Climate-Controlled
For Sale
$350,000
5799 Charlevoix Ave, Petoskey, MI 49770
Warehouse includes overhead doors, in-floor heat, lofted office area, private bathroom, workbench, and RV service.
Property Size2,100 SF
Price / SF$166.67
Days on Market57
Property Features for 5799 Charlevoix Ave
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Industrial, Other
Zoning
RT B-2
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Warehouse Space
2,100 SF
Conditioned Warehouse
Yes
Amenities
ample electrical outlets
lofted area
private bathroom
drinking water fountain
built-in workbench
RV outlet
floor drain
water spigots
ceiling fans
in-floor heating
Building Details
Building Size
2,100 SF
Buildings
1
Listing Agency:
Graham Real Estate
(231) 526-6251
Listed By:
Jennifer Miller
(231) 526-6251
Source:
Cpix.resimplifi
Added: Jul 6
Changed: Aug 30
Last Checked: Aug 30 at 1:05PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Graham Real Estate
Investment Insights
Based on property information with market context.
This 2,100-square-foot warehouse measures 30 x 70 and provides a climate-controlled environment for storage, work, and equipment use. The facility has 14'H x 12'W overhead garage doors, in-floor heating, ample electrical outlets, a lofted area suitable for office space, a private bathroom, drinking water fountain, and built-in workbench.
Additional utility features include an RV outlet, floor drain, water spigots, and ceiling fans. The property is positioned on US-31 with access to Bay Harbor, Petoskey, Walloon Lake, and Lake Charlevoix. Zoning is RT B-2.
Additional utility features include an RV outlet, floor drain, water spigots, and ceiling fans. The property is positioned on US-31 with access to Bay Harbor, Petoskey, Walloon Lake, and Lake Charlevoix. Zoning is RT B-2.
Key Highlights
- 2,100‑square‑foot climate‑controlled warehouse measuring 30 x 70
- 14'H x 12'W overhead garage doors
- In‑floor heating with ceiling fans for air circulation
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
$27,397
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
7.83%
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%
$547,940
$547.9K
Cap Rate 7%
$391,386
$391.4K
Cap Rate 9%
$304,411
$304.4K
Market Conditions
NOI Build-Up for 2,100 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
$42.1K $20.04/SF
− Vacancy
−$2.9K −$1.40/SF
EGI
$39.1K $18.64/SF
− OpEx
−$11.7K −$5.59/SF
NOI
$27.4K $13.05/SF
Area
Emmet County, MI
Vacancy
7.00%
Lease Rate
$20.04 /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%
$547,940
Cap Rate 7%
$391,386
Cap Rate 9%
$304,411
Alternative Uses
Best Use
Warehouse
$475.2K
$415.8K – $554.5K
NOI $33,267 @ 7.0% cap · market cap 9.50%
Second Best
Industrial
$391.4K
$342.5K – $456.6K
NOI $27,397 @ 7.0% cap · market cap 7.83%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49770, MI
17,643
Population
10,244
Households
1.7
Avg Household Size
44
Median Age
47%
College-Educated
97%
High-School Grad
109.4 sq mi
ZIP Area
161
Density / Sq Mi
$80,431
Median Household Income
$42,154
Median Earnings
$1,077
Median Rent
$309,900
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
- Northland Self Storage LLC — 5945 Charlevoix Ave, Petoskey, MI 49770
- The collectables by bay harbour — 5435 Charlevoix Ave, Petoskey, MI 49770
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse includes overhead doors, in-floor heat, lofted office area, private bathroom, workbench, and RV service.
Where is this warehouse located?
The property is located at 5799 Charlevoix Ave Petoskey, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,100‑square‑foot climate‑controlled warehouse measuring 30 x 70; 14'H x 12'W overhead garage doors; In‑floor heating with ceiling fans for air circulation
