Flex Space with
New
For Sale
$289,000
7232 S M-88, Bellaire, MI 49615
Commercial, Bellaire, MI
Property Size1,376 SF
Lot Size0.70 Acres
Price / SF$210.03
Days on Market6
Property Features for 7232 S M-88
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Not Zoned
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking
4
Parking features
Parking Lot
Exterior features
Wood, Brick
Lot features
Freestanding
Directions
From Bellaire, south on M-88 approximately 4 miles to property on south side of road across from the campground.
Subdivision
Antrim
Standard status
Active
Size
1,376 SF
Lot size
0.70 Acres
Taxes and HOA fees
Tax Description
Part of: COM AT THE W 1/4 COR OF SEC 8; TH S 89 DEG E 1707.41 FT ALG E-W 1/4 LINE & C/L OF S M-88 HWY TO POB; TH CONT S 89 DEG E 300 FT; TH S 00 DEG E 270 FT; TH N 89 DEG W 300 FT; TH N 00 DEG W 270 FT TO POB; BEING PART OF THE SW 1/4 SEC 8 T29N R7W
Tax Annual Amount
2738
Legal Description
Part of: COM AT THE W 1/4 COR OF SEC 8; TH S 89 DEG E 1707.41 FT ALG E-W 1/4 LINE & C/L OF S M-88 HWY TO POB; TH CONT S 89 DEG E 300 FT; TH S 00 DEG E 270 FT; TH N 89 DEG W 300 FT; TH N 00 DEG W 270 FT TO POB; BEING PART OF THE SW 1/4 SEC 8 T29N R7W
Utilities
Water source
Private
Building Details
Building materials
Frame
Roof type
Metal
Listing Agency:
Keller Williams Northern Michigan · Keller Williams Realty
(231) 947-8200
Listed By:
Julia Pietrowicz · License #6502372398
(231) 360-0739
Added: Aug 17
Changed: Aug 22
Last Checked: Aug 22 at 8:06AM
MLS# 1949523
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 1,376-square-foot flex property combines customer-facing and back-of-house areas in one commercial building. The layout includes a retail showroom, garage, private office, warehouse storage, and two bathrooms. A separate 24' x 32' pole building adds enclosed space for inventory, equipment, or workshop functions. The property has a metal roof, frame construction, wood and brick exterior elements, private water, and a paved parking lot.
Positioned at 7232 S M-88 in Bellaire, the property sits along a state highway directly across from a campground. The 0.7-acre parcel provides a commercial setting for retail, service, storage, or light commercial operations, subject to applicable approvals.
Positioned at 7232 S M-88 in Bellaire, the property sits along a state highway directly across from a campground. The 0.7-acre parcel provides a commercial setting for retail, service, storage, or light commercial operations, subject to applicable approvals.
Key Highlights
- 1,376‑square‑foot flex property on a 0.7‑acre parcel
- 24' x 32' pole building for inventory, equipment, or workshop use
- Retail showroom, garage, private office, warehouse storage, and two bathrooms
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
$14,284
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
4.94%
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%
$285,680
$285.7K
Cap Rate 7%
$204,057
$204.1K
Cap Rate 9%
$158,711
$158.7K
Market Conditions
NOI Build-Up for 1,376 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
$21.3K $15.48/SF
− Vacancy
−$895 −$0.65/SF
EGI
$20.4K $14.83/SF
− OpEx
−$6.1K −$4.45/SF
NOI
$14.3K $10.38/SF
Area
Antrim 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%
$285,680
Cap Rate 7%
$204,057
Cap Rate 9%
$158,711
Alternative Uses
Best Use
Retail
$204.1K
$178.6K – $238.1K
NOI $14,284 @ 7.0% cap · market cap 4.94%
Second Best
Warehouse
$129.4K
$113.2K – $150.9K
NOI $9,056 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$244.9K
$214.3K – $285.7K
NOI $17,141 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49615, MI
4,161
Population
3,575
Households
1.2
Avg Household Size
57
Median Age
44%
College-Educated
97%
High-School Grad
68.4 sq mi
ZIP Area
61
Density / Sq Mi
$78,750
Median Household Income
$38,635
Median Earnings
$775
Median Rent
$257,000
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?
Flex space - Adaptable commercial building with showroom, garage, office, warehouse storage, and two bathrooms.
Where is this flex space located?
The property is located at 7232 S M-88 Bellaire, MI.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: 1,376‑square‑foot flex property on a 0.7‑acre parcel; 24' x 32' pole building for inventory, equipment, or workshop use; Retail showroom, garage, private office, warehouse storage, and two bathrooms
