Building Details

Year built 2000

Roof type Metal

Listing Agency: GROVER REAL ESTATE Show Phone

Listed By: DAVID BLEAU · License #6501463279 Show Phone

Added: Aug 24 Changed: Oct 8 Last Checked: Oct 10 at 11:06AM

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MLS# 50219622

Copyright © 2026 Upper Peninsula Association of Realtors. 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 3,200-square-foot flex building occupies an approximately 5-acre offering and was constructed in 2000. The 40-by-80-foot shop has 16-foot ceilings, four 12-by-14-foot overhead doors, insulation, and drive-through circulation for trucks and heavy equipment. A metal roof and existing heating equipment are in place; the outdoor wood boiler may require repair or replacement after several years without use.

The property is zoned Commercial and sits approximately one-half mile from the US-2 intersection on Bayshore Drive Road. Natural gas and three-phase power are available roadside, with a UPPCO substation approximately 1 mile away. The building was formerly used for semi-truck and heavy equipment storage and repair, and its configuration supports storage, maintenance, repair, and other commercial uses.

Key Highlights

• 3,200‑square‑foot commercial shop on approximately 5 acres
• 40‑by‑80‑foot building with 16‑foot ceilings
• Four 12‑by‑14‑foot overhead doors

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,714

Cap Rate

9.09%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$454,280 $454.3K

Cap Rate 7%

$324,486 $324.5K

Cap Rate 9%

$252,378 $252.4K

Market Conditions

NOI Build-Up for 3,200 SF

Gross rent

$38.4K $12.00/SF

− Vacancy

−$3.5K −$1.08/SF

EGI

$34.9K $10.92/SF

− OpEx

−$12.2K −$3.82/SF

NOI

$22.7K $7.10/SF

Area

Delta County, MI

Vacancy

9.00%

Lease Rate

$12.00 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$454,280

Cap Rate 7%

$324,486

Cap Rate 9%

$252,378

Alternative Uses

Best Use

Retail

$394.1K

$344.8K – $459.8K (±1% cap)

NOI $27,586 @ 7.0% cap · market cap 11.03%

Second Best

Warehouse

$343.3K

$300.4K – $400.5K (±1% cap)

NOI $24,032 @ 7.0% cap · market cap 9.61%

Theoretical Best

Office A

$626.4K

$548.1K – $730.8K (±1% cap)

NOI $43,850 @ 7.0% cap · market cap 17.54%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Lease Details

16 ft

Clear height

4

Drive-in doors

Yes

Highway access

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

22

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 49878, MI

3,566

Population

2,524

Households

1.4

Avg Household Size

54

Median Age

22%

College-Educated

94%

High-School Grad

455.6 sq mi

ZIP Area

8

Density / Sq Mi

$63,750

Median Household Income

$38,919

Median Earnings

$875

Median Rent

$165,200

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Flex space - Insulated commercial shop with oversized overhead doors, truck circulation, and flexible space for storage, maintenance, or repair.

Where is this flex space located?

The property is located at Bayshore Drive Road Rapid River, MI.

What is the asking price?

The asking price for this property is $250,000.

What are key features of this property?

This property features: 3,200‑square‑foot commercial shop on approximately 5 acres; 40‑by‑80‑foot building with 16‑foot ceilings; Four 12‑by‑14‑foot overhead doors