Kewadin Storage Barn with
For Sale
$129,900
Pending
6945 Windjammer Ave, Kewadin, MI 49648
Centrally located storage barn with workshop and electric door.
Property Size1,400 SF
Lot Size0.03 Acres
Days on Market163
Property Features for 6945 Windjammer Ave
General Information
Standard status
Pending
Size
1,400 SF
Lot size
0.03 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,022
Building Details
Year Built
2017
Listing Agency:
REO - Elk Rapids-101308
(231) 883-5020
Listed By:
Darci Springborn · License #6502393037
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 2:22PM
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 REO - Elk Rapids-101308
Investment Insights
Based on property information with market context.
This 25x56 storage barn is centrally located in Kewadin, offering a suitable space for storage and workshop activities. It features a 16'x16' electric door with a power opener and a concrete floor. The common area provides access to bathrooms from spring to fall. The unit is equipped with a 100-amp breaker box, two outlets, four LED light fixtures, a power non-insulated overhead open/close garage door, one exterior light, and a seasonal water spigot. The association dues, assessed at $372.00 per year, cover liability insurance and insurance on the building's exterior, as well as trash pick-up.
Key Highlights
- 25x56 BUILT Storage Barn with concrete floor, ideal for storage and workshop
- 16'x16' electric door with power opener for easy access
- Includes a 100‑amp breaker box, 2 outlets, and 4 LED light fixtures
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
$11,172
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
8.60%
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%
$223,440
$223.4K
Cap Rate 7%
$159,600
$159.6K
Cap Rate 9%
$124,133
$124.1K
Market Conditions
NOI Build-Up for 1,400 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
$16.8K $12.00/SF
− Vacancy
−$840 −$0.60/SF
EGI
$16.0K $11.40/SF
− OpEx
−$4.8K −$3.42/SF
NOI
$11.2K $7.98/SF
Area
Antrim County, MI
Vacancy
5.00%
Lease Rate
$12.00 /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%
$223,440
Cap Rate 7%
$159,600
Cap Rate 9%
$124,133
Alternative Uses
Best Use
Self Storage
$159.6K
$139.7K – $186.2K
NOI $11,172 @ 7.0% cap · market cap 8.60%
Second Best
Industrial
$108.4K
$94.9K – $126.5K
NOI $7,588 @ 7.0% cap · market cap 5.84%
Theoretical Best
Office A
$249.1K
$218.0K – $290.7K
NOI $17,440 @ 7.0% cap · market cap 13.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 49648, MI
2,362
Population
1,985
Households
1.2
Avg Household Size
57
Median Age
54%
College-Educated
96%
High-School Grad
27.3 sq mi
ZIP Area
87
Density / Sq Mi
$90,952
Median Household Income
$38,622
Median Earnings
$1,257
Median Rent
$506,400
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Centrally located storage barn with workshop and electric door.
Where is this self storage facility located?
The property is located at 6945 Windjammer Ave Kewadin, MI.
What is the asking price?
The asking price for this property is $129,900.
What are key features of this property?
This property features: 25x56 BUILT Storage Barn with concrete floor, ideal for storage and workshop; 16'x16' electric door with power opener for easy access; Includes a 100‑amp breaker box, 2 outlets, and 4 LED light fixtures
