Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    5688 M-72 Hwy Grayling, MI 49738
    Property profile & analytics

    5688 M-72 Hwy, Grayling, MI 49738

    View on Map
    • Office Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Spaces

    Property Details for 5688 M-72 Hwy

    Property type
    Office Spaces
    Property subtype
    Land

    Description

    This exceptional commercial property, located at 5688 W M-72 Highway in Grayling, Michigan, 49738, presents a unique investment opportunity. Situated on a 34,000 square foot lot, this office building boasts high visibility from the busy M-72/M-93 intersection, with over 10,000 cars passing daily (2022 traffic counts). The building itself features 14 private offices arranged in three distinct sections, providing flexibility for single or multiple occupancy. Additional amenities include a copy/work room, three private restrooms, a small kitchen, and two reception/lobby areas. The layout allows for easy adaptation to accommodate three separate businesses, each with its own restroom and reception area, or a co-working space. Modern conveniences include fast fiber optic internet access, redundant heating systems, and full air conditioning. Ample paved parking is available on this drive-through property. The seller is open to a lease-back agreement for one-third of the building. This property offers significant potential for a variety of commercial uses and is conveniently located off the I-75 Business Loop in Grayling. The building's prime location and versatile design make it an attractive option for businesses seeking high visibility and functional workspace.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Grayling
    County
    Crawford
    State
    Michigan
    Longitude
    -84.7217
    Latitude
    44.6617

    Comparable in this City

    • Value Estimation by Request
      5,936 SF

      1010 North Down River Rd

      Land
      1010 North Down River Rd, Grayling, MI 49738
      View Details
    • Value Estimation by Request

      I-75 Business Loop

      Land
      I-75 Business Loop, Grayling, MI 49738
      View Details
    • Value Estimation by Request
      3,408 SF

      5688 M-72 Hwy

      Office Spaces
      5688 M-72 Hwy, Grayling, MI 49738
      View Details
    • Value Estimation by Request
      5,300 SF

      1081 I-75Bl

      Restaurants
      1081 I-75Bl, Grayling, MI 49738
      View Details
    • Value Estimation by Request
      816 SF

      1305 I 75th Business Loop

      OFFICE BUILDING
      1305 I 75th Business Loop, Grayling, MI 49738-2032
      View Details
    • Value Estimation by Request
      1,632 SF

      108 Burton Ct

      OFFICE BUILDING
      108 Burton Ct, Grayling, MI 49738-1700
      View Details

    Similar Nearby for Sale

    • $249,900
      3,408 SF

      Grayling Office Building - High Visibility

      Prime Office Space, High Traffic Area, MI
      5688 M-72 Hwy, Grayling, MI 49738
      View Details
    • New
      Contact for pricing
      0.83 Acres

      Wooded Land in Grayling, MI

      Rare 0.83-acre wooded corner property in Northern Michigan.
      20-29 0.84 Ac, Grayling, MI 49738
      View Details
    • Contact for pricing
      2.18 Acres

      Partially Cleared Land Near Grayling

      2.18 acres near Grayling, Michigan, with electricity hook-up available.
      7860 S Grayling Rd, Grayling, MI 49738
      View Details
    • Contact for pricing

      Warbler's Hideaway Land Parcel

      Land parcel in amenity-rich Warbler's Hideaway with recreational opportunities.
      0000 North Down River Rd, Grayling, MI 49738
      View Details
    • $250,000
      4.23 Acres

      Land For Sale, Grayling, MI

      4.23 acre land parcel available in Grayling, Michigan.
      1114 Deckrow Trl, Grayling, MI 49738
      View Details
    • $380,000
      5,300 SF

      Visible Highway Frontage in Grayling

      5300 sq ft commercial building with highway frontage.
      1081 I-75Bl, Grayling, MI 49738
      View Details
    Request Owner's contact information
    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.
    5688 M-72 Hwy
    Grayling, MI 49738
    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
    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

    Thank You for Inquiry
    5688 M-72 Hwy, Grayling, MI, 49738
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!