Multi-Building Industrial Auto
For Sale
$3,199,000
5720 Bates Road, Williamsburg, MI 49690
Commercial, Williamsburg, MI
Property Size48,700 SF
Lot Size20.00 Acres
Price / SF$65.69
Days on Market92
Property Features for 5720 Bates Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Agricultural
Exterior features
Steel
Lot features
Freestanding
Directions
South on South Bates Road and warehouses will be on left
Subdivision
Grand Traverse
Standard status
Active
Size
48,700 SF
Lot size
20.00 Acres
Taxes and HOA fees
Tax Description
Lengthy legal-see documents
Legal Description
Lengthy legal-see documents
Utilities
Water source
Private
Amenities
wells
septic systems
overhead doors
cooler area
truck dock
private offices
restrooms
heating
air conditioning
Building Details
Building materials
Steel, Frame
Roof type
Metal
Listing Agency:
EXIT Northern Shores Realty-ER
(231) 264-9833
Listed By:
Audra Jackson · License #6501402998
(231) 835-1650
Added: May 24
Changed: Aug 19
Last Checked: Aug 23 at 8:06AM
MLS# 1945641
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.
This sale includes a 20-acre industrial property with 48,700 total square feet across three separate buildings. Building A is a 28,800-square-foot steel structure with two overhead doors and clear span wall heights ranging from 20 to 26 feet, and it is noted as having no heat or restroom facilities. Building B totals 14,400 square feet with insulated 16-foot side walls, an 80' x 80' cooler area, a truck dock, private offices, two restrooms, and is equipped with heat and air conditioning, along with insulated cooler space. Building C is a 5,500-square-foot pole-frame building with a steel roof, 13-foot side walls, and four 12' x 12' overhead doors, and it has been used as an auto repair garage.
The property is located at 5720 Bates Road in Williamsburg, Michigan (49690). The listing notes two wells and two septic systems serving the site. Fixtures and business equipment are scheduled for removal prior to closing.
The configuration suits operators needing multiple structures for mixed industrial and service use, with Building B supporting conditioned space and office needs while also offering dock access and a large cooler area. Building A’s high clear span and large door access can support bulk storage or light manufacturing, and Building C’s overhead door count aligns with vehicle-focused work environments. Buyers should confirm intended use for each building as part of the closing process, particularly given the current mix of conditioned and non-conditioned space.
The property is located at 5720 Bates Road in Williamsburg, Michigan (49690). The listing notes two wells and two septic systems serving the site. Fixtures and business equipment are scheduled for removal prior to closing.
The configuration suits operators needing multiple structures for mixed industrial and service use, with Building B supporting conditioned space and office needs while also offering dock access and a large cooler area. Building A’s high clear span and large door access can support bulk storage or light manufacturing, and Building C’s overhead door count aligns with vehicle-focused work environments. Buyers should confirm intended use for each building as part of the closing process, particularly given the current mix of conditioned and non-conditioned space.
Key Highlights
- 20‑acre industrial property with 48,700 sq ft total across three buildings
- Building A: 28,800 sq ft steel structure with two overhead doors and 20–26 ft clear span wall heights (no heat or restrooms)
- Building B: 14,400 sq ft steel building with insulated 16 ft side walls, 80' x 80' cooler area, truck dock, private offices, heat and air, and two restrooms
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
$283,799
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
8.87%
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%
$5,675,980
$5.7M
Cap Rate 7%
$4,054,271
$4.1M
Cap Rate 9%
$3,153,322
$3.2M
Market Conditions
NOI Build-Up for 48,700 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
$438.3K $9.00/SF
− Vacancy
−$32.9K −$0.68/SF
EGI
$405.4K $8.33/SF
− OpEx
−$121.6K −$2.50/SF
NOI
$283.8K $5.83/SF
Area
Grand Traverse County, MI
Vacancy
7.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$5,675,980
Cap Rate 7%
$4,054,271
Cap Rate 9%
$3,153,322
Alternative Uses
Best Use
Retail
$8.60M
$7.53M – $10.04M
NOI $602,166 @ 7.0% cap · market cap 18.82%
Second Best
Warehouse
$5.54M
$4.84M – $6.46M
NOI $387,557 @ 7.0% cap · market cap 12.11%
Theoretical Best
Office A
$10.58M
$9.26M – $12.34M
NOI $740,552 @ 7.0% cap · market cap 23.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49690, MI
6,494
Population
3,476
Households
1.9
Avg Household Size
50
Median Age
45%
College-Educated
97%
High-School Grad
82.7 sq mi
ZIP Area
79
Density / Sq Mi
$105,701
Median Household Income
$47,114
Median Earnings
$1,279
Median Rent
$329,100
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.
Similar Off Market Nearby
- Acme Mini Storage — 6985 M-72, Williamsburg, MI 49690
- AAA Self Storage — 6631 M-72, Williamsburg, MI 49690
Frequently Asked Questions
What type of property is this?
Warehouse - 20-acre industrial property with three buildings, multiple overhead doors, and shared utilities including wells and septic systems.
Where is this warehouse located?
The property is located at 5720 Bates Road Williamsburg, MI.
What is the asking price?
The asking price for this property is $3,199,000.
What are key features of this property?
This property features: 20‑acre industrial property with 48,700 sq ft total across three buildings; Building A: 28,800 sq ft steel structure with two overhead doors and 20–26 ft clear span wall heights (no heat or restrooms); Building B: 14,400 sq ft steel building with insulated 16 ft side walls, 80' x 80' cooler area, truck dock, private offices, heat and air, and two restrooms
