Remodeled Storefront
For Sale
$245,000
103 S Division Street, Bellaire, MI 49615
Commercial, Bellaire, MI
Property Size1,400 SF
Lot Size0.23 Acres
Price / SF$175
Days on Market223
Property Features for 103 S Division Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking
20
Exterior features
Vinyl
Lot features
Freestanding
Directions
On the south side of the Village of Bellaire, on M-88 (S. Division) just south of the curve and north of the motel.
Subdivision
Antrim
Standard status
Active
Size
1,400 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
COM AT A PT 133 FT S & 233 FT E OF THE NW COR OF THE NE 1/4 OF NE 1/4 OF SEC 30; TH W 200 FT; TH S 50 FT ALG E LINE OF S DIVISION; TH E 200 FT FT M/L TO A PT DUE S OF THE POB; TH N TO POB SEC 30 T30N R7W
Tax Annual Amount
2386
Legal Description
COM AT A PT 133 FT S & 233 FT E OF THE NW COR OF THE NE 1/4 OF NE 1/4 OF SEC 30; TH W 200 FT; TH S 50 FT ALG E LINE OF S DIVISION; TH E 200 FT FT M/L TO A PT DUE S OF THE POB; TH N TO POB SEC 30 T30N R7W
Amenities
natural light
handicap accessible
2 bathrooms
storage shed
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
Keller Williams Northern Michigan · Keller Williams Realty
(231) 947-8200
Listed By:
Julia Pietrowicz · License #6502372398
(231) 360-0739
Added: Jan 20
Changed: Aug 19
Last Checked: Aug 31 at 1:06AM
MLS# 1941789
Copyright © 2026 Northern Great Lakes Realtors 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 1,400-square-foot storefront property in Bellaire was remodeled about 2012 and features a frame structure with vinyl siding, asphalt roofing, and low-maintenance tile flooring. Natural light serves the interior, while two accessible bathrooms support a range of commercial layouts. A rear shed provides additional storage.
The property fronts M-88 in the Village of Bellaire, with an easement covering parking and the driveway. The 0.23-acre parcel measures 50 feet by 200 feet. It was most recently used as a Subway restaurant, and the space can accommodate retail, office, salon, gallery, or similar commercial uses described in the listing.
The property fronts M-88 in the Village of Bellaire, with an easement covering parking and the driveway. The 0.23-acre parcel measures 50 feet by 200 feet. It was most recently used as a Subway restaurant, and the space can accommodate retail, office, salon, gallery, or similar commercial uses described in the listing.
Key Highlights
- 1,400 SF storefront property on M‑88 in Bellaire
- Remodeled about 2012 with natural light and tile flooring
- 0.23‑acre parcel measuring 50' x 200'
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
$14,533
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
5.93%
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%
$290,660
$290.7K
Cap Rate 7%
$207,614
$207.6K
Cap Rate 9%
$161,478
$161.5K
Market Conditions
NOI Build-Up for 1,400 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
$21.7K $15.48/SF
− Vacancy
−$910 −$0.65/SF
EGI
$20.8K $14.83/SF
− OpEx
−$6.2K −$4.45/SF
NOI
$14.5K $10.38/SF
Area
Antrim County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$290,660
Cap Rate 7%
$207,614
Cap Rate 9%
$161,478
Alternative Uses
Best Use
Retail
$207.6K
$181.7K – $242.2K
NOI $14,533 @ 7.0% cap · market cap 5.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$249.1K
$218.0K – $290.7K
NOI $17,440 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
252
Businesses Nearby
34k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 42%
Dining 31%
Shops & Services 27%
Family Fare
Groceries
14,184 visits/mo
0.3 miles
McDonald's
Dining
9,270 visits/mo
0.1 miles
Marathon
Shops & Services
3,999 visits/mo
0.0 miles
BP
Shops & Services
3,024 visits/mo
0.2 miles
Huntington Bank
Shops & Services
2,057 visits/mo
0.3 miles
Demographics for 49615, MI
4,161
Population
3,575
Households
1.2
Avg Household Size
57
Median Age
44%
College-Educated
97%
High-School Grad
68.4 sq mi
ZIP Area
61
Density / Sq Mi
$78,750
Median Household Income
$38,635
Median Earnings
$775
Median Rent
$257,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Flexible commercial building with natural light, accessible bathrooms, tile flooring, and an on-site storage shed.
Where is this storefront property located?
The property is located at 103 S Division Street Bellaire, MI.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: 1,400 SF storefront property on M‑88 in Bellaire; Remodeled about 2012 with natural light and tile flooring; 0.23‑acre parcel measuring 50' x 200'
