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    101 Seventh Norway, MI 49870

    View on Map
    For Sale
    $215,000

    Commercial/Industrial - Norway, MI

    Property size:
    1,458 SF
    Lot size:
    0.15 Acres
    Added:
    Dec 5, 2024
    Days on Market:
    482
    Last Refresh:
    Apr 1 at 7:06 pm

    Property Features for 101 Seventh

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    053-163-014-00
    Size
    1,458 SF
    Lot size
    0.15 Acres

    Taxes and HOA fees

    TaxAnnualAmount
    1984.31

    Building Details

    Year built
    1960
    Architectural style
    Other

    We can help!

    Listing Contact
    KIMBERLY WEBB

    Listing agent KIMBERLY WEBB License #6501341251

    Listing office LEEDS REAL ESTATE 1114 Carpenter Ave, Iron Mountain, MI

    Listing date Dec 5, 2024

    MLS# 50162731 Listing URL

    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.

    Overview

    Automotive Service Station on Highway

    An automotive service station is available for purchase, situated in a prime location on a high-traffic highway. The turn-key operation has a solid reputation and a loyal customer base. The facility features a newer roof, ensuring low maintenance. Two overhead doors accommodate multiple vehicles for efficient workflow. Radiant heating provides a comfortable working environment. The station is fully equipped, including hoists, welders, and other essential tools. The property size is 1458 square feet, situated on a lot of 0.15 acres. The current owner is willing to stay on temporarily to train the new owner and share insights into running the business effectively. This automotive service station is suitable for an entrepreneur or seasoned professional. The property is located in Norway, MI.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    M & D Automotive Auto Repair Shop

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Similar Places Nearby

    • Brians Auto Body — 515 7th ave, norway, mi 49870
    • M & D Automotive — 101 7th Ave, Norway, MI 49870
    • Norway auto body — 515 7th Ave, Norway, MI 49870
    • Krist Oil Co — 625 Brown St, Norway, MI 49870
    • Saginaw Street Automotive — 402 Saginaw St, Norway, MI 49870

    Location Insight

    • Map
    • Local Demand
    City
    Norway
    County
    Dickinson
    State
    Michigan
    Longitude
    -87.911993
    Latitude
    45.787084

    Nearby Similar for Sale

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      Established Restaurant and Bar Opportunity

      Well-established restaurant and bar with expansion potential in Norway, MI.
      616 Main, Norway, MI 49870
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    • $125,000
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      Downtown Norway Commercial Building For Sale

      1,600 SF commercial building in downtown Norway, Michigan.
      701 Main, Norway, MI 49870
      View Details
    • $215,000
      1,458 SF

      Automotive Service Station For Sale

      Established automotive service station on high-traffic highway, turn-key operation.
      101 Seventh, Norway, MI 49870
      View Details
    • $550,000
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      Industrial Warehouse Facility on Highway

      15,000 sq ft warehouse on 2.2 acres with highway frontage.
      W4350 Myner, Norway, MI 49892
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    • $550,000
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      Industrial Warehouse Facility on Highway

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      W4350 Myner, Norway, MI 49892
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    FAQs

    What type of property is this?
    Auto shop - Established automotive service station with loyal customer base on high-traffic highway.
    Where is this auto shop located?
    The property is located at 101 Seventh Norway, MI.
    What is the asking price?
    The asking price for this property is $215,000.
    What are key features of this property?
    This property features: Prime highway location with high traffic, ensuring consistent customer flow.; Turn‑key operation with established reputation, loyal customer base, and consistent revenue.; Fully equipped with hoists, welders, and other essential tools for seamless operations.
    (906) 396-9422
    We can help!
    Listing Contact
    KIMBERLY WEBB
    Real Estate License ID: 6501341251
    Learn More
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    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
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