Log Cabin on Walters
For Sale
$799,900
Pending
8646 Thendara Blvd, Clarkston, MI 48348
Historic log cabin with lake frontage, ideal for investment.
Property Size6,200 SF
Lot Size0.56 Acres
Days on Market164
Property Features for 8646 Thendara Blvd
General Information
Standard status
Pending
Size
6,200 SF
Lot size
0.56 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$14,689
Building Details
Building Size
6,200 SF
Year Built
1930
Units
7
Listing Agency:
(586) 321-9997
Listed By:
Lia LoChirco
(586) 321-9997
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 20 at 8:27AM
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 Lia LoChirco
Investment Insights
Based on property information with market context.
This multi-family property features two lodges, including an authentic log cabin on Walters Lake. The main lodge, known as The Squirrels Nest Lodge, was originally built in 1930 using locally sourced timbers from Metamora. It offers over 3,200 sq ft of living space, showcasing a 17-foot stone fireplace and loft-style bedrooms. Nearly 1,000 sq ft of decking provides views of Walters Lake. The property also includes a carriage house, renovated into a guest house with two private living quarters and a two-car garage. Across both sections of the home, there are 9 bedrooms and 4 kitchens, totaling over 6,000 sq ft of living space. The property has 38 feet of direct frontage on the all-sports lake. Currently, the property is operated as a short-term rental, generating income. It is located in Clarkston, offering lakefront views and access to the water for boating and year-round enjoyment.
Key Highlights
- Authentic 1930 log cabin with 3,200 sq ft main lodge and lakefront views on Walters Lake.
- Features 9 bedrooms, 4 kitchens, and over 6,000 sq ft of total living space across two buildings.
- Includes a renovated carriage house with two private living quarters and a two‑car garage.
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
$73,597
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
9.20%
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%
$1,471,940
$1.5M
Cap Rate 7%
$1,051,386
$1.1M
Cap Rate 9%
$817,744
$817.7K
Market Conditions
NOI Build-Up for 6,000 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
$139.7K $23.28/SF
− Vacancy
−$5.9K −$0.98/SF
EGI
$133.8K $22.30/SF
− OpEx
−$60.2K −$10.04/SF
NOI
$73.6K $12.27/SF
Area
Oakland County, MI
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,471,940
Cap Rate 7%
$1,051,386
Cap Rate 9%
$817,744
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$920.0K – $1.23M
NOI $73,597 @ 7.0% cap · market cap 9.20%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.29M
$1.13M – $1.51M
NOI $90,590 @ 7.0% cap · market cap 11.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
46
Businesses Nearby
Explore this area
Business Placement
Demographics for 48348, MI
25,655
Population
9,151
Households
2.8
Avg Household Size
42
Median Age
50%
College-Educated
96%
High-School Grad
33.6 sq mi
ZIP Area
764
Density / Sq Mi
$131,586
Median Household Income
$59,251
Median Earnings
$1,231
Median Rent
$421,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Historic log cabin with lake frontage, ideal for investment.
Where is this short term rental property located?
The property is located at 8646 Thendara Blvd Clarkston, MI.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Authentic 1930 log cabin with **3,200 sq ft main lodge and lakefront views on Walters Lake.**; Features **9 bedrooms, 4 kitchens, and over 6,000 sq ft of total living space** across two buildings.; Includes a renovated carriage house with two private living quarters and a two‑car garage.
