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    141 State Street Hillman, MI 49746

    View on Map
    For Sale
    $815,000

    COMMERCIAL - Hillman, MI

    Type:Retail
    Property size:
    5,934 SF
    Added:
    Dec 31, 2024
    Days on Market:
    461
    Last Refresh:
    Apr 6 at 3:06 pm

    Property Features for 141 State Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    Commercial
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    044-210-000-001-00
    Size
    5,934 SF

    Taxes and HOA fees

    Tax Description
    Lot 1, Block 10 Village of Hillman
    Tax Annual Amount
    4050

    Utilities

    Sewer type
    Public Sewer

    Building Details

    Building materials
    Block

    We can help!

    Listing Contact
    Lisa Timm
    Lisa Timm

    Listing agent Lisa Timm License #6502127329

    Listing office Banner Realty 259 S Ripley Boulevard, Alpena, MI

    Listing date Dec 31, 2024

    MLS# 201832996

    Copyright © 2025 Water Wonderland Board 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

    Established Sporting Goods Business For Sale

    This established sporting goods business, family owned and operated for over 40 years, serves Northern Michigan from its location in Hillman. The 5934 square foot retail space is situated amidst surrounding lakes and hunting lands, catering to hunters and anglers. Open 7 days a week, the business offers specialized services and contracts. The business provides DNR licenses, bait, hi-vis wear, boots and clothing, guns and ammo, archery and fishing gear, and more. Store and business licenses are subject to required approvals. The price includes inventory, real estate, and goodwill. Business financials are available upon NDA and LOI. The property is zoned commercial.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    A-1 Woods & Waters (Bike/Boat/Book/etc) Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Hillman
    County
    Montmorency
    State
    Michigan
    Longitude
    -83.901109
    Latitude
    45.064364

    Nearby Similar for Sale

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    • $200,000
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      Turnkey Gas Station Opportunity

      Gas station and convenience store for sale in Hillman, Michigan.
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    • $200,000
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      Turnkey Gas Station Opportunity

      Gas station and convenience store for sale in Hillman, Michigan.
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    FAQs

    What type of property is this?
    Retail space - Reputable sporting goods business in Northern Michigan with real estate.
    Where is this retail space located?
    The property is located at 141 State Street Hillman, MI.
    What is the asking price?
    The asking price for this property is $815,000.
    What are key features of this property?
    This property features: Established sporting goods business with 40+ years of operation in Northern Michigan.; Prime location near lakes and hunting lands, popular with hunters and anglers.; Includes real estate, inventory, and goodwill in the price.
    (989) 657-2856
    We can help!
    Listing Contact
    Lisa Timm
    Lisa Timm
    Real Estate License ID: 6502127329
    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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