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    Established Bicycle Shop in Boyne Title is generated by Realmo AI

    126 Water Street, Boyne City, MI 49712

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    For Sale
    $475,000

    Retail Store - Boyne City, MI

    Property size:
    2,128 SF
    Price / SF:
    $223/SF
    Added:
    Apr 1, 2026
    Days on Market:
    47
    Last Refresh:
    May 17 at 5:06 am

    Property Features for 126 Water Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Rooms
    Basement
    Basement Y/N
    1
    Standard status
    Active
    Size
    2,128 SF

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1950
    Roof type
    Membrane
    Architectural style
    Other

    We can help!

    Listing Contact
    James Evans

    Listing agent James Evans

    Listing office Pat O'Brien & Associates 128 Water Street, Boyne City, MI

    Listing date Apr 1, 2026

    MLS# 1943382 Listing URL

    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.

    HighLights

    • Turnkey bicycle shop business opportunity in a high‑traffic, downtown location.
    • Strong community roots and consistent seasonal demand from locals and tourists.
    • Fully built‑out retail showroom and top‑of‑the‑line service area with included tools and equipment.
    • Wide selection of bikes (Mountain, Gravel, Road, E‑Bikes) and accessories.
    • Established vendor relationships and recognizable brand presence.
    • Ride‑from‑the‑door access to popular trails (Boyne Forest Trail, Avalanche Preserve) and proximity to developing bike paths.

    Overview

    This is a business for sale, real estate not included, presenting a turnkey opportunity in Boyne City. The well-established bicycle shop has strong community roots and consistent seasonal demand. It is located in a high-traffic area in the heart of downtown, minutes from Lake Charlevoix, benefiting from steady local year-round clientele and tourism throughout the spring, summer, and fall. The business features a fully built-out retail showroom and a service area with tools and equipment. It has a strong reputation for quality sales and expert repairs. Inventory includes a wide selection of mountain bikes, gravel bikes, road bikes, E-bikes, tools, and accessories, catering to riders of all levels. Established vendor relationships and recognizable brand presence provide a seamless transition for new ownership. The shop's location offers ride-from-the-door access to the Boyne Forest Trail and Avalanche Preserve. The Boyne Falls–to–Boyne City trail is just over a mile away, and the Boyne City–to–Charlevoix bike path is nearing completion. Positioned in one of Michigan’s emerging premier regions for both mountain and road cycling, the business is well-situated for continued growth, with additional upside potential through bike rentals. The property size is 2128 square feet and the lot size is 0 acres.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $295.5K
    NOI $26,598 @ 9.00% cap · cautious / downside scenario
    Moderate
    $380.0K
    NOI $26,598 @ 7.00% cap · market / base-case scenario
    Aggressive
    $532.0K
    NOI $26,598 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Retail

    Component $ $/SF
    Gross rent $40.9k $19.20
    − Vacancy −$2.9k −$1.34
    EGI $38.0k $17.86
    − OpEx −$11.4k −$5.36
    NOI $26.6k $12.50
    2,128 SF · lease $19.20/SF/yr · vacancy 7.00% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $380.0K
    $332.5K – $443.3K (±1% cap)
    NOI $26,598 @ 7.0% cap · market cap 5.60%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $430.8K
    $376.9K – $502.6K (±1% cap)
    NOI $30,153 @ 7.0% cap · market cap 6.35%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    North Country Cycle (Bike/Boat/Book/etc) Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Boyne City
    County
    Charlevoix
    State
    Michigan
    Longitude
    -85.01352
    Latitude
    45.213369

    Nearby Similar for Sale

    • $695,000
      1,629 SF

      Turnkey Bakery Opportunity in Boyne

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      110 S Lake Street, Boyne City, MI 49712
      View Details
    • $1,499,000
      10,560 SF

      Downtown Boyne City Office/Retail

      11,000 sq ft office and retail space for sale.
      5 W Main, Boyne City, MI 49712
      View Details

    FAQs

    What type of property is this?
    Retail space - Turnkey bicycle shop business opportunity in downtown Boyne City.
    Where is this retail space located?
    The property is located at 126 Water Street Boyne City, MI.
    What is the asking price?
    The asking price for this property is $475,000.
    What are key features of this property?
    This property features: Turnkey bicycle shop business opportunity in a high‑traffic, downtown location.; Strong community roots and consistent seasonal demand from locals and tourists.; Fully built‑out retail showroom and top‑of‑the‑line service area with included tools and equipment.
    (231) 582-1700
    We can help!
    Listing Contact
    James Evans
    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.

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