Mixed-Use Property with
For Sale
$712,000
7251 Midland Road, Freeland, MI 48623
Includes workshop, showroom, three-phase power, and an attached campground with 35 rustic campsites.
Property Size4,960 SF
Days on Market40
Property Features for 7251 Midland Road
General Information
Standard status
Active
Size
4,960 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,653
Building Details
Building Size
4,960 SF
Year Built
1970
Buildings
2
Stories
4960
Units
1
Listing Agency:
Keller Williams GR East
(616) 644-5398
Listed By:
Priscilla Cazier · License #6501409399
Source:
Erareardonrealty
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 29 at 1:33AM
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 Keller Williams GR East
Investment Insights
Based on property information with market context.
Built in 1970, this mixed-use property combines commercial workspace with an attached campground. The building includes a workshop, showroom area, multiple power outlets, three-phase power, two furnaces, and electrical service updated within the last 10 years. A 20x60 pole barn provides additional enclosed storage or operational space. The property most recently operated as a machine shop and was previously used as a hardware store.
The campground includes 35 rustic campsites and is located near a boat launch. The property is situated on Midland Road in Freeland, Michigan, offering a combination of industrial, retail, recreational, and mixed-use improvements within one offering.
The campground includes 35 rustic campsites and is located near a boat launch. The property is situated on Midland Road in Freeland, Michigan, offering a combination of industrial, retail, recreational, and mixed-use improvements within one offering.
Key Highlights
- Attached campground with 35 rustic campsites
- 20x60 pole barn for additional storage or operations
- Three‑phase power and multiple power outlets
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
$40,176
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
5.64%
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%
$803,520
$803.5K
Cap Rate 7%
$573,943
$573.9K
Cap Rate 9%
$446,400
$446.4K
Market Conditions
NOI Build-Up for 4,960 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
$71.4K $14.40/SF
− Vacancy
−$7.1K −$1.44/SF
EGI
$64.3K $12.96/SF
− OpEx
−$24.1K −$4.86/SF
NOI
$40.2K $8.10/SF
Area
Saginaw County, MI
Vacancy
10.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
37.50%
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%
$803,520
Cap Rate 7%
$573,943
Cap Rate 9%
$446,400
Alternative Uses
Best Use
Mixed Use
$573.9K
$502.2K – $669.6K
NOI $40,176 @ 7.0% cap · market cap 5.64%
Second Best
Industrial
$369.5K
$323.3K – $431.1K
NOI $25,863 @ 7.0% cap · market cap 3.63%
Theoretical Best
Specialty Retail
$916.4K
$801.9K – $1.07M
NOI $64,148 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Explore this area
Business Placement
Demographics for 48623, MI
15,105
Population
5,495
Households
2.7
Avg Household Size
41
Median Age
33%
College-Educated
96%
High-School Grad
72.8 sq mi
ZIP Area
207
Density / Sq Mi
$96,371
Median Household Income
$54,433
Median Earnings
$1,176
Median Rent
$230,300
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?
Mixed-use property - Includes workshop, showroom, three-phase power, and an attached campground with 35 rustic campsites.
Where is this mixed-use property located?
The property is located at 7251 Midland Road Freeland, MI.
What is the asking price?
The asking price for this property is $712,000.
What are key features of this property?
This property features: Attached campground with 35 rustic campsites; 20x60 pole barn for additional storage or operations; Three‑phase power and multiple power outlets
