Storage Condo with 16x16
For Sale
$92,000
Pending
6950 Windjammer Avenue, Kewadin, MI 49648
COMMERCIAL - Kewadin, MI
Property Size880 SF
Days on Market49
Property Features for 6950 Windjammer Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Exterior features
Steel
Directions
From Elk Rapids, turn left onto Birch Lake Road then right onto Indian Road left onto Mariner Drive.
Subdivision
Antrim
Standard status
Pending
Size
880 SF
Taxes and HOA fees
Tax Description
UNIT F-1 ANCIENT MARINER DRYDOCKS OF KEWADIN
HOA Fee
$385 Annually
Legal Description
UNIT F-1 ANCIENT MARINER DRYDOCKS OF KEWADIN
Utilities
Water source
Well
Building Details
Building materials
Steel
Roof type
Metal
Listing Agency:
Century 21 Northland-Elk Rapids
(231) 264-4500
Listed By:
Douglas Swartz · License #6501430462
(989) 350-6778
Added: Jun 24
Changed: Aug 5
Last Checked: Aug 11 at 11:06PM
MLS# 1947211
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 storage condo is configured for practical, high-clearance storage, featuring a 20-foot ceiling and a 16-by-16 overhead door with an opener. The unit also includes electric outlets, supporting everyday connectivity for tools or equipment commonly kept in storage spaces.
Located in Kewadin, the property offers convenient access to the Elk Rapids area and the broader Chain of Lakes recreational corridor. That surrounding lifestyle focus can align well with storage needs for seasonal gear and recreational items.
Ideal uses may include storing boats, recreational vehicles, and other recreational toys that benefit from an oversized door and vertical clearance. With the overhead door and electric outlets already in place, the space is positioned to support tenants and owners who want a dedicated unit designed for easy loading and day-to-day accessibility.
Located in Kewadin, the property offers convenient access to the Elk Rapids area and the broader Chain of Lakes recreational corridor. That surrounding lifestyle focus can align well with storage needs for seasonal gear and recreational items.
Ideal uses may include storing boats, recreational vehicles, and other recreational toys that benefit from an oversized door and vertical clearance. With the overhead door and electric outlets already in place, the space is positioned to support tenants and owners who want a dedicated unit designed for easy loading and day-to-day accessibility.
Key Highlights
- Steel storage condo with metal roof
- 16x16 overhead door with opener
- 20‑ft ceiling for taller equipment and storage needs
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
$7,022
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
7.63%
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%
$140,440
$140.4K
Cap Rate 7%
$100,314
$100.3K
Cap Rate 9%
$78,022
$78.0K
Market Conditions
NOI Build-Up for 880 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
$10.6K $12.00/SF
− Vacancy
−$528 −$0.60/SF
EGI
$10.0K $11.40/SF
− OpEx
−$3.0K −$3.42/SF
NOI
$7.0K $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%
$140,440
Cap Rate 7%
$100,314
Cap Rate 9%
$78,022
Alternative Uses
Best Use
Self Storage
$100.3K
$87.8K – $117.0K
NOI $7,022 @ 7.0% cap · market cap 7.63%
Second Best
Warehouse
$82.7K
$72.4K – $96.5K
NOI $5,791 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$156.6K
$137.0K – $182.7K
NOI $10,962 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
1
Drive-in doors
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 - Storage condo includes electric outlets and an overhead door with opener for convenient secure storage.
Where is this self storage facility located?
The property is located at 6950 Windjammer Avenue Kewadin, MI.
What is the asking price?
The asking price for this property is $92,000.
What are key features of this property?
This property features: Steel storage condo with metal roof; 16x16 overhead door with opener; 20‑ft ceiling for taller equipment and storage needs
