Leased Post Office
New
For Sale
$209,000
6340 N Lake Shore Dr, Harbor Springs, MI 49740
Storefront building occupied by a post office under an existing lease.
Property Size700 SF
Price / SF$298.57
Days on Market7
Property Features for 6340 N Lake Shore Dr
General Information
Standard status
Active
Size
700 SF
Property subtype
Office, Retail
Zoning
EC R-2
Additional Details
Corner Location
Yes
Building Details
Building Size
700 SF
Tenancy
Single
Listing Agency:
Graham Real Estate
(231) 526-6251
Listed By:
Drew Bartlett
(231) 526-6251
Source:
Cpix.resimplifi
Added: Aug 25
Changed: Aug 30
Last Checked: Aug 31 at 12:38PM
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 storefront property is occupied by a United States Post Office and is being offered with a lease already in place. The building is located at 6340 N Lake Shore Dr in Harbor Springs, Michigan, within Cross Village. It sits on a corner lot described as high traffic and is zoned EC R-2. Showings are limited to the post office’s operating hours, with some areas available for inspection only after a contract is in place.
Key Highlights
- Existing lease in place with a United States Post Office
- 700 property size as reported
- Corner‑lot setting in Cross Village
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
$7,267
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
3.48%
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%
$145,340
$145.3K
Cap Rate 7%
$103,814
$103.8K
Cap Rate 9%
$80,744
$80.7K
Market Conditions
NOI Build-Up for 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
$10.8K $15.48/SF
− Vacancy
−$455 −$0.65/SF
EGI
$10.4K $14.83/SF
− OpEx
−$3.1K −$4.45/SF
NOI
$7.3K $10.38/SF
Area
Emmet County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$145,340
Cap Rate 7%
$103,814
Cap Rate 9%
$80,744
Alternative Uses
Best Use
Retail
$103.8K
$90.8K – $121.1K
NOI $7,267 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$158.4K
$138.6K – $184.8K
NOI $11,089 @ 7.0% cap · market cap 5.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
24
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49740, MI
7,511
Population
6,057
Households
1.2
Avg Household Size
55
Median Age
46%
College-Educated
97%
High-School Grad
124.9 sq mi
ZIP Area
60
Density / Sq Mi
$85,230
Median Household Income
$38,820
Median Earnings
$997
Median Rent
$332,600
Median Home Value
Market
Vacancy Rate% for Retail 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?
Storefront property - Storefront building occupied by a post office under an existing lease.
Where is this storefront property located?
The property is located at 6340 N Lake Shore Dr Harbor Springs, MI.
What is the asking price?
The asking price for this property is $209,000.
What are key features of this property?
This property features: Existing lease in place with a United States Post Office; 700 property size as reported; Corner‑lot setting in Cross Village
