Convertible Retail Building with High
390 Starboard Dr Port Austin, MI 48467
For Sale
Contact for pricing
Former retail space suitable for residential conversion with 12' ceilings.
Property Size2,400 SF
Price / SF$115
Days on Market1425
Property Features for 390 Starboard Dr
General Information
- Standard status
- Active
- Size
- 2,400 SF
- Property subtype
- Retail
Listing Agency:
Transwestern Detroit
(248) 440-1447
Listed By:
Charles Howard · License #MI 6506044836
Source:
Crexi
Added: Aug 30, 2022
Changed: Jul 6
Last Checked: Jul 23 at 12:28PM
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 Transwestern Detroit
Investment Insights
Based on property information with market context.
This property is a former retail building with 2,400 square feet of space. It features 12-foot ceilings throughout. The existing structure is studded and prepared for final design, making it suitable for conversion to residential use. Located in Port Austin, Michigan, this property presents an opportunity for redevelopment.
Key Highlights
- 12’ Ceilings Throughout
- Convertible from Retail to Residential
- Studded Walls Ready for Design
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $34.6k | $14.40 |
| − Vacancy | −$6.2k | −$2.58 |
| EGI | $28.4k | $11.82 |
| − OpEx | −$8.5k | −$3.55 |
| NOI | $19.9k | $8.28 |
2,400 SF · lease $14.40/SF/yr · vacancy 17.90% · expense 30.00%
Alternative Uses
Best Use
Retail
$283.7K
$248.3K – $331.0K
NOI $19,862 @ 7.0% cap · market cap 7.20%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$558.3K
$488.5K – $651.4K
NOI $39,083 @ 7.0% cap · market cap 14.16%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
FAQs
What type of property is this?
Retail space - Former retail space suitable for residential conversion with 12' ceilings.
Where is this retail space located?
The property is located at 390 Starboard Dr Port Austin, MI.
What is the asking price?
The asking price for this property is $276,000.
What are key features of this property?
This property features: 12’ Ceilings Throughout; Convertible from Retail to Residential; Studded Walls Ready for Design
