Land with Pole
For Sale
$187,000
Farrell Rd, Central Lake, MI 49622
Lots/Land, Central Lake, MI
Property Size1,200 SF
Lot Size2.50 Acres
Price / SF$155.83
Days on Market46
Property Features for Farrell Rd
General Information
Property type
Land
Property subtype
Other
Zoning
Res-Vacant
Elementary school district
Ellsworth
Middle school district
Ellsworth
High school district
Ellsworth
Directions
From M-88, Follow Farrell Rd north approx. 1.5 miles.
Subdivision
Banks
Standard status
Active
APN
05-01-031-023-41
Lot size
2.50 Acres
Taxes and HOA fees
Tax Description
COM A THE S 1/4 COR OF SEC 31; TH ALG THE N-S 1/4 LINE OF SD SEC N 00 DEG 08'59" E 659.78 cont....
Legal Description
COM A THE S 1/4 COR OF SEC 31; TH ALG THE N-S 1/4 LINE OF SD SEC N 00 DEG 08'59" E 659.78 cont....
Listing Agency:
Berkshire Hathaway HomeServices Real Estate
(231) 547-9905
Listed By:
Steve Parafin
(231) 676-0234
Added: Jul 8
Changed: Aug 19
Last Checked: Aug 22 at 9:06AM
MLS# 480059
Copyright © 2026 Northern Michigan MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2.5-acre parcel includes a 30x40 pole building with a 12-ft overhang and frontage on Eastport Creek. The property offers an existing structure in place for future storage and other uses, with usable acreage to support a range of potential site plans.
Located on Farrell Rd near Eastport, MI, the property is described as only minutes from Torch Lake. The listing notes buyer responsibility to verify all intended uses, zoning, building requirements, and utility availability.
Zoning is listed as Res-Vacant. Prospective buyers should confirm what uses and improvements may be permitted for this creek-front site and existing building.
Located on Farrell Rd near Eastport, MI, the property is described as only minutes from Torch Lake. The listing notes buyer responsibility to verify all intended uses, zoning, building requirements, and utility availability.
Zoning is listed as Res-Vacant. Prospective buyers should confirm what uses and improvements may be permitted for this creek-front site and existing building.
Key Highlights
- 2.5‑acre parcel just outside Eastport, MI with frontage on Eastport Creek
- 30x40 pole building with 12‑ft overhang on the property
- Property located on Farrell Road, minutes from Torch Lake
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
$7,897
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
4.22%
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%
$157,940
$157.9K
Cap Rate 7%
$112,814
$112.8K
Cap Rate 9%
$87,744
$87.7K
Market Conditions
NOI Build-Up for 1,200 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
$9.6K $8.04/SF
− Vacancy
−$357 −$0.30/SF
EGI
$9.3K $7.74/SF
− OpEx
−$1.4K −$1.16/SF
NOI
$7.9K $6.58/SF
Area
Antrim County, MI
Vacancy
3.70%
Lease Rate
$8.04 /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%
$157,940
Cap Rate 7%
$112,814
Cap Rate 9%
$87,744
Alternative Uses
Best Use
Warehouse
$112.8K
$98.7K – $131.6K
NOI $7,897 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$213.6K
$186.9K – $249.2K
NOI $14,949 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49622, MI
2,473
Population
1,945
Households
1.3
Avg Household Size
54
Median Age
30%
College-Educated
97%
High-School Grad
45.2 sq mi
ZIP Area
55
Density / Sq Mi
$66,618
Median Household Income
$32,682
Median Earnings
$1,020
Median Rent
$209,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - 2.5-acre parcel includes a 30x40 pole building with 12-ft overhang and frontage on Eastport Creek.
Where is this warehouse located?
The property is located at Farrell Rd Central Lake, MI.
What is the asking price?
The asking price for this property is $187,000.
What are key features of this property?
This property features: 2.5‑acre parcel just outside Eastport, MI with frontage on Eastport Creek; 30x40 pole building with 12‑ft overhang on the property; Property located on Farrell Road, minutes from Torch Lake
