Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    6696 Chippewa Hwy Manistee, MI 49645

    Sponsored
    For Sale
    $189,000

    Prime Storage Condo Development, MI

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    405
    This exceptional 189,000 USD investment opportunity in Manistee, Michigan, presents a ready-to-build storage condominium development. Located at 6696 Chippewa Highway, 49645, this property boasts thirteen approved building sites, supplementing three existing units. The development plan includes four 40x30 buildings, five 40x40 buildings, and four 40x80 buildings, each site possessing its own unique tax ID number. An approved and recorded condominium master deed ensures a streamlined process for future development and ownership. The property's strategic location near lakes caters to the increasing demand for boat, RV, classic car, and other recreational vehicle storage. This presents a unique chance to capitalize on the thriving market for secure storage solutions in a desirable area. The special purpose land is zoned for commercial use and offers significant potential for immediate returns and long-term growth. This turnkey development requires minimal upfront investment and offers a high potential for rental income. The property's location in Manistee County, Michigan, provides easy access to local amenities and attractions. This is an ideal opportunity for investors seeking a profitable venture in a growing market. Contact us today to learn more about this exciting investment opportunity.

    Property Features for 6696 Chippewa Hwy

    General Information

    Property type
    Land

    We can help!

    Listing Contact
    Michael Cnudde
    Michael Cnudde

    Learn more

    HighLights

    • Ready‑to‑build storage condominium development in Manistee, MI.
    • Thirteen approved building sites plus three existing units.
    • Development plan includes various sized buildings (40x30, 40x40, 40x80).
    • Approved condominium master deed.
    • Prime location near lakes, catering to recreational vehicle storage demand.
    • Commercially zoned special purpose land.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Car Rental

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Manistee
    County
    Manistee
    State
    Michigan
    Longitude
    -86.1628727
    Latitude
    44.3446886

    Nearby Similar for Sale

    • $699,000
      4,170 SF

      Manistee Multifamily Investment Opportunity

      Multifamily property in Manistee, Michigan, ideal for residential income.
      461 5Th St, Manistee, MI 49660
      View Details
    • $565,000
      4,800 SF

      Historic Manistee Mixed-Use Gem

      Iconic downtown property with retail space and residential potential.
      429 River St, Manistee, MI 49660
      View Details
    • $247,500
      0.38 Acres

      Mixed-Use Triplex in Manistee

      High-visibility triplex with commercial storefront and residential units.
      214 Arthur St, Manistee, MI 49660
      View Details
    • $985,000
      9,000 SF

      Waterfront Motel, Marina, and Restaurant

      Commercial property with motel, marina, and restaurant on Manistee Lake.
      215 Arthur St, Manistee, MI 49660
      View Details
    • $499,900
      13,000 SF

      Established Floral Business Opportunity

      Thriving floral business with real estate and established clientele.
      259 5Th St, Manistee, MI 49660
      View Details
    • $175,000
      2,388 SF

      Manistee Commercial Building For Sale

      Commercial building in excellent condition with many upgrades and features.
      303 1St St, Manistee, MI 49660
      View Details
    • $499,000
      10,269 SF

      Versatile Commercial Property in Manistee

      Adaptable commercial space with warehouse and office areas.
      156 8Th St, Manistee, MI 49660
      View Details
    • $549,000
      2,261 SF

      Former Dental Office Prime Location

      Prime location with excellent visibility and ample parking.
      316 8Th St, Manistee, MI 49660
      View Details
    • $549,000
      0.32 Acres

      Former Dental Office in Manistee

      Prime location with excellent visibility and ample parking.
      316 8Th St, Manistee, MI 49660
      View Details
    • $279,000
      2,348 SF

      Manistee Commercial Building with Lake View

      Remodeled 2-story building with lake views and ample parking.
      212 Arthur St, Manistee, MI 49660
      View Details
    • New
      $279,000
      2,348 SF

      Manistee Commercial Property with Lake View

      Remodeled 2-story building with lake views and commercial zoning.
      212 Arthur St, Manistee, MI 49660
      View Details
    • $260,000
      0.18 Acres

      Manistee Duplex with Rental History

      Income-producing duplex near downtown Manistee and Lake Michigan.
      418 6Th St, Manistee, MI 49660
      View Details

    FAQs

    What type of property is this?
    Land - Prime Storage Condo Development, MI
    Where is this land located?
    The property is located at 6696 Chippewa Hwy Manistee, MI.
    What is the asking price?
    The asking price for this property is $189,000.
    What are key features of this property?
    This property features: Ready-to-build storage condominium development in Manistee, MI.; Thirteen approved building sites plus three existing units.; Development plan includes various sized buildings (40x30, 40x40, 40x80).
    Request Owner's contact information
    6696 Chippewa Hwy Manistee, MI 49645
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    6696 Chippewa Hwy
    Manistee, MI 49645
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    6696 Chippewa Hwy Manistee, MI 49645
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Michael Cnudde
    Michael Cnudde
    Real Estate License ID: MI
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.