Building Details

Building Size 1,650 SF

Listing Agency: Graham Real Estate

Listed By: Kevin Olson Show Phone

Source: Cpix.resimplifi

Added: Jul 6 Changed: Oct 5 Last Checked: Oct 16 at 5:53AM

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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.

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 / Yr

$21,526

Cap Rate

8.12%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$430,520 $430.5K

Cap Rate 7%

$307,514 $307.5K

Cap Rate 9%

$239,178 $239.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,650 SF

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 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 (±1% cap)

NOI $26,139 @ 7.0% cap · market cap 9.86%

Second Best

Industrial

$307.5K

$269.1K – $358.8K (±1% cap)

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. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Parking Lot & Garage Electrical Service Plumbing Service Furniture & Home Goods Bakery Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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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