Heated Flex Space with
For Sale
$265,000
8517 McBride Park Dr, Harbor Springs, MI 49740
Heated commercial space offers overhead access, elevated storage, and on-site water service.
Property Size1,650 SF
Price / SF$160.61
Days on Market58
Property Features for 8517 McBride Park Dr
General Information
Standard status
Active
Size
1,650 SF
Property subtype
Industrial, Other
Zoning
LTT I-1
Warehouse & Industrial
Mezzanine
450 SF
Drive-In Doors
1
Amenities
community restroom
on-site water hookup
Building Details
Building Size
1,650 SF
Listing Agency:
Graham Real Estate
(231) 526-6251
Listed By:
Kevin Olson
(231) 526-6251
Source:
Cpix.resimplifi
Added: Jul 6
Changed: Aug 30
Last Checked: Aug 31 at 12:48PM
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 Graham Real Estate
Investment Insights
Based on property information with market context.
This 1,650-square-foot heated flex space is configured for storage and hands-on use. The building includes a 14-foot overhead door and an upper loft measuring 45' x 10', adding valuable room for boats, classic cars, RVs, recreational vehicles, household belongings, or equipment. Twelve inches of ceiling insulation supports more consistent interior temperatures throughout the year.
The property is located at 8517 McBride Park Dr in Harbor Springs, between Harbor Springs and Petoskey. Owners have access to a nearby community restroom and an on-site water hookup for washing boats, vehicles, and equipment. The property is zoned LTT I-1.
The property is located at 8517 McBride Park Dr in Harbor Springs, between Harbor Springs and Petoskey. Owners have access to a nearby community restroom and an on-site water hookup for washing boats, vehicles, and equipment. The property is zoned LTT I-1.
Key Highlights
- 1,650 SF heated flex space
- 14‑foot overhead door
- 45' x 10' loft for additional storage or workspace
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
$21,526
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
8.12%
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%
$430,520
$430.5K
Cap Rate 7%
$307,514
$307.5K
Cap Rate 9%
$239,178
$239.2K
Market Conditions
NOI Build-Up for 1,650 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
$33.1K $20.04/SF
− Vacancy
−$2.3K −$1.40/SF
EGI
$30.8K $18.64/SF
− OpEx
−$9.2K −$5.59/SF
NOI
$21.5K $13.05/SF
Area
Emmet County, MI
Vacancy
7.00%
Lease Rate
$20.04 /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%
$430,520
Cap Rate 7%
$307,514
Cap Rate 9%
$239,178
Alternative Uses
Best Use
Warehouse
$373.4K
$326.7K – $435.7K
NOI $26,139 @ 7.0% cap · market cap 9.86%
Second Best
Industrial
$307.5K
$269.1K – $358.8K
NOI $21,526 @ 7.0% cap · market cap 8.12%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
106
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49740, MI
7,511
Population
6,057
Households
1.2
Avg Household Size
55
Median Age
46%
College-Educated
97%
High-School Grad
124.9 sq mi
ZIP Area
60
Density / Sq Mi
$85,230
Median Household Income
$38,820
Median Earnings
$997
Median Rent
$332,600
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 - Heated commercial space offers overhead access, elevated storage, and on-site water service.
Where is this flex space located?
The property is located at 8517 McBride Park Dr Harbor Springs, MI.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: 1,650 SF heated flex space; 14‑foot overhead door; 45' x 10' loft for additional storage or workspace
