
Directions
Subdivision
Standard status
Size
Lot size
Taxes and HOA fees
Tax Description
Legal Description
Utilities
Water source
Building Details
Building materials
Roof type
Listing Agency:
The Difference Real Estate
Listed By:
Rick Matley · License #6502418337
(231) 564-2600
Added: Jun 15
Changed: Oct 8
Last Checked: Nov 6 at 9:06PM
MLS# 1946592
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.
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Investment Insights
Based on property information with market context.
This 2,800-square-foot flex property includes a 40-by-60-foot shop with a cement floor, two 14-foot-tall doors that are 13 feet wide, and a 3-ton crane. The building also provides two offices and one bathroom, supporting a combination of workspace and shop operations.
The property encompasses approximately 4.29 acres with about 140 feet of frontage along US 131. Exterior construction is steel with a frame structure, an asphalt roof, and a private water source.
The property encompasses approximately 4.29 acres with about 140 feet of frontage along US 131. Exterior construction is steel with a frame structure, an asphalt roof, and a private water source.
Key Highlights
- 2,800‑square‑foot flex property on approximately 4.29 acres
- 40‑by‑60‑foot shop area with cement floor
- Two 14‑foot‑tall doors, 13 feet wide
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,427
Cap Rate
8.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$368,540
$368.5K
Cap Rate 7%
$263,243
$263.2K
Cap Rate 9%
$204,744
$204.7K
Market Conditions
NOI Build-Up for 2,800 SF
Gross rent
$22.5K $8.04/SF
− Vacancy
−$833 −$0.30/SF
EGI
$21.7K $7.74/SF
− OpEx
−$3.3K −$1.16/SF
NOI
$18.4K $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 Rate 5%
$368,540
Cap Rate 7%
$263,243
Cap Rate 9%
$204,744
Alternative Uses
Best Use
Warehouse
$263.2K
$230.3K – $307.1K
NOI $18,427 @ 7.0% cap · market cap 8.57%
Second Best
Industrial
$216.8K
$189.7K – $252.9K
NOI $15,175 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$498.3K
$436.0K – $581.3K
NOI $34,880 @ 7.0% cap · market cap 16.23%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49659, MI
6,670
Population
4,586
Households
1.5
Avg Household Size
44
Median Age
18%
College-Educated
89%
High-School Grad
175.0 sq mi
ZIP Area
38
Density / Sq Mi
$59,092
Median Household Income
$33,269
Median Earnings
$792
Median Rent
$141,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - Steel-frame commercial space includes offices, a restroom, and a dedicated shop area.
Where is this flex space located?
The property is located at 5240 S US-131 Mancelona, MI.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: 2,800‑square‑foot flex property on approximately 4.29 acres; 40‑by‑60‑foot shop area with cement floor; Two 14‑foot‑tall doors, 13 feet wide
