Building Details

Building materials Steel

Roof type Metal

Listing Agency: Century 21 Northland-Elk Rapids j***@c21northland.com Show Phone

Listed By: Douglas Swartz · License #6501430462 Show Phone

Added: Jun 24 Changed: Sep 3 Last Checked: Sep 26 at 9:06AM

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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 880-square-foot storage condo is built with steel construction and includes electrical outlets for enclosed storage use. A 20-foot ceiling provides vertical capacity, while the 16-by-16-foot overhead door with opener accommodates boats, recreational vehicles, and other large items. The property also features a metal roof and well water source.

The condo is located in Kewadin, close to Elk Rapids and the Chain of Lakes recreational area. Its configuration is suited to owners seeking dedicated indoor space for watercraft, vehicles, recreational equipment, or general storage.

Key Highlights

• 880 SF storage condo
• 20‑foot ceiling height
• 16‑by‑16‑foot overhead door with opener

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

$5,791

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

6.29%

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%

$115,820 $115.8K

Cap Rate 7%

$82,729 $82.7K

Cap Rate 9%

$64,344 $64.3K

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

$7.1K $8.04/SF

− Vacancy

−$262 −$0.30/SF

EGI

$6.8K $7.74/SF

− OpEx

−$1.0K −$1.16/SF

NOI

$5.8K $6.58/SF

Area

Antrim County, MI

Vacancy

3.70%

Lease Rate

$8.04 /SF/Yr

Expense Ratio

15.00%

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%

$115,820

Cap Rate 7%

$82,729

Cap Rate 9%

$64,344

Alternative Uses

Best Use

Warehouse

$82.7K

$72.4K – $96.5K (±1% cap)

NOI $5,791 @ 7.0% cap · market cap 6.29%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$156.6K

$137.0K – $182.7K (±1% cap)

NOI $10,962 @ 7.0% cap · market cap 11.92%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Warehouses

Suggested Use

Top Pick Building Supply Real Estate Agency Plumbing Service Auto Repair Shop Storage Facility Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

20 ft

Clear height

Location Intelligence

Trade Area within ½ mile

47

Businesses Nearby

Well-served

Demand for This Use

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

High-Clearance Boat Storage Warehouse

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$3,950,000

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Self-Storage Facility with Boat Storage

Kewadin, MI 49648

$3,950,000

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Similar Off Market Nearby

• Clipper Ave — 6950 Albatross Ave, Kewadin, MI 49648

Frequently Asked Questions

What type of property is this?

Warehouse - Steel construction, electrical outlets, and generous ceiling clearance support enclosed storage for recreational equipment and other personal property.

Where is this warehouse 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: 880 SF storage condo; 20‑foot ceiling height; 16‑by‑16‑foot overhead door with opener