Lofted Flex
New
For Sale
$649,000
8932 Moeller Dr Unit 8, Harbor Springs, MI 49740
A versatile commercial interior combines lounge amenities, reinforced concrete floors, and oversized vehicle access.
Property Size2,970 SF
Price / SF$218.52
Days on Market7
Property Features for 8932 Moeller Dr Unit 8
General Information
Standard status
Active
Size
2,970 SF
Property subtype
Other, Industrial
Zoning
LTT I-1
Additional Details
Drive-In Doors
2
Amenities
kitchen/lounge
cedar closet
oversized bathroom
overhead doors
RV hookup
epoxy floors
landscaped grounds
shared RV dump stations
wide approaches
Building Details
Building Size
2,970 SF
Construction
post and frame
Listing Agency:
Graham Real Estate
(231) 526-6251
Listed By:
Hans Palma
(231) 526-6251
Source:
Cpix.resimplifi
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 31 at 12:49PM
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 2,970-square-foot lofted flex space is configured for showroom, workshop, storage, and entertainment use. The interior includes a 13' x 21' kitchen and lounge with cabinetry, sink, refrigerator, dishwasher, and microwave, along with a 13' x 16' cedar closet and an oversized bathroom. The building uses Morton post-and-frame construction with 10" insulated walls, blown-in ceiling insulation, and 6" polished concrete floors reinforced with wire and chairs.
Two 14' x 14' insulated overhead doors with heavy-duty side openers support vehicle access, while epoxy flooring and a 50-amp RV hookup add functional versatility. The landscaped shared grounds include three RV dump stations and 66' approaches designed for maneuvering 45'+ RVs and boat trailers. The property is located near Harbor Springs, Petoskey, and Alanson and is zoned LTT I-1.
Two 14' x 14' insulated overhead doors with heavy-duty side openers support vehicle access, while epoxy flooring and a 50-amp RV hookup add functional versatility. The landscaped shared grounds include three RV dump stations and 66' approaches designed for maneuvering 45'+ RVs and boat trailers. The property is located near Harbor Springs, Petoskey, and Alanson and is zoned LTT I-1.
Key Highlights
- 2,970 sq. ft. lofted flex space
- 13' x 21' kitchen/lounge with cabinetry and appliances
- Two 14' x 14' insulated overhead doors with heavy‑duty side openers
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
$47,050
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
7.25%
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%
$941,000
$941.0K
Cap Rate 7%
$672,143
$672.1K
Cap Rate 9%
$522,778
$522.8K
Market Conditions
NOI Build-Up for 2,970 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
$59.5K $20.04/SF
− Vacancy
−$4.2K −$1.40/SF
EGI
$55.4K $18.64/SF
− OpEx
−$8.3K −$2.80/SF
NOI
$47.0K $15.84/SF
Area
Emmet County, MI
Vacancy
7.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
15.00%
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%
$941,000
Cap Rate 7%
$672,143
Cap Rate 9%
$522,778
Alternative Uses
Best Use
Warehouse
$672.1K
$588.1K – $784.2K
NOI $47,050 @ 7.0% cap · market cap 7.25%
Second Best
Industrial
$553.5K
$484.3K – $645.8K
NOI $38,747 @ 7.0% cap · market cap 5.97%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
91
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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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - A versatile commercial interior combines lounge amenities, reinforced concrete floors, and oversized vehicle access.
Where is this flex space located?
The property is located at 8932 Moeller Dr Unit 8 Harbor Springs, MI.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 2,970 sq. ft. lofted flex space; 13' x 21' kitchen/lounge with cabinetry and appliances; Two 14' x 14' insulated overhead doors with heavy‑duty side openers
