Storage Warehouse
For Sale
$92,000
6950 Windjammer Avenue, Kewadin, MI 49648
Storage condo with electrical outlets and overhead access for boats, recreational vehicles, and other equipment.
Property Size880 SF
Price / SF$104.55
Days on Market48
Property Features for 6950 Windjammer Avenue
General Information
Standard status
Active
Size
880 SF
Property subtype
Commercial
Lease Term
Cash, Conventional
Warehouse & Industrial
Clear Height
20 ft
Self-Storage Units
1
Building Details
Building Size
880 SF
Year Built
2021
Listing Agency:
Century 21 Northland-Elk Rapids
(989) 350-6778
Listed By:
Douglas Swartz · License #6501430462
(989) 350-6778
Source:
Sabudarealty
Added: Jun 24
Changed: Aug 7
Last Checked: Aug 9 at 1:39PM
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 Century 21 Northland-Elk Rapids
Investment Insights
Based on property information with market context.
Built in 2021, this 880-square-foot storage condo provides a practical warehouse-style space for boats, recreational vehicles, recreational equipment, and general storage. The unit includes electrical outlets, a 20-foot ceiling, and a 16-by-16-foot overhead door equipped with an opener.
The property is located in Kewadin near Elk Rapids and the Chain of Lakes recreational area. Its configuration offers enclosed storage with vehicle-sized overhead access in a dedicated warehouse condominium setting.
The property is located in Kewadin near Elk Rapids and the Chain of Lakes recreational area. Its configuration offers enclosed storage with vehicle-sized overhead access in a dedicated warehouse condominium setting.
Key Highlights
- 880‑square‑foot storage condo built in 2021
- 20‑foot ceiling for tall recreational equipment and storage needs
- 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
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
NOI $10,962 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20 ft
Clear height
Location Intelligence
Trade Area within ½ mile
5
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - Storage condo with electrical outlets and overhead access for boats, recreational vehicles, and other equipment.
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‑square‑foot storage condo built in 2021; 20‑foot ceiling for tall recreational equipment and storage needs; 16‑by‑16‑foot overhead door with opener
