Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    1508 N Mitchell St Cadillac, MI 49601

    Sponsored
    For Sale
    $2,350,000

    COMMERCIAL - Cadillac, MI

    Type:Retail
    Property size:
    47,945 SF
    Lot size:
    8.94 Acres
    Days on Market:
    2
    Last Refresh:
    Jan 20 at 8:06 pm

    Property Features for 1508 N Mitchell St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Standard status
    Active
    Rooms
    Bathroom 8, Bathroom 11, Bathroom 12, Bathroom 15, Bathroom 1, Bathroom 4, Bathroom 9, Bathroom 13, Bathroom 3, Bathroom 14, Bathroom 2, Bathroom 7, Bathroom 6, Bathroom 5, Bathroom 10
    Bathrooms
    15
    APN
    2209-28-4202
    Parking
    200
    Interior features
    Broadband
    Size
    47,945 SF
    Lot size
    8.94 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1980
    Number of units
    11
    Building materials
    Brick

    We can help!

    Listing Contact
    Joseph Mcnally

    RE/MAX TOGETHER (231) 629-4100

    Listing agent Joseph McNally (616) 307-3026

    Listing date Jan 19, 2026

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Mitchell Street Mall Investment Opportunity

    The Mitchell Street Mall in Cadillac, MI, presents an investment opportunity. This multi-tenant retail center is 91% leased and offers a potential high cash-on-cash return and a current capitalization rate of over 8%. The property includes a vacant anchor store space of 25,000 square feet, previously occupied by JC Penny, complete with commercial loading docks, inventory space, and storage areas. Most units have been recently renovated and built out, and have long term leases in place with stable businesses. The property is located in a high-traffic corridor in Cadillac. The property has a total size of 47,945 square feet on 8.94 acres. Annual gross incomes exceed $270,000, with upward potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Realty agency Dental Office Spa & Massage Building Supply Wholesale Shop Hair Salon Auto Repair Shop Clothing Store Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Cadillac
    County
    Wexford
    State
    Michigan
    Longitude
    -85.40612
    Latitude
    44.271976

    Nearby Similar for Sale

    • $239,900
      2,314 SF

      Income-Producing Triplex in Cadillac Historic

      Fully occupied triplex in Cadillac's historic district, near downtown.
      415 E Harris St, Cadillac, MI 49601
      View Details
    • $850,000
      8,436 SF

      Cadillac Office Building on M-115

      Large office building in Cadillac West with flexible zoning.
      2604 Sunnyside Dr, Cadillac, MI 49601
      View Details
    • $350,000
      3,300 SF

      Iconic General Store with Renovated Apartment

      Established convenience store and restaurant with a renovated 4-bedroom apartment.
      2020 E 24 Rd, Cadillac, MI 49601
      View Details
    • $774,000
      5,136 SF

      Turnkey Restaurant with Waterfront Views

      Profitable restaurant with waterfront views and seating for over 5000.
      2403 Sunnyside Dr, Cadillac, MI 49601
      View Details
    • $845,000
      9,300 SF

      Operating Restaurant Business For Sale

      Fully renovated restaurant in Cadillac, MI, ready for new ownership.
      119 S Mitchell St, Cadillac, MI 49601
      View Details
    • $774,000
      5,136 SF

      Turnkey Restaurant with Waterfront Views

      Profitable restaurant with waterfront views and seating in Cadillac, MI.
      2403 Sunnyside Dr, Cadillac, MI 49601
      View Details
    • $1,590,000
      23,725 SF

      Self-Storage and Office Investment Opportunity

      Self-storage and office complex with long-term tenants in Cadillac, MI.
      1337 N Mitchell St, Cadillac, MI 49601
      View Details
    • $129,900
      1,379 SF

      Cadillac Duplex with Retro Charm

      In-town duplex with 1970's character, near Lake Cadillac.
      521 Bond St, Cadillac, MI 49601
      View Details
    • New
      $595,000
      6,850 SF

      Turnkey Restaurant, Retail, Event Center

      Three buildings on 2.25 acres with high visibility and expansion potential.
      916 S Mitchell St, Cadillac, MI 49601
      View Details
    • New
      $595,000
      6,850 SF

      Cadillac Commercial Property with Event Center

      Three buildings on 2.25 acres with event center.
      916 S Mitchell St, Cadillac, MI 49601
      View Details
    • $2,484,000
      Pending

      Retail Center in Cadillac, MI

      Fully leased retail center with high traffic location and income potential.
      8826 E 34 Rd, Cadillac, MI 49601
      View Details
    • New
      $55,000
      Pending

      Downtown Cadillac Duplex Opportunity

      Two-unit duplex near downtown Cadillac shops, restaurants, and Lake Cadillac.
      305 E Chapin St, Cadillac, MI 49601
      View Details

    FAQs

    What type of property is this?
    Shopping mall - 91% leased retail center with high cash-on-cash return potential.
    Where is this shopping mall located?
    The property is located at 1508 N Mitchell St Cadillac, MI.
    What is the asking price?
    The asking price for this property is $2,350,000.
    What are key features of this property?
    This property features: - High Cash-on-Cash Return (almost 20%) and a current 8+% Cap Rate.; - 91% Leased, Stable Asset with long-term leases in place.; - Significant Upward Potential through the vacant 25,000 sq ft anchor store unit.
    (616) 307-3026
    Request Owner's contact information
    1508 N Mitchell St Cadillac, MI 49601
    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.
    1508 N Mitchell St
    Cadillac, MI 49601
    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
    1508 N Mitchell St Cadillac, MI 49601
    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

    We can help!
    Listing Contact
    Joseph Mcnally
    (616) 307-3026
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.