Private Garage Creative
New
For Sale
$59,000
810 Maple Leaf Lane Unit G8, Petoskey, MI 49770
Compact private garage with a full bathroom for office, studio, hobby, or personal workspace use.
Property Size250 SF
Days on Market4
Property Features for 810 Maple Leaf Lane Unit G8
General Information
Standard status
Active
Size
250 SF
Property subtype
Commercial Building
Building Details
Building Size
250 SF
Listing Agency:
Gaslight Group Properties
Listed By:
Jane T Fisher · License #6501333848
(231) 409-8060
Source:
Patobrien
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 13 at 2:39PM
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 Gaslight Group Properties
Investment Insights
Based on property information with market context.
Unit G8 is a private garage configured as a compact, flexible commercial space with its own full bathroom. The enclosed setting can support several dedicated-use concepts, including a private office, creative studio, hobby area, or separate workspace.
This property offers a defined place for work or personal projects apart from a primary living area. Its private layout and built-in bathroom add functional utility to the space, while the garage format provides a distinct alternative to conventional office or studio environments.
This property offers a defined place for work or personal projects apart from a primary living area. Its private layout and built-in bathroom add functional utility to the space, while the garage format provides a distinct alternative to conventional office or studio environments.
Key Highlights
- Private garage identified as Unit G8
- Includes its own full bathroom
- Suitable for private office use
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
$2,993
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
5.07%
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%
$59,860
$59.9K
Cap Rate 7%
$42,757
$42.8K
Cap Rate 9%
$33,256
$33.3K
Market Conditions
NOI Build-Up for 250 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
$4.7K $18.96/SF
− Vacancy
−$749 −$3.00/SF
EGI
$4.0K $15.96/SF
− OpEx
−$998 −$3.99/SF
NOI
$3.0K $11.97/SF
Area
Emmet County, MI
Vacancy
15.80%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
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%
$59,860
Cap Rate 7%
$42,757
Cap Rate 9%
$33,256
Alternative Uses
Best Use
Office B
$42.8K
$37.4K – $49.9K
NOI $2,993 @ 7.0% cap · market cap 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$56.6K
$49.5K – $66.0K
NOI $3,960 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
363
Businesses Nearby
Explore this area
Business Placement
Demographics for 49770, MI
17,643
Population
10,244
Households
1.7
Avg Household Size
44
Median Age
47%
College-Educated
97%
High-School Grad
109.4 sq mi
ZIP Area
161
Density / Sq Mi
$80,431
Median Household Income
$42,154
Median Earnings
$1,077
Median Rent
$309,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Creative space - Compact private garage with a full bathroom for office, studio, hobby, or personal workspace use.
Where is this creative space located?
The property is located at 810 Maple Leaf Lane Unit G8 Petoskey, MI.
What is the asking price?
The asking price for this property is $59,000.
What are key features of this property?
This property features: Private garage identified as Unit G8; Includes its own full bathroom; Suitable for private office use
